In response to receiving the award, Adel Al-Ghamdi, CEO of the Saudi Stock Exchange commended his team, in an internal communique, for their contribution to another significant year in the history of the Exchange; reflecting on a number of noteworthy events and continuing efforts:
– Trading levels over the first 10 months of 2014 suggest that the Exchange will end the year registering the second highest trading value in its history (in excess of SAR2 trillion, USD533 billion), reinforcing our position as the most liquid platform in the Middle East and North Africa, and one of the most liquid platforms worldwide (in relative terms).
– The recent listing of the National Commercial Bank (NCB), the world’s second largest IPO this year (after Alibaba), added around SAR120 billion (USD 32 billion) in market capitalization to our platform since its listing. This has strengthened our position as the 21st largest stock market in World Federation of Exchange rankings ahead of Bursa Malaysia, the Mexican Exchange and the Moscow Exchange, which we only recently overtook.
– Recent regulatory policy initiatives are also set to have a transformational impact on our local and global identity:
1- The implementation of the ongoing project to activate our regulatory responsibilities, pursuant to the Capital Market Law, will transform the Exchange into a Self-Regulating Organization (SRO), reinforcing our enshrined duty to continue to carefully balance our commercial aspirations with our responsibilities to act in the public interest.
2- The expected approval of the qualified foreign institutional investor framework will transform the Saudi Stock Exchange from a local platform to a truly international exchange. This will elevate both our global standing and our opportunity set, but it will also bring us into direct competition with our international peers and position us under the global spotlight; a challenge that we welcome and will grow from.
– Successful execution of our 5 year strategic plan will ensure that the organization is aligned and focused on delivering tangible and measurable achievements to harmonize our promise with our aspirations and honor our privilege as the national securities exchange.
Al-Ghamdi also expressed that being granted this award for the 3rd consecutive year, only fuelled the need to continue to optimize the way the Exchange conducts its business with the aim of becoming a nimbler, more focused organization able to efficiently respond to the demands of the local and global marketplace and the needs of its stakeholders.