RIYADH: The number of investment funds operating in Saudi Arabia has hit a record high, with financial backers betting on the Kingdom’s economic potential, according to the Capital Market Authority. The organization’s latest bulletin revealed that the number of investment funds in the first three months of this year surged 35.3 percent compared to the same period in 2022 — meaning there are 1,076 now operating in Saudi Arabia. The number of public and private funds touched 260 and 816 in the first quarter of this year compared to 253 and 542, respectively, in the year-ago period. Securing more funds into Saudi Arabia is a vital part of the Vision 2030 initiative, with the Kingdom’s Crown Prince Mohammed bin Salman previously saying: “Our nation holds strong investment capabilities, which we will harness to stimulate our economy and diversify our revenues.” The number of subscribers in public and private investment funds increased by 53.2 percent to hit 792,824 subscribers in the first quarter of 2023, compared to 517,346 subscribers a year earlier. The largest number of participants in both funds was concentrated in funds operating in the real estate sector. On the other hand, the number of firms listed on the Saudi primary stock market, also known as Tadawul, has reached 224 by the end of March 2023, reflecting a 4.2 percent surge from a year earlier. As for the parallel market, also referred to as Nomu, the number of companies listed in the same period reached 54, reflecting an increase of 116 percent when compared to the 25 companies listed in the first three months of 2022. During the first quarter, the CMA approved two firms in the primary market and six companies in the parallel market. Additionally, the authority received five requests for offerings and listings in the primary market and 61 similar proposals in the parallel market, all under study during the period. The bulletin further noted that the ownership value of foreign investors eligible to invest in the stock market increased by 1 percent to reach SR273.54 billion ($73 billion), compared to SR270.96 billion in the fourth quarter of 2022. Regarding the classification of investors, according to investment behavior, the ownership percentage of institutional investors in the primary market increased to 96.18 percent, compared to 95.3 percent in the same period in 2022. The CMA’s quarterly bulletin poses a method of making statistical information and market data available to dealers, analysts and academics in the Saudi financial market to raise transparency and further develop investments in the financial market.