KSA's Financial Market Tops G20 Countries in Shareholders' Rights and Stock Market Capitalization

(MENAFN) According to the Capital Market Authority (CMA), Saudi Arabia's financial market outperformed its G20 counterparts in 2022 in terms of shareholders' rights and stock market capitalization as a percentage of gross domestic product (GDP). These indicators provide insights into the influence of shareholders on the economy and the size of the stock market relative to the country's economic output.

In its annual report for 2022, the CMA highlighted that the Saudi capital market witnessed a record high rate of public offerings. A total of 37 businesses offered their shares for sale in the main and parallel markets, amounting to a combined value of SR40 billion ($10.6 billion). Additionally, 13 firms registered their shares for a direct listing on the parallel market.

This strong performance in the Saudi capital market earned it the label of being "resilient" in February, as noted by Wassim Alkhatib, CEO of Lazard Investment Banking for the Middle East and North Africa. Alkhatib acknowledged the unprecedented global challenges faced by countries worldwide in 2022, emphasizing the market's ability to withstand these challenges.

The CMA, in its report, emphasized its commitment to creating a favorable and supportive environment for the capital market system to positively impact the Kingdom's economy. Mohammed bin Abdullah Elkuwaiz, Chairman of the CMA, expressed the authority's efforts in fostering the potential required to nurture a thriving capital market ecosystem.

Overall, Saudi Arabia's financial market's strong performance in terms of shareholders' rights and stock market capitalization reinforces its position as a leading player among G20 countries. The robust rate of public offerings and the ongoing initiatives to enhance the capital market system showcase Saudi Arabia's commitment to economic growth and stability.

MENAFN17052023000045014228ID1106260610