Chairman of Saudi Arabia’s Capital Market Authority (CMA), Mohammed bin Abdullah Elkuwaiz, underscored the “remarkable advancements” of the Saudi financial market, now recognized as the seventh-largest globally—an accomplishment that mirrors the strong performance of the national economy.
During a discussion session titled “Financial Markets as a Catalyst for Growth in Saudi Arabia,” part of the seventh CEO Forum in Riyadh, Elkuwaiz noted that over 50 percent of the approximately 70 companies recently listed on the Saudi financial market are small and medium-sized enterprises (SMEs).
Commitment to business growth and development
The forum, organized by the General Authority for Small and Medium Enterprises (Monsha’at), centered around the theme “Opportunities to Enhance Business Growth.” Elkuwaiz emphasized that a key pillar of the CMA’s strategy is to enhance liquidity and create new opportunities for smaller businesses. Monsha’at is also dedicated to fostering a vibrant debt market and advancing the asset management sector, which will enable it to compete on a global scale and attract further investments into the national economy.
Vision for a leading financial hub
Elkuwaiz emphasized the importance of the stock market and financial technology sectors in Saudi Arabia’s goal of establishing itself as a leading financial hub in the region. He noted that the CMA is actively pursuing initiatives to expand financing options, which include efforts to streamline subscription fund management for more efficient and timely public offerings.
Addressing challenges in the market
Despite the market’s significant achievements, Elkuwaiz acknowledged persistent challenges. “Stimulating liquidity, increasing available offerings, and broadening the investor base are crucial areas we are focusing on,” he remarked.
Engagement and knowledge sharing at the forum
The seventh CEO Forum drew a distinguished lineup of international and local speakers, experts, and entrepreneurs. Held under the patronage of Minister of Commerce and Monsha’at Chairman Majid Al-Kassabi, the forum aims to fulfill strategic objectives by keeping rapidly growing enterprises informed about the latest innovations and developments that foster the growth and advancement of SMEs in the Kingdom.
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