Capital Market The Capital Market Authority (CMA) continued to develop the necessary by-laws of the capital market. There were (13) new IPO's during 2008, increasing the number of companies listed in the stock market to (127). The CMA licensed (30) new brokerage and portfolio management firms. 6- Other Developments a. Fitch Ratings upgraded Saudi Arabia sovereign rating to (AA-). b. The IFC 2009 Report on Ease of Doing Business ranked Saudi Arabia at 16th among 181 countries, up from rank 24 in 2008 Report. c. The Executive Board of the International Monetary Fund has commended Saudi Arabia for its leading role in stabilizing the oil market through the ambitious investment program and structural reform program that would lead to a strong growth in the private sector. d. New fiscal, institutional, and structural reforms have been introduced in 2008. These included the creation of Public Commission of Railroads, Consumer Protection Association, Cooperative Associations Law, Public Sector Performance Center, National Strategy for Health and Environment, and the National Water Company, among others.
