The Capital Market Authority (CMA), Saufi Arabia's market regulator, has approved Jadwa Investment Company’s application to launch the initial public offering (IPO) of Jadwa Saudi Equity Fund II.

No other details on the IPO were given.

Launched in 2007, the open-end fund invests in a diversified portfolio of Shariah-compliant equity securities, according to the fund manager’s website.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)