Meeting explores means of developing Arab capital markets

MUSCAT: The Union of Arab Securities Authorities (UASA) board held its 16th meeting to discuss a spectrum of topics, including developing capital markets, facing systemic risks and supporting liquidity and financial sustainability.

The event also covered cyber risks, fraud risks, financial technology, investor education and awareness and financial inclusion.

The meeting, which was hosted by the Capital Market Authority (CMA), came within the framework of the efforts exerted by member states to enhance cooperation and upgrade the legislative and regulatory level of Arab stock markets to achieve justice, efficiency and transparency.

It aimed to unify efforts to reach effective levels of control over transactions in the markets, as well as to highlight a mechanism for facing challenges and changes in the regional and international arenas.

The board also discussed the annual report of the Union for 2021 and the most important achievements that were achieved during the first year of the strategic plan 2021-2025, especially the progress of completing the work related to the multilateral memorandum of understanding for the exchange of information among member states. The board also reviewed the report of the auditors and the final audited accounts of the union for the fiscal year 2021.

Growth was recorded in 2021 and it reflects the indicators of global markets. The data issued by the World Federation of Exchanges indicate that the international financial markets have achieved significant increases in the total market value by reaching $124.6 trillion, compared to $106.8 trillion in 2020, constituting a rise of 16.7 per cent.

In terms of Arab financial markets, the market value went up at the end of 2021 compared to its 2020 level, reaching about $3.6 trillion, comprising an increase of 16.1 per cent.