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Financial authority approves expansion of 7 institutions
The General Authority for Financial Control has approved the establishment of seven non-banking financial institutions, including a securities rating agency, a receivables collection company, a financial services holding company, a government medical errors insurance fund, and a real estate investment fund. These steps aim to expand and develop the non-banking financial market, improve financing and investment tools, increase the sector's attractiveness, and enhance the protection of stakeholders' rights while maintaining market stability. The approvals also included the addition of real estate financing and consumer financing activities, which will diversify financial products and strengthen the financing capacity through the capital market.
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