Arab regulatory authorities were able during the recent years, in cooperation with financial markets and governments, to work to overcome the impact of the repercussions of various changes and crises on financial markets. The Arab regulatory authorities continued achieving significant developments in the areas of oversight, modernization of legislation, regulation, and enforcement, setting appropriate frameworks and mechanisms to enhance its oversight capabilities and developing rules of transparency, disclosure, governance, education and awareness in order to ensure the stability of financial markets. The Union’s members have also been keen to take tangible steps in the areas of development, modernization, skill development, and upgrading of the financial systems that govern their business in line with best practices and international standards, as well as taking the necessary measures to encourage the use of modern financial technology to serve the capital markets.

  

International developments at various levels have imposed on the Arab financial markets more challenges in several areas, especially with regard to confronting the risks that financial markets may be exposed to, including the risks of volatility in the performance of financial markets, liquidity, risks and cybercrime, which witnessed a noticeable increase in light of the repercussions of the crises that afflicted the world, which require the strengthening of the financial infrastructure and the application of international principles in this field, in order to increase the resistance of financial markets to various potential risks. The trend towards promoting sustainability principles that take into account the best international practices, especially in the areas of governance, the environment and social responsibility, as well as updating legislation to accommodate such developments, has become the focus of great international attention, which requires the concerted efforts of the Arab capital markets with the various relevant authorities in a way that benefits the capital markets and serves related projects and initiatives in our countries.

 

Undoubtfully, UASA plays a significant role in the development of Arab capital markets, through achieving the objectives of the Union, especially those related to unifying cooperation efforts, to reach effective levels of oversight in Arab capital markets. It also seeks to achieve the best levels of harmony and compatibility with relevant laws and regulations applied in Arab capital markets with the aim of protecting investors, developing legislations in accordance with the best international practices and enhancing self-capacity building in line with UASA's strategic plan that was approved by its Board, which outlined its future path and priorities in the coming years.