Capital Market The National Share Index increased in 2007 compared to last year and it reached (9892) as of December 5, 2007, compared to (7933) at the beginning of the year, The Council of Minister appointed the board of Tadawul Company. In addition, Capital Market Authority (CMA) continued to develop the necessary by-laws of the capital market law namely the by-laws of mutual funds and the by-laws of merger and acquisition. Also, (24) IPOs were completed increasing the number of companies listed in the stock market to (108). CMA licensed (37) 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 during this fiscal year, these include: a. Standard & Poors upgraded Saudi Arabia sovereign rating to (AA-). b. New fiscal, institutional, and structural reforms have been introduced in 2007 such as the Judiciary system law and the grievances law. c. The establishment of the National Commission for Integrity and Anticorruption, Saudi Export Development Commission, and the General Housing Authority. d. The approval of the National plan of Telecommunication and Information Technology.
