Overview
- Provides a comprehensive analysis of Saudi Arabia’s monetary banking regulations since SAMA’s creation in 1952
- Focuses on the evolving strategies, institutions and goals of the Saudi stock market regulator?the CMA in both the Tadawul and NOMU parallel markets
- Explains policy decisions in fostering FDI, national reserves investment processes, and economic diversification in face of volatile oil revenues.
Part of the book series: SpringerBriefs in Economics (BRIEFSECONOMICS)
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Table of contents (4 chapters)
Keywords
About this book
Saudi Arabia has long been associated with its central role in the global energy market, with its decisions on production volumes affecting the global financial markets. However, the Kingdom has also emerged as a significant global financial player due to its large holdings of international currency, its dominance of the regional Gulf and Arab world capital markets, and the aspirations of its Sovereign Wealth Fund, the Public Investment Fund. The G20 Presidency in 2020 has also placed Saudi Arabia on the global stage for the country to showcase progress in many and opening up its financial market toforeign investors. But the path to financial regulation and liberation to unleash Saudi Arabia’s potential has not come overnight, but through incremental steps and learning by doing. The results speak for themselves as this book examines:
• The Saudi Capital Market and the evolution of its main Tadawul and parallel NOMU stock markets following the inclusion of Tadawul in the FTSE Russell, MSCI and S&P EM Indexes
• The centrality of the Saudi fixed peg exchange regime as well as a closer examination of SAMA’s investment policies as custodian of the local currency
• SAMA’s rebranding in 2020 as a Central Bank, its monetary and macro prudential policies and the re entry of foreign banks to the Saudi market, reversing previous Saudization of foreign bank branches in Saudi Arabia.
The Author offers an analysis of the key challenges facing Saudi Arabia in an age of financial globalization, FinTech and digitization. The challenges faced by the Saudi regulators in the COVID 19 era are examined, along with the country’s financial sector objectives as part of the Vision 2030 program, SME financing now a central plank in the country’s Vision 2030 program, the role of FDI in economic growth, the reasons behind Saudi Arabia languishing behind other countries in attracting FDI given the size of its economy and rising domestic and foreign debt levels. It has been an incredible journey for a young country, and by all indications, the journey for expanded global partnership continues as Saudi Arabia also puts into practice its version of the circular carbon economy, its commitment to climate change, and being at the forefront of a new global digital economy.
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Bibliographic Information
Book Title: Financial Regulation and Liberation
Book Subtitle: Saudi Arabia’s Path Towards True Global Partnership
Authors: Mohamed A. Ramady
Series Title: SpringerBriefs in Economics
DOI: https://doi.org/10.1007/978-3-030-68267-5
Publisher: Springer Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
Softcover ISBN: 978-3-030-68266-8Published: 09 March 2021
eBook ISBN: 978-3-030-68267-5Published: 08 March 2021
Series ISSN: 2191-5504
Series E-ISSN: 2191-5512
Edition Number: 1
Number of Pages: XIII, 88
Number of Illustrations: 11 b/w illustrations
Topics: Macroeconomics/Monetary Economics//Financial Economics, Middle Eastern and North African Economics