The 20th UASA’s Annual Report
Published on 18-Jun-2026
The Union of Arab Securities Authorities (UASA) Board approved the 20th annual report t its 20th meeting held remotely on 22 April 2026. The report presents the most important activities of the members in market regulation and oversight, enforcement, awareness, international cooperation, market development, financial technology, and financial inclusion. The report also included the most prominent work accomplished by the Union and its work plan for 2026, in addition to a set of issues of interest to Arab securities authorities, especially with regards to strengthening aspects of cooperation and coordination among the Union members.
The annual report indicated that within the framework of implementing its 2021–2025 Strategic Plan, the Union continued to advance a number of initiatives and projects aimed at developing Arab capital markets and enhancing their resilience to risks. Working groups finalized and published several specialized studies and guidance documents, including the Guiding Rules for the Issuance and Listing of Islamic Sukuk in Arab Capital Markets, a study on the interaction of Arab financial services companies with foreign exchanges, and a study on strengthening cooperation in the areas of financial technology, cybersecurity risks, and environmental, social, and governance (ESG) matters.
The year 2025 also witnessed a stronger regional and international presence for the Union. Members continued their active participation in the work of the International Organization of Securities Commissions (IOSCO), and representatives of the Union held several leadership positions within IOSCO committees, including the chairmanship of the Growth and Emerging Markets Committee (GEMC) and the Africa/Middle East Regional Committee (AMERC). In the area of capacity building, the Union delivered the largest number of training programs since its establishment. Specialized training programs, workshops, and discussion forums covered topics such as combating financial crimes and anti-money laundering, governance and sustainability, financial technology, artificial intelligence, crypto-assets, risk management and compliance, as well as specialized programs in Islamic financial services and sukuk markets.
In the field of financial technology and cybersecurity, the Union completed several initiatives aimed at enhancing regulatory cooperation and knowledge sharing among members. Proposals were also developed to facilitate Know Your Customer (KYC) requirements and strengthen cooperation in cybersecurity.
With respect to investor education, awareness, and financial inclusion, the Union continued its efforts to enhance investor awareness initiatives. An investment awareness guide was published in conjunction with World Investor Week, and work progressed on the development of a dedicated electronic portal for financial education and awareness. Several studies and proposals were also prepared to promote financial inclusion in Arab capital markets.
As part of the development of the Union’s digital infrastructure, the General Secretariat completed the modernization of the Union’s website and launched a new electronic platform to enhance communication and collaboration among members, in addition to further developing the investor education and awareness portal.
The report emphasized the Union’s ongoing commitment to implementing initiatives aimed at enhancing the efficiency and sustainability of Arab capital markets and expanding cooperation among its members, thereby supporting financial stability and economic development across Arab countries.
The annual report also indicated that the global economy in 2025 continued to be affected by geopolitical tensions and developments. Nevertheless, global economic growth remained stable, and inflation rates continued to decline from the elevated levels recorded in previous years. This had a positive impact on global financial markets.
According to data published by the World Federation of Exchanges (WFE), the global market capitalization of financial markets increased to approximately USD 149.5 trillion by the end of 2025, compared to USD 124.7 trillion in 2024, representing a growth of 19.9%. U.S. markets accounted for approximately 49.6% of total global market capitalization, followed by Asia-Pacific markets at 33.8%, and European and Middle Eastern markets at 16.6%.
Global markets also delivered positive performance during the year. The MSCI World Index rose by 21%, compared with a 19% increase in 2024. Emerging markets recorded gains of 34.4%, compared with 8.1% in the previous year, while the S&P 500 Index increased by 17.9%, reaching record highs for the third consecutive year.
As for Arab financial markets, total market capitalization declined in 2025 compared with 2024, reaching approximately USD 4.2 trillion, a decrease of 4.2%. The Saudi Stock Exchange (Tadawul) accounted for approximately 56% of the total market capitalization of Arab financial markets, with a market value of around USD 2.4 trillion at the end of 2025. At the same time, the Composite Index of Share Prices of Listed Companies in Arab Markets, issued by the Arab Monetary Fund (AMF), increased to 531.5 points by the end of 2025, compared with 503.3 points at the end of 2024, representing an increase of 5.6%.
The 20th Annual Report of the Union is available in both Arabic and English through the following links: