Riyadh, February 21, 2024, Mohammed bin Abdullah Elkuwaiz, Chairman of the Capital Market Authority (CMA), highlighted the Kingdom of Saudi Arabia's strides and accomplishments, particularly in the economic and financial domains, aligning with the ambitious objectives outlined in Saudi Vision 2030. These advancements, he emphasized, are poised to exert a profound impact on the financial landscape and its investment dynamics.
Addressing a dialogue session at the Saudi Capital Market Forum (SCMF) 2024, Elkuwaiz underscored the burgeoning foreign investments pouring into the Saudi financial market, amounting to approximately SAR 400 billion, constituting about 12% of the tradable shares. He noted a steady rise in foreign investment inflows since the inception of such capital influxes.
Discussing the pivotal role of technological advancement in shaping the Saudi financial market, Elkuwaiz emphasized the symbiotic relationship between communication, information technology (IT), and financial markets. This paradigm shift, he emphasized, underscores the imperative of facilitating financing avenues for technology and innovation through the financial market. As the market matures and diversifies, it increasingly attracts investors keen on technological investments.
Elkuwaiz highlighted the remarkable evolution witnessed in the venture capital landscape over the past five years, where previously minimal presence and investment volumes have surged. Venture capital financing surpassed the SAR 1.7 billion mark in 2023, catapulting the Kingdom to prominence globally among emerging markets and positioning it at the forefront of the Middle East and North Africa (MENA) region.
Furthermore, Elkuwaiz pointed out the significant strides made by Saudi companies in embracing sustainability reports and practices, a factor that resonates strongly with foreign investors. The adoption of sustainability measures not only underscores the market's robustness but also serves as a compelling factor for foreign investors, reaffirming the Kingdom's position as an attractive investment destination.
