Finance Ministry Issues A Press Release on State's Budget 8 Riyadh

3-Capital market:
The Capital Market Authority (CMA) continued during fiscal year 1436/1437 (2015) its efforts to develop the financial market and promote transparency and disclosure. Based on the Council of Ministers’ approval of the CMA decision to allow foreign financial institutions to buy and sell stocks listed on the Saudi Stock Market, the CMA board adopted a resolution dated 15/07/1436 H (corresponding to 05/04/2015 AD) regulating the rules for qualified foreign financial institutions’ investments in listed stocks. From Tuesday 28/8/1436 H (corresponding to 06/15/2015 AD), qualified foreign investors were allowed to invest in equities listed on the Saudi Stock Market.

In order to expand the financial market base, provide funding and growth opportunities for national companies, and increase investment channels, three companies’ shares were partly put up for initial public offering for SR 3.774 million, in addition to one company’s sukuk for SR 3.900 million, and initial rights to 12 companies for SR 2.325 million.

The CMA has worked to increase the offering of investment funds, licensing 26 new investment funds this year, which brings the total number of licensed funds to 265.

As part of its efforts to strengthen the structure of the financial market by providing consulting services and financial intermediation, CMA added 5 licenses to licensed individuals, with a total of 495 licenses being distributed among 88 licensed individuals.

4- Foreign trade and balance of payments:
According to the Saudi Arabian Monetary Agency, the total value of commodity exports during the year 1436/1437 (2015) is estimated at SR 767.2 billion, a decline of 40.2 percent from the previous fiscal year. The total value of non-petroleum commodity exports is SR 176.3 billion, a decline of 18.8 percent from the previous fiscal year. Non-petroleum commodity exports accounted for 22.9 percent of total merchandise exports.

Commodity imports are expected to reach SR 531.9 billion in the current year, a decline of 10.5 percent from the previous year.

Preliminary estimates of the Saudi Arabian Monetary Agency also point to the trade balance achieving a surplus of two hundred thirty-five billion and three hundred twenty-two million riyals SR 235.3 billion this year, a decline of 65.9 percent from last year as a result of the marked decrease in oil exports despite a decline in imports.
17:52 LOCAL TIME 14:52 GMT