Khalid Al Homoud, a member of the Board of Directors of the Capital Market Authority of the Kingdom of Saudi Arabia and outgoing President of the UASA, presented the 2023 UASA annual report during the opening session of the Union’s meeting. In his presentation, Al Homoud reviewed the developments witnessed in Arab and international capital markets, as well as the most prominent achievements of the Union in 2023.
Al Homoud highlighted that 2023 witnessed significant developments and events that had a direct impact on the performance of global capital markets. These markets were affected by geopolitical changes and their repercussions on the Arab region and various world economies. Global economic activity suffered a significant slowdown, and inflation rates exceeded levels recorded in decades.
Despite these challenges, Al Homoud emphasized that Arab regulatory and supervisory authorities worked closely with capital markets and governments throughout 2023 to overcome the repercussions of various changes and c
rises in the financial markets. Member bodies of the Union took concrete steps in various areas in line with best international practices and standards.
During the meeting, the UASA board will discuss a number of issues and topics on the agenda, including reviewing the 2023 UASA annual report to be approved, in addition to several memos of the General Secretariat of the Union, regarding the completed initiatives under the UASA’s 2023 working plan,, the guidance on the best practices in the AML/CFT, the guidelines for crowdfunding in the Arab capital markets, the general rules for sustainability in the Arab capital markets, and the principles Guidance to enhance cybersecurity, and the needs of UASA members in the field of fintech and cybersecurity.
The UASA Board meeting will also discuss the signing of the MoU with the International Capital Market Organization (ICMA), cooperation with the regional committees of IOSCO, and the UASA’s 2024 working plan and program to be approved.
Source: Qatar News Agency