RIYADH: Reflecting robust economic growth, Saudi Arabia’s financial markets reported a remarkable performance in 2022, surpassing the targets outlined in Vision 2030. The Kingdom’s Capital Market Authority witnessed an uptick in 2022, with 49 new listings, beating the projected 24 for that year, marking a completion rate of 204 percent, according to a statement by Mohammed El-Kuwaiz, chairman of the authority. The stock market’s capitalization as a proportion of the country’s gross domestic product also increased by 91 percent, exceeding the initial Vision 2030 strategic objective of 77 percent. Furthermore, the debt instruments market had initially aimed to comprise 18.7 percent of the GDP. However, by the end of the year, it exceeded this target, constituting 32 percent of the GDP, achieving a completion rate of 171 percent. El-Kuwaiz noted that these figures and other achievements contributed to making the market a model to be followed among the regional markets. He added: “As we celebrate this year’s National Day, the Kingdom has advanced 7 positions in the annual World Competitiveness Yearbook issued by the International Institute for Management Development for 2023, reaching the 17th position globally out of 64 countries that are the most competitive in the world, and the third among the G20 countries, supported by strong economic and financial performance in 2022 and improved business legislation.” Additionally, by the close of the second quarter of 2023, the financial market witnessed a significant uptick in numbers. Investment funds soared to a historic peak of 1,130, marking a 34.68 percent surge from the 839 funds in the same period last year. Participants across both general and specialized investment funds climbed 33.5 percent year on year, reaching 901,896 from 675,465 in the same timeframe the previous year. The second quarter of this year also saw the ownership value of foreign investors in the primary stock market elevate to SR298.45 billion ($79.5 billion). This is a 5.1 percent increase from SR284.01 billion recorded in the second quarter of 2022. With this momentum, the CMA is now outlining its strategy spanning 2024-2026. Central to its blueprint is the objective to spur sustainable advancements in the financial realm, breaking new grounds and further strengthening the national economic fabric, El-Kuwaiz noted.