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Riyadh, Saudi Arabia, February 12, 2023 - Amin H. Nasser, Aramco President & CEO, today gave a keynote speech at the second edition of the Saudi Capital Market Forum, which was held under the auspices of His Excellency the Chairman of the Board of the Capital Market Authority, Muhammad Al-Quwaiz.
In his speech, Mr. Nasser highlighted that capital market development is high on the agenda under the Kingdom’s vision. Mr. Nasser applauded the Saudi Capital Market growth, saying “this is now one of the fastest-growing capital markets in the world, benefiting from an economy that is the fastest-growing among the G20. And the Saudi Stock Exchange now ranks among the top globally by market cap, with Aramco’s listing being one contributing factor.”
In his speech, Mr. Nasser also emphasized the role of financial markets in driving the global economy, supporting the energy transition and achieving net-zero targets. However, he warned that the level of investment in oil and gas is currently nearly half of what it was around 10 years ago. According to Mr. Nasser, this will negatively affect global energy security. “From my perspective, for a less risky global energy transition, everyone - including capital markets around the world - must take a more realistic and balanced view of how the global energy transition will unfold,” he said.
Mr. Nasser also highlighted investment opportunities the energy transition provides for financial markets, referencing carbon capture and storage, as well as hydrogen, as areas that still require substantially more funding as they will have positive impact on energy sustainability.
Aramco is a sponsor of the Saudi Capital Market Forum, which is attended by investors, exporters and financial market institutions. The forum will conclude with the Saudi Financial Market Awards Ceremony, with categories to honor the best brokers, asset managers, and public offerings.
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