Publisher: Maaal International Media Company
License: 465734
Capital Market Authority (CMA) Chairman Mohammed bin Abdullah Elkuwaiz said the Kingdom of Saudi Arabia is achieving success and achievements, particularly in the economic and financial sector, in accordance with Saudi Vision 2030. This will undoubtedly have a great influence on the financial market and its investment flows, he added.
During a dialogue session within the Saudi Capital Market Forum (SCMF) 2024, ElKuwaiz noted that “today we have approximately SAR 400 billion in foreign investments in the Saudi financial market. This represents about 12% of the shares available for trading. It’s also an increasing number since the start of flow foreign investments.”
Regarding the role of technical development in the Saudi financial market, ElKuwaiz reiterated that communications and information technology (IT) share a dynamic relationship with the financial markets.
He pointed out that this transformation emphasizes the responsibility of facilitating the financing of technology and innovation through the financial market, which is becoming an increasing reality as the market matures and diversifies, attracting investors who are interested in technological investments.
Five years ago, there was little presence in the venture capital scene, and its investments did not exceed tens of millions at that time, ElKuwaiz said.
The value of financing in venture capital exceeded the barrier of SAR 1.7 billion in 2023, which raised the Kingdom’s position globally among the emerging markets and at the forefront of the markets in the Middle East and North Africa (MENA).
The CMA chairman indicated that the Saudi financial market is witnessing a significant development as many companies adopt sustainability reports and practices, which is very motivating for foreign investors who give great consideration to this concern, and it provides an indication of the strength of the market.