Foreign investment levels and sukuk funds among milestones revealed by CMA report

RIYADH: Raising SR29.95 billion ($8 billion) from sukuk and debt instruments and securing SR198 billion in foreign investments are some of Saudi Arabia’s achievements underscored in the Kingdom’s Capital Markets Authority’s latest report.

In an analysis of 2023, the CMA set out how its efforts have led to new regulations, robust increased market listings, rigorous enforcement activities, and improved global financial rankings, all in alignment with Saudi Vision 2030.

In a press release, the authority’s chairman Mohammed El-Kuwaiz commended the Saudi capital market’s achievements, highlighting its ongoing collaboration with partners in the Financial Sector Development Program.

The work of the CMA came against a backdrop of a resurgence in emerging markets – including the Middle East and North Africa – after sell-offs prompted by the COVID-19 pandemic.

Global investor inflows into the region are driven by attractive returns and comprehensive reforms in capital markets, including the adoption ofl best practices and the digitalization of pre- and post-trade processes to boost liquidity.

Under the leadership of the CMA, significant regulatory advancements were made in 2023, including the approval of a new regulation and amendments to four existing principles, rules, and instructions. Additionally, the Council of Ministers sanctioned the Real Estate Contributions Law, thereby strengthening the legislative framework.

Additionally, the CMA introduced the Rules for Foreign Investment in Securities and updated critical regulations such as the Implementing Regulations of the Companies Law for Listed Joint Stock Companies, Capital Market Institutions Regulations, Instructions for Company Announcements, and Investment Accounts Instructions.