Saudi Capital Market Authority seeks to double $213bn funds under management
The Saudi Capital Market Authority (CMA) aspires to double the funds invested through managed channels from SR800 billion ($213 billion), SPA reported, citing the CMA’s Assistant Undersecretary for Strategic and International Affairs Ahmed Al-Enezi.
The CMA wants to create more jobs in the financial sector by increasing the assets under management in funds, portfolios or other innovative financial tools, including private equity funds, venture capital, and financial technology, he said.
To that end, Saudi Arabia has invested in infrastructure, including the Saudi Fintech initiative, launched 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, said Al-Enezi.
The Fintech accelerator is helping to build the capabilities and talent required by financial technology companies, and is supporting entrepreneurs at every stage of their development, Al-Enezi said.
