RIYADH: Saudi Arabia has more than 24 initial public offerings lined up for 2023 as it seeks to create boost the economy and create financing channels for emerging sectors. A report issued by the Capital Market Authority on Sunday said the Kingdom intends to boost its market’s appeal to foreign investors and increase their ownership as a percentage of the total market value of free float shares to reach 16.5 percent by the end of 2023. The report said the market regulator aims to boost institutional investment in the capital market and plans to increase the percentage of assets under management to gross domestic product to reach 27.4 percent by the end of the current year. The CMA plans to increase the size of the debt instruments market as a percentage of GDP to reach 20.1 percent by the end of 2023. FASTFACTS The CMA plans to increase the size of the debt instruments market as a percentage of GDP to reach 20.1 percent by the end of 2023. The market regulator aims to boost institutional investment in the capital market and plans to increase the percentage of assets under management to gross domestic product to reach 27.4 percent by the end of the current year. The authority “has developed its strategic plan for the next three years 2021-2023 in line with the plan of the Financial Sector Development Program … in a way that serves the goals of the Kingdom’s Vision 2030 to build an advanced and open financial market,” Mohammed El-Kuwaiz, chairman of CMA, said in a statement. The Saudi capital market recorded a flurry of IPOs in 2022 with 49 listings, as well as SR40 billion ($10.66 billion) raised in equity capital; the highest number in any single year, barring 2019 when Saudi Aramco was listed. “Saudi Arabia aims to establish an advanced capital market that is open to the world and capable of attracting local and international capitals, and that plays an efficient and pivotal role in meeting the economy’s funding requirements,” the authority said in a statement. The CMA intends to develop and regulate the securities service providers sector, as well as to encourage innovative business models and emerging technologies that have the potential to push the financial services industry to new levels in terms of finance and investment. “Given the importance of qualified human capital in the development of the securities sector, the CMA will seek to create multiple programs” to provide the sector with qualified human resources. Speaking at the second edition of the Saudi Capital Forum in February, El-Kuwaiz said Saudi Arabia was the fourth-largest market in the world in terms of the amount of equity capital raised, just below China, India, and South Korea. “We are continuing to see a rapid increase in the proportion of foreign investors, both in terms of percent of ownership and trading. On the equity market, the feedback from foreign investors continues to be quite positive. Our expectation is that positive is never good enough. I think we need to further improve regulations to make the market more accessible,” he said.