London September 13 2023: Mohammed El-Kuwaiz, the Chairman of the Capital Market Authority (CMA), has stated that there are currently 19 businesses awaiting the completion of their listing procedures.
Additionally, the CMA is actively reviewing approximately 50 listing applications.
Over the past five years, the Saudi market has undergone significant and rapid transformations. El-Kuwaiz emphasized that the CMA has ambitious goals for the next five years, aiming to elevate the Saudi market's status to rank among the top 10 global markets by 2030. He also stressed the importance of implementing changes gradually to allow investors adequate time to adapt. These remarks were made during the EFG Hermes Saudi Forum in London.
The CMA's primary focus is on enhancing the asset management industry in the Kingdom, with the goal of competing effectively with regional and global counterparts. This initiative aligns with the broader plan of the Kingdom to establish a prominent regional and global presence.
El-Kuwaiz expressed optimism about improvements in asset management, particularly in its ability to compete, citing the gradual removal and reduction of Zakat and tax-related processes as contributing factors to this positive outlook.