The Clap
The Saudi Capital Market Authority issued a detailed report that revealed an increase in the total volume of assets under management of the authority’s institutions by about 8% reaching SAR 757 billion in Q2 2022.
The Deets
SNB Capital had the most assets under management, with a value of SAR 268.3 billion, while Riyad Capital and Alinma Investment recorded SAR 80.6 billion and SAR 71.8 billion respectively.
Fintech
Eleven companies were granted fintech pilot permits, with permit applications rising to 20 in Q2 2022 compared to only 4 requests, during Q2 2021.
Why this Matters
The CMA’s report aims to enhance confidence and raise the level of transparency and disclosure in the financial market.
In addition to that, it looks to provide investors interested in the financial market with information about the sector and its activities.
Increase in assets under management in the financial market ⬆️
