Capital Market Authority Chairman Reports Over 50% Of New Listings Are Small And Medium-Sized Enterprises

The Saudi financial market has made significant strides, becoming the world's seventh-largest, according to Mohammed bin Abdullah Elkuwaiz, Chairman of the Capital Market Authority (CMA). This achievement mirrors the strong performance of the national economy. Elkuwaiz shared these insights during a session titled "Financial Markets as a Catalyst for Growth in Saudi Arabia" at the CEO Forum in Riyadh.

Over half of the nearly 70 companies recently listed on the Saudi financial market are small and medium-sized enterprises (SMEs). This was revealed by Elkuwaiz at the forum, which was organised by the General Authority for Small and Medium Enterprises (Monsha'at) under the theme "Opportunities to Enhance Business Growth".

Elkuwaiz emphasised that a primary goal of CMA's strategy is to enhance liquidity and create opportunities for smaller businesses. Monsha'at is also committed to developing a vibrant debt market and advancing asset management, aiming to compete globally and attract more investments into Saudi Arabia's economy.

"The stock market and financial technology sectors are critical to Saudi Arabia's ambitions of becoming a leading financial hub in the region," stated Elkuwaiz. He underscored the importance of supporting these sectors to achieve this vision.

The CMA is actively working on expanding financing channels, including facilitating subscription fund management for efficient public offerings. Despite notable achievements, Elkuwaiz acknowledged that challenges remain. "Stimulating liquidity, increasing available offerings, and expanding the investor base are key areas we are working on," he noted.

The seventh CEO Forum drew international and local speakers, experts, and entrepreneurs. It was held under Minister of Commerce Majid Al-Kassabi's patronage. The event aims to help rapidly growing enterprises stay updated with innovations contributing to SME growth in Saudi Arabia.

The forum serves as a platform for discussing strategic goals that support business growth. By focusing on innovation and development, it seeks to empower SMEs within the Kingdom. This aligns with broader national objectives to bolster economic progress through diverse financial initiatives.

With inputs from SPA