Riyadh: The International Institute for Management Development, based in Switzerland, revealed in its most recent report that Saudi Arabia's financial market rose seven spots to take third place among G20 countries in the competitiveness indicators this year.

The Kingdom's performance serves as the perfect example of the Capital Market Authority's ongoing efforts to put international best practises into practise, according to the IMD World Competitiveness Yearbook for 2023. 

The nation topped the list of G20 nations for corporate boards. In the indices for venture capital, shareholders' rights, and capital markets, it came in second. 

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The yearbook also revealed Saudi Arabia's position as the third-largest stock market in the world. It outperformed developed countries like the US, China, Japan, India, Germany, and the UK.  

In nine of the 12 indices, the Kingdom led all other participating Arab countries. 

It was accomplished as a result of CMA's ongoing efforts to implement pertinent global best practises and develop the capital market sector.

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The approval of the rules for securities exchanges, depository centres, and Shariah governance in other capital market institutions was made possible in large part by the authority.

Its contribution to the creation of the Companies Law for publicly traded joint stock companies enhanced the business climate and encouraged new investments.

With 49 listings and SR40 billion ($10.66 billion) in equity capital raised, 2022 was the year with the most initial public offerings (IPOs) on the Saudi capital market, with the exception of 2019, when Saudi Arabian Oil Co. was listed.  

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According to the authority, "Saudi Arabia aims to establish an advanced capital market that is open to the world, capable of attracting both domestic and foreign capital, and that plays an effective and crucial role in meeting the economy's funding requirements."