{"id":25064,"date":"2023-09-13T09:09:02","date_gmt":"2023-09-13T09:09:02","guid":{"rendered":"https:\/\/gulftimes.ae\/gcc-banks-resilient-outlook-persists-amid-less-supportive-operating-conditions-sp-global\/"},"modified":"2023-09-13T09:09:02","modified_gmt":"2023-09-13T09:09:02","slug":"gcc-banks-resilient-outlook-persists-amid-less-supportive-operating-conditions-sp-global","status":"publish","type":"post","link":"https:\/\/gulftimes.ae\/?p=25064","title":{"rendered":"GCC banks\u2019 resilient outlook persists amid less supportive operating conditions: S&P Global\u00a0"},"content":{"rendered":"
\n<\/p>\n
Saudi debt market next to be reformed amid Vision 2030-inspired developments: CMA\u00a0chairman\u00a0<\/h2>\n<\/p>\n
\n
\nLONDON: Saudi Arabia\u2019s debt capital market is set to be redeveloped in a bid to help the Kingdom\u2019s business\u00a0acquire\u00a0funding, the\u00a0chairman\u00a0of the Capital Markets Authority has confirmed.\u00a0<\/p>\n
\nSpeaking\u00a0at\u00a0the\u00a0EFG\u00a0Hermes Saudi Forum in London, Mohammed El-Kuwaiz\u00a0insisted that any changes to the Saudi financial system need to occur gradually to ensure economic stability, but said the aim was to make the Kingdom as competitive on the global stage as possible.\u00a0<\/p>\n
\nReflecting on reforms already undertaken, El-Kuwaiz\u00a0singled out recent changes to the Zakat laws in the asset management industry, which he argued had made the sector more attractive to foreign investors.\u00a0<\/p>\n
\nThe senior financial figure also spoke of his aspirations for the Saudi Stock Exchange,\u00a0stating\u00a0that there are around 140 firms at various stages of the\u00a0initial\u00a0public offering process.\u00a0<\/p>\n
\nSpeaking about the Kingdom\u2019s debt market plans, El-Kuwaiz\u00a0said: \u201cWe are currently\u00a0in the process of completely\u00a0reviewing\u00a0all of\u00a0our offerings, securities regulations, to make sure that it is geared toward businesses who want to finance through the debt capital market, including regulations for securitization, which have been recently passed and put in the books.\u00a0<\/p>\n
\n\u201cI think we\u00a0have a lot on board that we are currently working on. I would say most of it requires a delicate balance.\u201d\u00a0<\/p>\n
\nEl-Kuwaiz\u00a0talked up Saudi Arabia\u2019s plans under the Vision 2030 initiative to grow its financial sector, and\u00a0ultimately see\u00a0the Kingdom as one of the top 15 economies in the world.\u00a0<\/p>\n
\nHe said the CMA has helped ensure the asset management industry is \u201cglobally competitive,\u201d but made clear that moving too fast with reforms could cause problems.\u00a0<\/p>\n
\n\u201cWe, on the one hand, need to drive a lot of change in order to achieve the aspiration and goals that the country needs from the country\u2019s capital market,\u201d he said, adding: \u201cBut at the same time, stability of regulations is quite important, because if you change things quite rapidly, there\u2019s a lead time and lag time that\u2019s required for people to understand the regulations, and comfortable with the regulations.\u201d\u00a0<\/p>\n
\nWhen it came to the country’s burgeoning stock market, El-Kuwaiz\u00a0expressed confidence that it would continue to grow and build on its record-breaking performance in 2022, which\u00a0witnessed\u00a0more than 50 listings.\u00a0<\/p>\n
\n\u00a0\u201cIf we project going forward, we actually still have a decent pipeline coming up, and it\u2019s very much a reflection of having the stability, (as) having things as they are continuously\u00a0attracts\u00a0businesses,\u201d he said, adding that there are 19 businesses approved to list by the CMA, with around another 50 having applied.\u00a0<\/p>\n
\n\u201cThe last horizon is we periodically query the financial advisor network for the number of mandates they’ve signed, which gives us a further indication of the pipeline we\u00a0expect,\u00a0and that number is close to 70 signed mandates,\u201d he added.\u00a0<\/p>\n\n\nMohammed Al-Rumaih, CEO of the Saudi Stock Exchange. (AN)<\/figcaption><\/figure>\n
\nHis optimism was echoed by Mohammed Al-Rumaih, CEO of the Saudi Exchange.\u00a0<\/p>\n
\nIn his interview during the forum, he said: \u201cWhat’s beautiful, and what is even more impressive than the IPOs we did in the last year \u2013 51 \u2013 was they represented a beautiful mosaic of companies from different industries in\u00a0different sizes. And with every new IPO with a high number of subscriptions increases confidence in the Saudi market.\u201d\u00a0<\/p>\n
\nThe interviews were conducted on the opening morning of the two-day forum\u00a0held under the theme of \u201cLooking for Sustainable Growth.\u201d\u00a0\u00a0<\/p>\n
\nMore than 375 participants were set to attend the event, with representatives from around 50 Saudi companies, as well as delegates from the Public Investment Fund.\u00a0<\/p>\n<\/div>\n