CMA seeks to double funds invested in managed channels, eyes AUMs of over SAR 800 bln

Logo of the Capital Market Authority

The Capital Market Authority (CMA) aims to double the funds invested in managed channels, and increase the value of assets under management (AUMs) to SAR 800 billion, SPA reported, citing Ahmad Alenizi, Deputy Assistant, Strategy & International Affairs, CMA.

This will be attained either through funds, portfolios or other innovative financial instruments including private equity funds, venture capital and fintech. This effort aims to create an efficient financial sector that is able to create more job opportunities, Alenizi said.

Moreover, national efforts continue to develop infrastructure, as evident in the Saudi fintech initiative, which was launched by the Saudi Central Bank (SAMA) and CMA in April 2018 to develop financial technology in the Kingdom and enhance its role in national economic and social development.

The Fintech accelerator program was also launched to support entrepreneurs and encourage the formation of partnerships, which stood at 54 across the Kingdom, Alenizi concluded.