The Saudi Capital Market Authority (CMA) said the investment funds sector grew by 11.2% in 2015 over the preceding year, with total fund asset investment worth SR180.3 billion. In its 2015 Annual Report, the Authority said the public offering of four companies generated a total of SR4.2 billion worth of shares, while the offering of all securities reached SR34.2 billion. Mohammed Aljadaan, CMA Board Chairman, said the Authority sets a strategic objective to raise governance and transparency standards as well as increase the level of communication with capital market investors. Presenting the 2015 annual report to the Council of Economic and Development Affairs,he said the Authority is working tirelessly on implementing the CMA's strategic plan which was adopted last year. In 2015, a new strategic objective related to deepening the capital market was added to the strategic plan. In addition, other strategic objectives were included; these objectives include raising governance and transparency standards as well as to increase the level of communication with capital market investors. The CMA chairman said the CMA is on track to implementing 54 initiatives of the approved strategic plan. Those initiatives included 342 activities with the CMA achieving (91%) completion rate of these activities during the year. In 2016, the CMA will work to implement other elements of its strategic plan including initiatives to deepen the capital market by expanding the investor base, promote investment literacy and higher level of investor communication. Other areas the strategy would concentrate on in 2016 is improving the CMA's internal efficiency and effectiveness, strengthening internal governance and risk management, increase cooperation with other related entities, and managing the transition of the authority into the new governance principles. The CMA plans to achieve these goals through the implementation of 51 ongoing initiatives as well as through 13 new initiatives to be implemented in 2016. — SG
