Transcription
Annual Report1442 - 1443H (2021)
The Custodian of the Two Holy MosquesKing Salman Bin Abdulaziz Al-SaudPresident of the Council of Ministers
His Royal HighnessPrince Mohammed Bin Salman Bin Abdulaziz Al-SaudCrown Prince, Vice-President of the Council ofMinisters, Minister of Defense
Capital Market Authority Board of DirectorsRoyal Order No. (A/36) dated 06/02/1439H was issued to reform the CMA Board as follows:Youssef Bin Hamad Al-BlihidAhmad Bin Rajeh Al-RajehVice-ChairmanMemberHis ExcellencyMohammed Bin Abdullah El-Kuwaiz*ChairmanKhaled Bin Abdulaziz Al-HomoudKhalid Bin Mohammed Al-SolaiMemberMember*Royal Order number (A/582) dated 22/10/1442 H was issued to extend the service of His Excellency Mr. Mohammed Bin Abdullah El-kuwaiz as Chairman of the Capital MarketAuthority Board at the rank of “Minister”, for four years, as of 26/10/1442 H.8Annual Report 20219
Capital Market Authority Board of DirectorsAcademic Qualifications:MBA, New York University’s Leonard N. Stern School of Business, USA2003Bachelor’s Degree, Law, King Saud University, KSA1998The General Securities Qualification Certificate (CME-1)2008Professional Experience:Chairman, CMA Board of Directors2017 – presentVice-Chairman, CMA Board of Directors2016 - 2017CEO, Derayah Financial2006 - 2016Administrative Consultant, McKinsey & Company, UAE2004 - 2006Senior Manager of Investment Banking and Corporate Finance,Samba Financial GroupBroker, International Markets and Precious Metals, Arab National Bank1999 - 20041996 – 1999Memberships:Chairman, Board of Trustees, The Financial AcademyMember, Financial Sector Development Program, Supervisory Committee, Council of Economic andDevelopment Affairs (CEDA)His ExcellencyMohammed Bin Abdullah El-KuwaizChairman, CMA BoardMember, Board of Trustees, Oqal GroupFormer Member, Investment and Securities Committee, Riyadh Chamber of Commerce and IndustryFormer Member, Investment Committee, King Faisal FoundationFormer Member, Investment Committee, Awqaf Sulaiman Bin Abdulaziz Al-Rajhi Holding CoFormer Member، Advisory Committee, Capital Market AuthorityFormer Member, Board of Directors, Bank AlbiladFormer Member، Business Youth Committee, Riyadh Chamber of Commerce and IndustryFormer Member, Board of Directors, Public Pension AgencyFormer Member, Board of Directors, Al-Yamamah Steel10Annual Report 202111
Academic Qualifications:Capital Market Authority Board of DirectorsMaster’s Degree, Law, School of Law, Wake Forest University, USA2008Higher Diploma, Legal Studies (Professional Master’s Degree), Institute of PublicAdministration, KSA2002Bachelor’s Degree, Islamic Studies (Jurisprudence), King Saud University, KSA2000Professional Experience:Vice-Chairman, CMA Board of DirectorsDeputy of Legal Affairs and Enforcement, CMADirector, Department of Follow-up and Enforcement, CMA2017 – present2016 - 20172016Director, Department of Legal Affairs, CMA2015 - 2016Manager, Department of Legal Advice, CMA2010 - 2015Legal Adviser, Department of Legal Affairs, CMA2005 - 2010Case Lawyer, Legal Division, Royal Court2002 - 2005Memberships:Head of CMA Delegation, meetings of the Islamic Financial Services Board (IFSB)Head of CMA Delegation, meetings of the regulators of Arab financial marketsCMA Representative, Saudi Delegation to meetings of the Standing Ministerial Committee of the Chairmen of GCC Capital Market AuthoritiesHead of CMA Delegation, meetings of the Executive Committee of the GCC Heads of Capital Market Authorities (or their equivalent)Chairman / Member of a number of committees and teams comprising regulators of GCC Capital Markets for the integration of GCC CapitalMarkets ProjectMr. Youssef Bin Hamad Al-BlihidVice-Chairman, CMA BoardHead of CMA Delegation, Saudi-Emirati Coordination Council (the Retreat of Resolve)Chairman / Member of a number of bilateral committees comprising CMA and other government entities with the aim to accomplish jointinitiatives and tasks and set a mechanism to deal with overlapping jurisdictions, to ensure that work is functioning normally and each entity isaccomplishing all tasks assigned to it.Chairman of the Standing Committee for Awareness on Dealing in Securities Activities in the Unauthorized Foreign Exchange Market (Forex)CMA Representative in several committees at the Bureau of Experts, Council of Ministers for the review of draft laws,regulations, and other issues referred to the BureauChairman / Member of a number of committees and teams tasked with implementing regulations of the CapitalMarket Law and Companies LawChairman, Supreme Joint Committee to Separate the Functions and Jurisdictions of CMA and TadawulChairman, Inspection Committee for Listed Companies, CMAVice-Chairman of Administrative Committee, CMAChairman, Supervisory Committee for the Capital Market Documentation Initiative12Annual Report 202113
Academic Qualifications:Capital Market Authority Board of DirectorsMaster’s Degree, Public Administration, University of Missouri, USA1991Bachelor’s Degree, Political Science, King Saud University, KSA1986Professional Experience:Member, CMA Board of Directors2017 – presentDeputy of Corporate Resources, CMA2016 - 2017Director, General Management, CMA2009 - 2016Manager, Department of Human Resources, CMA2005 - 2009Director General, Corporate Communications, supervisor of the Restructuringand Privatization Project, Saudi Arabian Mining Company (Ma’aden)1999 - 2005Consultant to the Minister, Ministry of Labor1998 - 1999Faculty Member, Institute of Public Administration – participated throughouthis work at the institute in implementing a number of training programs andworkshops; Conducted studies in administrative reform and regulatory andadministrative consultancy for government agencies1986 - 1998Memberships:Mr. Ahmed Bin Rajeh Al-RajehMember, CMA BoardChairman / Member of several CMA committees concerned with regulating and developing thecapital market sectorChairman, Human Resources Development Committee, CMAVice-Chairman, E-Transactions Committee, CMAFormer Chairman, Supervisory Committee, Financial Academy, CMAFormer Member, Executive Committee, CMAFormer Member, Administrative Committee, CMAFormer Member, E-Transactions Committee, CMAFormer Member, Committee for Archives and Records, CMAFormer Member, Steering Committee for CMA Headquarters in the Financial District, CMAFormer Chairman, Savings Plan Committee, CMAFormer Member, Scholarships and Training Committee, CMAFormer Member, Policies Committee, Saudi Arabian Mining Company (Ma’aden)Former Member, Administrative Committee, Saudi Arabian Mining Company (Ma’aden)14Annual Report 202115
Capital Market Authority Board of DirectorsAcademic Qualifications:Master’s Degree, Business Administration, Kent University, Ohio, USA1999Bachelor’s Degree, Accounting, King Saud University, KSA1995Professional Experience:Member, CMA Board of Directors2017 – presentDeputy of Strategy and International Affairs, CMA2013 - 2017Manager, Investment Funds Department, CMA2006 - 2012Chief Executive, Corporate Finance, CMA2004 - 2005Faculty Member (Financing and Investment), Saudi Central Bank (SAMA) –Institute of Banking1995 - 2004Memberships:Member, International Organization of Securities Commissions (IOSCO) Board of DirectorsVice-Chairman, African / Middle East Regional Committee, International Organization of SecuritiesCommissions (IOSCO)Member, Zakat, Tax and Customs AuthorityMr. Khaled Bin Abdulaziz Al-HomoudMember, CMA BoardMember, Remuneration and Nomination Committee, Zakat, Tax and Customs AuthorityChairman, Supervisory Committee for the implementation of the risk methodology, CMAMember, Financial Sector Conference, Supervisory CommitteeFormer Chairman, Capital Account Committee, Capital Market Awareness, CMAFormer Member, the National Committee for SavingFormer Member, Human Resources Development Committee, CMAFormer Member, E-Transactions Committee, CMAFormer Member, Employee Savings Plan Committee, CMAFormer Secretary, CMA Advisory Committee16Annual Report 202117
Capital Market Authority Board of DirectorsAcademic Qualifications:CGMA, USACRMA, USAACFE, USACPA, USADiploma, Economy and Management, Economic Institute, USABachelor’s Degree, Accounting, King Saud University, KSA201220122008199019851983Professional Experience:Member, CMA Board of DirectorsSupervisor, Professional Quality Assurance Program, Saudi Organization forCertified Public AccountantsPresident, Internal Audit, Saudi Telecom CompanySecondment to Ernest and Young for Accounting and Audit, USADirector, Audit and Financial Consulting, Saudi Industrial Development Fund2017 – present2016 - 20172006 - 20151986 - 19881983 - 2005Memberships:Mr. Khalid Bin Mohammed Al-SolaiMember, CMA Board18Annual Report 2021Chairman, Audit Committee, Sakan FoundationFormer Member, Board of Directors, Saudi Coca-Cola Bottling CompanyMember of the Board of Directors and former Chairman of the Audit Committee of Andalus RealEstate CompanyFormer Member, Internal Audit Committee, Riyadh Chamber of Commerce and IndustryMember, Board of Directors and former Chairman of the Audit Committee – Awqaf Sulaiman BinAbdulaziz Al-Rajhi Holding Co.Former Member, Board of Directors, Saudi Association for Internal AuditorsFormer Member, Board of Directors, Saudi Accounting AssociationFormer Chairman, Audit Committee, King Saud University EndowmentsFormer Member, Audit and Accounting Standards Committee and Management of ProfessionalQuality Assurance Program, Saudi Organization for Certified Public AccountantsFormer Chairman, audit committees of several listed and unlisted companies: (ACWA Power, ACWAHolding, Aslak Co., Shaker Group, MEBCO, Al-Rajhi United, Saudia Cargo, Alitco)Former Member, audit committees of several companies, banks, financial institutions and insurance:(National Commercial Bank, Savola, Aljazira Takaful, Riyadh Cables Group Company, AldreesPetroleum and Transport Services Company, Saudi Group Co., Eastern Province Cement Company,Saudi Aerospace Engineering Industries, Banque Saudi Fransi)19
This report was prepared to demonstrateCMA’s compliance with the highest standardsof transparency, and to inform the public ofits business during the past year pursuant tothe requirements of Article 16 of the CapitalMarket Law (CML) which states:“The Chairman of the Board shall present tothe President of the Council of Ministers anannual report on the Authority’s activitiesand its financial position during the precedingyear, within ninety days from the end of theyear”.Pursuant to Article 29 of the Law of the Councilof Ministers, the presentation and contents ofthe document fulfill the requirements of thepreparation of annual reports as mandatedfor ministries and public agencies, includinguniversities and other government bodies*.*Pursuant to High Order No. (25819) dated 23/04/1443 H will comply with the guidelines relating to theproduction of annual reports for public sector entities as of financial year 1443-1444 H (2022)21
ValuesVision01To become the Main Market in theMiddle East and one of the top tenfinancial markets in the world.MissionA capital market that facilitates funding encourages investment promotes confidence and builds capacities.22Annual Report 20210203Continuous DevelopmentExcellenceCommunication and ConsultationCMA constantly develops and improvesits business policies and procedures, laws,and programs used to run tasks, thusenhancing the services provided to capitalmarket participants and supporting thegrowth of the national economy.CMA is known for its competentemployees. It seeks to develop their skillsand expertise to achieve the highest levelsof quality and professional conduct, as wellas providing the best services to capitalmarket ultation, and communication as awork team that carries itself with thehighest levels of professional conductwhen dealing with capital marketparticipants, within and outside CMA.0405Social Responsibility and Staff CareResponsibilityCMA believes that its employees are itsgreatest assets and that strengtheningtheir loyalty is beneficial to the society andthe Kingdom. Therefore, CMA is dedicatedto creating a supportive and motivatingwork environment and providing variousdevelopment, training, and financialawareness programs to the society.Demonstrating the sense of responsibilityand duty CMA has towards its communityand staff, the responsibility borne by itsemployees towards their tasks, and thededication to work honestly and faithfullyto achieve its vision and mission.23
Introduction 27Chapter One: Capital Market Strategic Plan 41Chapter Two: Current Status of CMA 53Section One: CMA Internal Environment 55Section Two: Committees 71Table ofContentsSection Three: International Relations and Organizations 83Chapter Three: Regulating the Capital Market 87Chapter Four: Securities Offerings, Corporate Actions, and Investment Products95Section One: Securities Offerings and Corporate Actions 97Section Two: Assets Under Management 107Chapter Five: Capital Market Disclosure and Governance 117Section One: Disclosure 119Section Two: Governance of Listed Companies 123Chapter Six: Investor Protection 129Section One: Investor Awareness 131Section Two: Surveillance 135Section Three: Investor Complaints and Reports, and Violations of Lawsand Regulations Enforced by CMA 139Section Four: Prosecution, Sanctions, and Penal Verdicts on Violations147Section Five: Requests Regarding Investors’ Assets 159Section Six: Registered Accounting Firms and Certified Public Accountants (CPAs)163Chapter Seven: Securities Business Activities 167Section One: Licenses 169Section Two: Inspection and Financial Prudence 175Section Three: Performance of Capital Market Institutions 181Chapter Eight: CMA Financial Disclosure 185Chapter Nine: Periodic Reports and Bulletins, and Statistic Annex24Annual Report 202122125
Introduction1. Chairman’s Message2. CMA Establishment3. CMA Main Functions4. Organizational Structure5. Parties Supervised by CMA
Despite the unprecedented circumstances that the world has witnessedin the past two years due to theemerging crisis of the Coronaviruspandemic (COVID-19), and the resulting global precautionary measures toconfront it and reduce the subsequenthuman and economic losses, theKingdom carried on its developmentprocess after implementing precautionary measures to reduce the effectsof the pandemic, which deserved international praise.Chairman’s MessageThrough the strategic plan of the Capital Market Authority 2021-2023, CMAworked with its partners in the Financial Sector Development Program (oneof the 2030 Vision implementationprograms), and in the capital marketinstitutions, to support the development of the financial sector and thedevelopment of the Saudi capital market and strengthening its ability toface challenges, and to build a marketthat facilitates financing, stimulatesinvestment, and boosts the confidence of the dealers.In CMA’s endeavors to expand thecapital market, 2021 witnessed a bigleap in the number of applicationsfor public offering and registration ofshares in both the Main and ParallelMarkets that have been approved bythe Authority with a percentage of385.8% compared to the previous year,to reach 34 applications, of which thepublic offering applications shares inthe Main Market constituted 41.2%.Similarly, 2021 witnessed significantmomentum in the offerings and list-28Annual Report 2021ings of the Saudi stock market. Sharesof nine companies were offered in aninitial public offering in the Main Market, while shares of three other companies were offered in an initial publicoffering in the Parallel Market.The Main Market witnessed the firstsecondary public offering in its history.The shares of 8 companies were alsoregistered for the purpose of directlisting in the Parallel Market, in addition to the promotion of one companyfrom the Parallel Market to the MainMarket, along with a direct listing ofthe Diversified Income Traded Fund,with total listings amounting to 21during 2021.The combined amounts of the offering of securities in the two marketsamounted to almost 31 billion SaudiRiyals. As for assets under management, they increased by 24.0%. toreach 758.4 billion riyals. The assetsof investment funds constituted thelargest proportion amounting to 523.7billion Saudi Riyals, marking an increase of 18.5% at the end of 2021 compared to the previous year.CMA focused on the development andgrowth of the Sukuk and debt instruments market, which constitutes oneof the major financing channels in theKingdom for both the public and private sectors. This market witnessed anumber of developments, most notably: the joining of the Saudi Stock Exchange to the FTSE Russell EmergingMarkets Index for government bondsand the iBoxx Index for governmentbonds, which will allow Saudi Sukuk anddebt instruments to be part of the marketindices followed by global investors. Thesize of the Sukuk and debt instrumentsmarket increased as a percentage of theGDP to reach 29% at the end of 2021, coinciding with the increase in the number ofSukuk and debt instruments listed in thecapital market to reach 79 issues.The amount of money consolidated fromoffering Sukuk and debt instrumentsreached 37.2 billion Saudi Riyals, comparedto 31.0 billion Saudi Riyals in the previousyear, with an increase of 20.2%, and the value for Sukuk and debt instruments reached30.3 billion Saudi Riyals at the end of 2021.It is worth noting that CMA worked during2021 on the strengthening of Sukuk anddebt instruments market, including CreditInstructions for International Securities Depository Centers, and enabling the linkingof a deposit center with International Securities Depository Centers.All of this created positive effects on theSukuk and debt instruments market such asreducing the review period for requests foroffering and registering debt instruments(20 days instead of 45 days) to stimulate thepublic offering of debt instruments.CMA has also enabled foreign investors touse their registered global accounts at theInternational Securities Depository Centersto invest in the Sukuk and debt instrumentsmarket locally, which contributes to attracting foreign investment, enhancing liquidity,and expanding the base of investors in thecapital market.In terms of developing rules and regulationsfor the capital market, CMA issued in 2021“Regulation on the Reporting of Violationsof the Capital Market Law”. It aims to reg-ulate the reporting of violations of CapitalMarket Law and its implementing regulations, and the rules and regulations of theExchange, Depository Center and ClearingCenter, including the financial rewards forwhistleblowers, the controls for grantingthem, and actions that contribute to theirprotection.CMA has also implemented a number ofamendments to a set of regulations andrules, including: Market Conduct Regulations, The Rules for Special Purposes Entities(SPEs), Rules on the Offer of Securities andContinuing Obligations, Investment FundsRegulations, Real Estate Investment FundsRegulations, Glossary of Defined TermsUsed in the Regulations and Rules of theCapital Market Authority, Instructions forInvestment Funds Announcements, andFinancial Technology Experimental PermitInstructions.Emphasizing the interest in protecting investors and dealers in the market, CMA expedited the necessary procedures to decideon violations of the laws and regulationsenforced by CMA, so it completed the necessary procedures for 160 cases and implemented 70 decisions issued by CMA’s Boardand the Committees for the Resolution ofSecurities Disputes against violators of thelaws and regulations enforced by CMA in2021. In order to achieve the principle of justice and to raise the confidence of dealers inthe capital market, the proceeds of compensation for those affected in the capital market increased, so the value of the compensation awarded to those affected amountedto 366.7 million Saudi Riyals in 2021, markingan increase of 291% compared to the previous year.of financial and investment culture, CMAlaunched 55 communication campaignsand issued 203 statements and advertisements on its website, CMA also published1900 posts on social media in 2021.Based on the supervisory and developmental role of the capital market institutionssector, CMA issued 17 decisions for licensing new capital market institutions. CMAalso continued supporting Fintech projects,which it has started authorizing since 2018,until the number of Fintech experimentpermits reached 19 by the end of 2021.In conclusion, I can only express my sincerethanks and gratitude to the Custodian ofthe Two Holy Mosques King Salman Bin Abdulaziz Al-Saud, the President of the Councilof Ministers, and HRH Prince MohammedBin Salman Bin Abdulaziz Al-Saud, CrownPrince, Vice-President of the Council of Ministers, Minister of Defense, and Chairman ofthe Council for Economic and DevelopmentAffairs, for supporting CMA and providingeverything needed to enable the development and growth of the capital market. Ialso thank everyone who contributed to thesuccess of our developmental, regulatory,and supervisory efforts in the capital market, most notably the members of CMA’sBoard, the executive body, the relevant entities, capital market institutions, and all participants in the capital market.Mohammed Bin Abdullah El-KuwaizChairman, CMA BoardConcerning CMA’s efforts to support andstrengthen awareness of the rules andregulations, and in order to raise the level29
CMA EstablishmentThe Capital Market Authority was established pursuant to the “Capital MarketLaw” (CML) issued by Royal Decree No.(M/30) dated 02/06/1424H correspondingto 31/07/2003. CMA reports directly to thePresident of the Council of Ministers, has alegal personality, and enjoys independentfinancial and administrative autonomy. It isresponsible for supervising, regulating, anddeveloping the capital market as well as issuing regulations, rules, and instructionsrequired to implement the provisions of theCapital Market Law.30Annual Report 202131
CMA Main FunctionsIn accordance with Article 5 of theCapital Market Law (CML), CMAis responsible for issuing relevantregulations, rules, and instructions, aswell as implementing the provisions ofthe CML. To this end, CMA undertakesthe following:Regulating and developing the capitalmarket, seeking to develop and improve thepractices of entities trading in securities, anddeveloping procedures that reduce the risksrelated to securities transactions.Protecting citizens and investors insecurities from unfair and unsoundpractices, or acts involving fraud,deception, cheating, or manipulation.Regulating and monitoring the issuanceand dealing of securities.Seeking to achieve fairness, efficiency, andtransparency in securities transactions.Regulating and monitoring businessactivities of parties subject to CMA’s controland supervision.32Annual Report 2021Licensing the establishment of special-purposeentities (SPEs), and regulating and monitoringtheir business, uses, issuance of securities, theregistration in the registries established by CMA,and the provision of their articles of incorporation,in addition to regulating the provisions of theregistration of funds transferred to them, includingdocumentation of the rights thereof, their legalstanding against others, and the issuance ofrelevant regulatory rules.Regulating proxy and purchase requestsand public offers of shares.Regulating and monitoring full disclosure ofinformation related to securities and theirissuers, the dealings of informed persons, majorshareholders, and investors, in addition tospecifying and providing the information thatshould be disclosed by participants in the marketto shareholders and the public.Regulating securities in pawnand transactions thereupon.33
Organizational StructureCMA board stipulated a number of decisions in 2021 to amend its organizational structure as follows:1- CMA Board’s decision (no. 1-8-2021 dated 5/6/1442 H corresponding to 18/01/2021, stating the following: creating a department organizationally reporting to Strategy & International Affairs Deputynamed “Data Management Office”.The data management office undertakes several tasks and responsibilities, including:The application of common standardsand policies that the National DataManagement Office adopts for the CMAand the entities supervised by it.Establishing a data directory for CMA.Documenting and preserving alldata circulating in CMA.Drafting and executing a plan toenhance data maturity.The Technology & Digitalization Deputy assumes several tasks and responsibilities; of which01Providing the necessary informationtechnology support to meet businessrequirements.04Cooperating with the National DataManagement Office to develop commonstandards and policies of data management.Preparing reports on compliance withadopted policies and procedures.2 - CMA Board’s decision no. 5-136-2021 dated 11/05/1443 H corresponding to 15/12/2021 stating:Maintaining and supporting digitalplatforms and applications.07Governing and managing projectsand technical and digital initiatives.Updating the organizational structure of CMA throughcreating an organizational unit organizationally related to theBoard Director named: Technology & Digitalization Deputy.Creating an organizational unit called: “Operations Engineeringand Business Analysis Department” reporting to Technology &Digitalization Deputy.10Improving the efficiency of digitaloperations and services.Transferring the departments reporting to the InformationTechnology Division “Business Applications Department,Business Technology Governance Department, and TechnologyDepartment” to the Technology & Digitalization Deputy.34Annual Report 202102Providing innovative solutions todevelop CMA’s services.03Developing and managing digitalplatforms and applications.05Leading and implementinggovernment initiatives related totechnology and digitization.08Governing the implementation of thedigital transformation plan.06Operating and maintaining the technicalinfrastructure and preserving the qualityand sustainability of the service provided.09Ensuring the compatibility of digitalpolicies and standards with regulationsand legislation in accordance with thedigital government framework and withinternational best practices.11Defining the data managementmethodology in CMA to improve theefficiency of digital operations and servicesand management of its applications.Transferring the department of Data Management Office fromthe Strategy & International Affairs Deputy to the Technology& Digitalization Deputy.35
Organizational StructureBord of DirectorsGeneral Secretary to the BordHR Development CommitteeAdvisory CommitteeAudit CommitteeChairman\CEOCommunication and InvestorProtectionChairman s OfficeRisk ManagementFinancial Statements and AuditorsInternal AuditCommunicationsInternal Risk ManagementE-Transactions CommitteeAuditors SupervisionAuditAwarenessMarket Risk ManagementManagement CommitteeFinancial StatementsProfessional Ethics and InternalComplianceInvestor ProtectionInformation SecurityLegal Affairs and EnforcementStrategy and International AffairsMarket InstitutionsListed Companies and InvestmentproductsLaws andRegulationsInvestigationResearchRegulatory PolicyDevelopmentMarket InstitutionsComplianceAuthorizationInvestment ProductsIssuanceOffering & M&ALegal AdviceLitigationInternationalRelations andOrganizationStrategyMarketSurveillance orporateGovernanceListed CompaniesForensic InspectionEnforcementProjectManagementOfficeMarket InfrastructureInstitutionsSupervisionAML & CFTInvestmentProductsDevelopmentSpecial PurposeEntitiesTechnology & DigitalizationData ManagementOfficeOperationsEngineering andBusiness AnalysisCorporate ResourcesBusinessApplicationsProtocolHuman ResourcesBT GovernanceArchives andRecords mises andServicesProcurement andContractsBord of Directors\Chairman\CEO36Annual Report 2021DeputyDivisionDepartmentCommittee37
Parties Supervised by CMACMA supervises the following entities:38Annual Report 2021Capital Market InfrastructureInstitutionsCapital Market Dealers andParticipantsInvestment Funds andCollective Investment Schemein the Capital MarketCapital Market InstitutionsSpecial Purpose Entities (SPEs)Fintech Products ProvidersAuthorized by CMAListed CompaniesCredit Rating Agencies andCompaniesAuditors of Entities Subjectto CMA’s Supervision39
01Capital MarketStrategic Plan1. Interconnection between the Capital Market StrategicPlan and the Financial Sector Development Program2. Capital Market Strategic Plan (2021-2023)3. Achievements of the Strategic Plan in 20214. Strategic Plan Governance5. CMA Aspirations for 2022
1. Interconnection between the Capital Market StrategicPlan and the Financial Sector Development ProgramSaudi Vision 2030 ProgramsPublic Investment Fund ProgramAfter the launch of the Kingdom’s 2030 Vision in 2016, CMA started revising its strategic plansto develop the “Financial Leadership Program”, as part of its strategic plan 2017-2021 in order tocomply with its orientations and objectives with those of the 2030 Vision.National IndustrialDevelopment and Logistics ProgramFiscal Sustainability ProgramDoyof Al Rahman ProgramNational Transformation ProgramIn 2017, the Council of Economic and Development Affairs launched ten executive programsto achieve the 2030 Vision, including the Financial Sector Development Program linked to aprosperous economy and an ambitious nation. It aims at establishing a versatile and activecapital market that supports the development of the national economy, diversifies its sourcesof income, and stimulates, savings, financing, and investing, through develo
MBA, New York University's Leonard N. Stern School of Business, USA 2003 Bachelor's Degree, Law, King Saud University, KSA 1998 The General Securities Qualification Certificate (CME-1) 2008 Professional Experience: Chairman, CMA Board of Directors 2017 - present Vice-Chairman, CMA Board of Directors 2016 - 2017 CEO, Derayah Financial 2006 .
