Dubai: Alkhair Capital Saudi Arabia said it has received approval from the Saudi Arabian Capital Market Authority (CMA) to raise its paid-up capital to 1 billion riyals from 300 million riyals.

The company announced that this new injection of capital is to be distributed across several financial investment products, including support for margin financing, expansion in underwriting and IPO management, as well as the establishment of strategic funds in sectors including healthcare, education and FinTech.

This increase in capital was driven by strong shareholder confidence in growth prospects for the financial sector in Saudi Arabia.

Khalid Al Mulhim, managing director and CEO of Alkhair Capital, said: “Especially following the recent developments in the rules and regulations related to the Saudi financial market, we can see numerous opportunities for expansion and continued growth. These include possible geographical expansion and continued efforts to attract the best and brightest new talents from the Kingdom to our team.”

Alkhair Capital currently manages investments valued at approximately 10 billion riyals, including private portfolios and private funds in the healthcare, food and education sectors of the Kingdom as well as fixed income.

Alkhair Capital also said it is in the process of upgrading its current trading platform, for the brokerage department to better meet new client requirements.