Riyadh: Chairman of the Capital Market Authority (CMA) Mohammed bin Abdullah Elkuwaiz highlighted the "impressive progress" of the Saudi financial market, which is the seventh-largest financial market in the world, an achievement that reflects the robust performance of the national economy.

Speaking at a dialogue session titled "Financial Markets as a Catalyst for Growth in Saudi Arabia", held during the seventh edition of the CEO Forum in Riyadh, Elkuwaiz said that over 50% of the approximately 70 companies recently listed on the Saudi financial market are small and medium-sized enterprises (SMEs).

Organized by the General Authority for Small and Medium Enterprises (Monsha'at), the forum carried the theme "Opportunities to Enhance Business Growth".

Elkuwaiz stressed that one of the key CMA strategy's pillars is to boost liquidity and create new opportunities for smaller companies. Monsha'at is also focused on developing a dynamic debt market and advancing the asset management industry, which enables it to compete globally and attract more investments in the national economy.

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

He highlighted the current CMA efforts to expand financing channels, including facilitating subscription fund management to ensure efficient and swift handling of public offerings.

While the market has achieved notable milestones, Elkuwaiz acknowledged ongoing challenges.

"Stimulating liquidity, increasing available offerings, and expanding the investor base are key areas we are working on," he noted.

The seventh CEO Forum attracted prominent international and local speakers, experts, and entrepreneurs.

Held under the patronage of Minister of Commerce and Monsha'at Chairman of the Board Majid Al-Kassabi, the forum aims to achieve strategic goals by enabling rapidly growing enterprises to stay informed about the latest innovations and developments that contribute to the growth and development of SMEs in the Kingdom.