Saudi Arabia’s Capital Market Authority will soon issue regulations for the opening of the kingdom’s $500 billion stock market to foreign direct investors, said Mohammed al-Jadaan, chairman of the CMA.
The authority’s 2015-2019 strategic plan aims at promoting transparency and corporate governance to boost confidence in the Saudi stock market, he added in a statement.
The value of investment funds in 2014 added 16 percent to SAR 162.1 billion, compared to 2013. The number of funds increased 21.4 percent to 578 funds.
As many as 12 companies had accumulated losses of 50 percent of thei capital last year. Four of these companies had losses of more than 75 percent of the capital, he added.
The regulator has intensified its monitoring of social networks and websites to track violations of disclosure rules. It has also moved towards strictly enforcing its regulations ahead of the anticipated opening.
CMA has settled 485 complaints in 2014, 39 percent higher than the previous year. It has also rigorously enforced court rules and inspections of licensed market dealers, he added.
AI Summary
Comments Analysis: