Saudi Arabia reaches ‘advanced stage’ in financial sector development: ElKuwaiz

Mohammed ElKuwaiz, Chairman of Capital Market Authority  

Saudi Arabia has reached an advanced stage of progress in the Financial Sector Development Program, stated Mohammed ElKuwaiz, Chairman of the Capital Market Authority (CMA).

Speaking at the first session of the Financial Sector Conference today, Sept. 27, he said that the authority has drawn up plans, policies and proposals to develop the financial sector.

“The private sector may see its contribution increasing in the Kingdom’s economy,” ElKuwaiz said, highlighting the significance of experience and coordination among the government entities.

ElKuwaiz also indicated that governance regulations can be clear by setting up of certain criteria in corporate entities. The government is implementing governance in several fields including public-private sector cooperation.

He also underpinned the regulators’ role in the governance implementation, monitoring and follow-up.

Local corporates have made great strides on this level and many corporates incorporated some degree of sustainability in their reporting cycle, the Chairman noted.