KUALA LUMPUR, June 23 (Bernama) -- Capital Market Authority (CMA) announced the Kingdom of Saudi Arabia has advanced seven spots to 17th place in the 2023 IMD World Competitiveness Yearbook, marking a tremendous leap in its global standing.
According to a statement, this achievement exemplifies the CMA's continued efforts and steps to improve and expand the Kingdom's capital markets by implementing relevant global best practices.
The Stock Market Index and merger and acquisition (M&A) activity saw the most significant gains, indicating a positive rise in Saudi Arabia's financial sector and boosting investor confidence in the national economy.
Notably, the Kingdom's growth in the Venture Capital ranking suggests a growing environment for venture capital availability, which provides a critical support system for emerging businesses.
The CMA's approval of the Regulatory Framework for Equity Crowdfunding demonstrates the organisation's solid commitment to cultivating an innovative and competitive capital market ecosystem.
Its efforts have also resulted in corporate board oversight, with the Kingdom achieving first place among G20 nations, demonstrating the CMA's commitment to maintaining strong governance standards, which is critical for investor trust.
It is important to note that CMA have implemented several significant changes recently, which had a positive impact on these advancements. Notably, the CMA's approval of the Rules for Foreign Investment in Securities.
This is expected to have a positive impact on boosting liquidity in the Saudi market, deepening and raising its attractiveness, and enhancing its global status.
The rules will also help transform knowledge and experiences among local capital institutions and investors, strengthening institutional investors' involvement in the Saudi capital market.
CMA aims to increase the Saudi capital market's attractiveness, raise its efficiency, and boost its competitiveness regionally and internationally via developing the market to achieve its strategic plan, intents to place the Saudi market on top of the Middle East’s markets and rank it as one of the most important capital markets in the globe.
-- BERNAMA
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