Date: 19 February, 2024
How is the Saudi Finance Minister Urging Country Officials for Accelerated Regulatory Reforms for Speedier Financial Changes?Let’s discuss this
Key Points:
- Saudi Finance Minister Al-Jadaan calls for faster financial reforms at the third Saudi Capital Market Forum.
- Emphasis on enhancing compliance efforts by key players including Saudi Capital Market Authority and Tadawul.
- Significant regulatory and legal changes highlighted since 2016; stress the need for a strong regulatory framework.
- An issuer-friendly approach, advisory services, and reasonable fees are urged to encourage investor and issuer participation.
- The government’s efforts to establish a clear sovereign yield curve over different periods were emphasized.
- Al-Jadaan assures potential investors of government transparency and unity in economic goals.
- Sarah Al-Suhaimi, chairperson of Saudi Tadawul Group, notes success in financial regulatory reforms and increased foreign investors since 2017.
- The forum, themed “Powering Growth,” gathers global financial experts in Riyadh to discuss future finance and innovative strategies.
- Economist Mahmoud Khairy highlights the forum’s role in fostering collaboration and innovation, aligning with Vision 2030 goals.
- The event serves as a platform for dialogue on financial instruments, strategies, and educational opportunities for efficient capital markets.
Speedier Financial Changes
In a panel session at the third Saudi Capital Market Forum, Finance Minister Mohammed Al-Jadaan expressed his view that while Saudi Arabia has shown ambition in financial reforms, there is a need to expedite the pace of these reforms for greater predictability and stability. Al-Jadaan urged key players, including Mohammed El-Kuwaiz, chairman of the Saudi Capital Market Authority, and Tadawul, to enhance compliance efforts.
Highlighting significant changes in the regulatory and legal landscape since 2016, Al-Jadaan emphasized the importance of a strong regulatory framework to provide certainty for investors and issuers. He called for an issuer-friendly approach, advisory services, and reasonable fees to encourage investor and issuer participation. Al-Jadaan also underscored the government’s efforts to establish a clear sovereign yield curve over various time periods.
Addressing potential investors, Al-Jadaan conveyed that the government is transparent and unified in its understanding of economic goals. He assured that the Saudi economy has shown resilience over the past seven years, with a robust growth trajectory since 2020, despite global challenges.
Sarah Al-Suhaimi, chairperson of Saudi Tadawul Group, mentioned the success of financial regulatory reforms, noting a significant increase in qualified foreign investors in the Kingdom since 2017. She outlined the strategic framework of the Saudi Tadawul Group, which focused on diversification and increased international participation.
The two-day event, themed “Powering Growth,” gathered global financial experts in Riyadh to discuss the future of finance and innovative ideas to boost the sector’s growth. An economist and policy advisor, Mahmoud Khairy highlighted the forum’s role in fostering collaboration and innovation within the financial sector, aligning with Vision 2030 goals. The event serves as a platform for dialogue on financial instruments, strategies, and educational opportunities to develop a skilled workforce for efficient capital markets.
References:
https://www.arabnews.com/node/2462706/business-economy
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