Capital Market The National Share Index stood at (7950) as of December 13, 2006, compared to (16712) at the beginning of the year, Value of shares traded amounted to SR (4,998) billions at the end of November, 2006 compared to SR (4,139) billions in 2005. Number of shares traded for the same period reached (49.2) billion shares. The Capital Market Authority (CMA) continued to develop the necessary by-laws of the capital market law namely the by-laws of real estate investment funds and the by-laws of corporation governance. In addition, CMA licensed (41) companies and offices to perform consultancy and portfolio management. 6 - Other Developments A number of initiatives and government actions that should enhance the confidence of the private sector leading to its robust growth have taken place, these include: a. Standard & Poors and Fitch have upgraded Saudi Arabia sovereign rating to (A+). b. New fiscal, institutional, and structural reforms have been introduced in 2006 such as the electricity law, government procurement law, contractor classification law, civil aviation tariff law, social welfare law, and the law of the Saudi Credit and Saving Bank. c. The establishment of the Saudi Railroad Company. In this regard, PIF launched the construction of the railroad that begins from Um Aljalameed in the north up to Ras Alzour at the Arabian Gulf. d. The approval of restructuring of the water sector and the establishment of the National Water Company. e. The initiation of the National E- Government Program. f. Active participation of the private sector in the government procurement with the total number of government contracts signed with the private sector in 2006 amounted to (2600) contract with a value around SR (57.3) billion.
