The Capital Market Authority of Saudi Arabia’s Board of Commissioners issued a resolution approving the offer of MEFIC IPO Fund. The MEFIC IPO fund is categorized as an open ended fund. The objective of the MEFIC IPO Fund is to provide investors with an absolute return coupled with a longer term capital growth. Its investment universe includes IPO’s both in the Saudi Arabian market and the rest of the Gulf Co-operation Council (GCC). In addition to this, the investment universe includes securities listed in the secondary market in Saudi Arabia which have a duration of listing lesser than three years.