Under the chairmanship of its Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al-Sheikh, the Shura Council discussed annual report of the Saudi Press Agency (SPA) for the Fiscal Year 1437/1438 AH. SPA shall attract qualified national staff, with high efficiency, and be provided with incentives to ensure the quality of its productivity and continuity, Shura called for, in addition to follow up adoption of the strategic plan of the SPA, concluding by expressing hope that SPA would strengthen its presence in the national and regional media landscapes. The council praised the launch SPA online services and the use of many languages for transmission of materials. A member suggested that the SPA shall explore the experiences of the international news agencies, in keeping up with the latest developments, in the modern media. Another student said that SPA shall review its performance and objectives, to be in line with the Kingdom's trends and position. In another development, the Shura recommended the Board of the Capital Markets Authority (CMA) to intensify efforts to raise investor confidence and enhance opportunities for attracting foreign investments and to stimulate family businesses, by clarifying the financial benefits of listing their companies, in the stock markets. Shura discussed also determining the implications of the low liquidity of the capital market and reduced impact on the future activity on financial market, and study the effects of the IPO of Aramco, on the local stock market and to protect the market from the concentration of liquidity. It called on the Authority to expedite the study of introduction of derivatives, in the shares market of all kinds, and open paralleled markets for the traders, gradually. Capital Market Authority shall include in its next reports indicators measuring achievements of the objectives of the strategic plan, to make the financial market among the top ten financial markets, in the world. A member complained that there was no information about real estate investment funds, despite their social and economic importance, and other listed companies must be demanded to abide by disclosure of financial allocations for senior executives and managers. In turn, there are need to avoid forbidden derivatives, importance of developing legal and regulatory environment and protecting the market participants to reach the top position, in the region. For his part, one member asked the Capital Market Authority (CMA) to alert investors to misguided recommendations through websites and social media, while another called on the Authority to develop a strict plan, in collaboration with the relevant authorities, to counteract the investment, in online traded cryptocurrencies. It is noteworthy, that at the outset of the session, the Shura Council approved a draft memorandum of understanding for cooperation, in health fields between the Ministry of Health of the Kingdom of Saudi Arabia and the Ministry of Social Affairs and Health of the Republic of Finland, co-signed, in Helsinki, on 09/08/2017. Shura also approved a draft labor cooperation agreement for the recruitment and employment of workers between the Ministry of Labor and Social Development of the Kingdom of Saudi Arabia and the Ministry of Labor and Employment of the Republic of the Philippines, cosigned, in Riyad, on 11/04/2017.
