MUSCAT: In line with its ongoing endeavour to strengthen the capital market sector in the Arab region, the Sultanate of Oman, represented by the Capital Market Authority (CMA), participated in the 17th Meeting of the Board of the Union of Arab Securities Authorities held in Riyadh earlier this week.
Oman’s delegation was led by Shaikh Abdullah Salem al Salmi (pictured), Executive President of the Capital Market Authority. The opening session began with keynote addresses by Khaled al Hamoud, member of the Board of Directors of the Saudi Capital Market Authority; Shaikh Abdullah al Salmi, Executive President of the Capital Market Authority (in his capacity as President of the last session), and Jalil Tarif, Secretary-General of the Union.
In his address, Al Salmi said the performance of global financial markets was impacted by various geopolitical developments stemming from the Russian-Ukrainian war, and the fallout of the pandemic.
"The Arab regulators were able, during the year 2022, in cooperation with the financial markets and governments, to work to overcome the impact of the repercussions of various changes and crisis in financial markets," he said.
Arab markets achieved success in a number of areas, including market supervision, updating of legislations, regulation and enforcement, and setting appropriate frameworks and mechanisms to enhance their regulatory capabilities and developing rules for transparency, disclosure, governance, education and awareness in order to ensure the stability and balance of the financial markets, he said.
“Member authorities have also been keen to take tangible steps in the areas of development, modernization, skills development, and upgrading the financial systems that govern their business in line with best international practices and standards, as well as taking the necessary measures to encourage the use of financial technology to serve the capital markets,” the CMA Executive President stated.
“The year 2022, which was the second year of the Union’s strategic plan 2021-2025, witnessed important milestones in the framework of implementing the goals and initiatives of the plan. The members of the Union consolidated their presence in the International Organization of Securities Commissions (IOSCO) with four seats in the board of directors of the organization including the office of Vice Chairman of the Board of Directors of the organization and the presidency of the Growth and Emerging Markets Committee (GEMC), which is the largest committee of the organization, as well as the presidency of the Africa and Middle East Regional Committee (AMERC) in addition to the office of Vice Chairman of the committee. The past year witnessed close cooperation with a number of Arab, regional and international institutions,” he further added.