The CMA's Initiative for Future Foresight
07/11/2019
The CMA has launched an initiative to foresee the future, which includes foreseeing the future prospects of the CMA and the capital market in the State in four phases, namely: Qualification, empowerment, transformation, phase (1) and future strategic directions proposed for their respective future. The initiative included number of scenarios expected in the capital markets in the State according to the axes of technology and economy until 2050.
The initiative came within the framework of the CMA's role in monitoring and foreseeing the increasing challenges and accelerating changes in the business environment and what is imposed by the change factors in the axes and drives of forces affecting the nature of government work as a result of the amazing development in information technologies, technologies of the Fourth Industrial Revolution, patterns of knowledge economy, societal changes and local, regional and international political and environmental challenges. It also came after future foresight and building of sustainable culture to implement its mechanisms and instruments in the work of governmental authorities have become essential and key part of the strategic planning process to support authorities' capabilities of analyzing the impact of developments, identifying alternatives and selecting the best ones to develop proactive strategies and initiatives that are in line with potential future directions.
Accordingly, the Department of Strategy and Future implemented an initiative for foreseeing the future of the CMA and the capital market in the State until 2050 and the required development of proactive strategies based on scenarios prepared to achieve the following objectives:
- Developing the long-term future planning capabilities and training the concerned officials at the CMA to develop multiple scenarios to foresee the future, develop innovative solutions and provide alternatives to seize opportunities and face future challenges and ramifications, and analyze their impacts, in order to chart new and more developed prospects for the financial services industry and the capital market in the State.
- Translating the outputs of the workshop into strategic directions and flexible initiatives that can be adjusted as per the variables according to the short, medium and long term.
Ensuring that the CMA's strategy for 2017- 2021 is in conformity with the potential scenarios and that the CMA future vision is linked with a clear foreseeing form that will be adopted as the CMA roadmap for the next three decades.