Saudi Arabia is set to launch over 24 initial public offerings (IPOs) by 2023 in a bid to boost the economy and create financing channels for emerging sectors. The Capital Market Authority (CMA) has issued a report outlining its plans to increase foreign investors’ ownership of the market to 16.5% by the end of 2023. The CMA also aims to increase institutional investment in the capital market and raise the percentage of assets under management to gross domestic product to 27.4% by the end of this year. The CMA will also develop and regulate the securities service providers sector, while encouraging innovative business models and emerging technologies.
Thursday, September 7, 2023
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