الإصلاحات التشريعية وأثرها في جذب الاستثمار الأجنبي في أسواق المال دراسة مقارنة بين السعودية والإمارات (2024–2010)

Abstract

This study examines how legislative and regulatory reforms in capital markets shape foreign investment attractiveness, through a comparative analysis of Saudi Arabia’s Tadawul and the UAE markets (ADX and DFM) over 2010–2024. It addresses a central question: do legal and institutional upgrades translate into measurable market outcomes—beyond the “intent” of reforms—reflected in foreign confidence, market depth, and liquidity? Anchored in the OLI paradigm and institutional quality theory, the study applies a comparative descriptive-analytical design supported by exploratory quantitative analysis of three dependent indicators: market capitalization and foreign ownership value, net foreign investment flows, and annual trading value.

Findings support the study’s main hypothesis of a positive long-run association between improved regulatory environments and foreign investment attractiveness, while showing that the effect is “phase-based” rather than strictly linear—accelerating when reforms coincide with major structural milestones (index inclusion, large-scale IPOs, and ownership liberalization). In Saudi Arabia, the impact follows a gradual institutional deepening within a mega-market: foreign ownership rose from USD 4.5bn (2010) to USD 112.8bn (2024), market capitalization peaked at USD 3,002.4bn (2023), and net foreign flows recorded an exceptional spike in 2019 (+USD 24.3bn) linked to benchmark integration. In the UAE, reforms generated a faster post-2021 response, with foreign ownership increasing from USD 32.3bn (2020) to USD 144.1bn (2024) and market capitalization surpassing USD 1.06tn in 2024, alongside more stable and consistent inflow dynamics. The study concludes that sustained foreign attractiveness in emerging markets depends on embedding legislation into a three-pillar architecture: enforcement and governance, market infrastructure and post-trade systems, and index weight/IPO-driven depth—where Saudi Arabia’s advantage is anchored in depth and benchmark integration, while the UAE’s is driven by legal flexibility and ownership liberalization.