Saudi Capital Market Authority to increase funds invested through managed channels

2021-09-25 02:00:50

(MENAFN) Referring to the CMA’s Assistant Undersecretary for Strategic and International Affairs Ahmed Al-Enezi, SPA declared that the Saudi Capital Market Authority (CMA) is seeking to double the funds invested through managed channels from SR800 billion (USD213 billion).

Al-Enezi further declared that the CMA is planning to offer more jobs in the financial sector by raising the assets under management in funds, portfolios or other innovative financial tools, including private equity funds, venture capital, and financial technology.

He also stated that Saudi Arabia has invested in infrastructure, including the Saudi Fintech initiative, inaugurated by the Saudi Central Bank in partnership with the CMA in April 2018, as a catalyst for the development of the financial technology sector in the Kingdom.

The official added that the Fintech accelerator supports the building of the capabilities and talent needed by financial technology companies, and is supporting entrepreneurs at every stage of their development.

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