Arab News

RIYADH: Saudi Arabia’s financial market has advanced seven places to the third position in the competitiveness indicators among G20 nations this year, revealed Switzerland-based International Institute for Management Development in its latest report.

According to the IMD World Competitiveness Yearbook for 2023, the Kingdom’s performance epitomizes the ongoing efforts of the Capital Market Authority to implement global best practices.

The country ranked first in the corporate boards index among G20 countries. It stood second in capital markets, shareholders’ rights and venture capital indices.

The yearbook further revealed that Saudi Arabia ranked third globally in the stock market capitalization index. It surpassed advanced nations like Japan, India, Germany, the UK, China and the US. 

The Kingdom also topped all Arab nations participating in the report in nine of the 12 indices.

Its achievement results from CMA’s continued efforts to improve and develop the capital market sector by implementing relevant global best practices.

The authority was instrumental in approving the regulations for securities exchanges, depository centers and Shariah governance in other capital market institutions.

Its role in developing the Companies Law for listed joint stock companies improved the business environment, making it conducive to additional investments.

The Saudi capital market recorded a flurry of initial public offerings in 2022, with 49 listings and SR40 billion ($10.66 billion) raised in equity capital, the highest number in any single year, barring 2019, when Saudi Arabian Oil Co. was listed. 

“Saudi Arabia aims to establish an advanced capital market that is open to the world and capable of attracting local and international capital, and that plays an efficient and pivotal role in meeting the economy’s funding requirements,” the authority said in a statement.