Riyadh sets up board to attract foreign capital

RIYADH - Saudi Arabia took a step towards implementing a law expected to attract foreign capital by establishing yesterday the board for a capital markets authority.

By (Reuters)

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Published: Sat 3 Jul 2004, 10:49 AM

Last updated: Thu 2 Apr 2015, 11:54 AM

The official SPA said that a decree has been issued to set up the board and appoint five members, including Jamaz bin Abdullah Al Sihimi as its chairman.

In June 2003, the Saudi cabinet approved a capital markets law which would revolutionise the Arab world's biggest stock market by encouraging more companies to list, allowing them to issue corporate bonds and giving banks and brokers a bigger role in the exchange.

Once approved, the law is expected to attract foreign banks to the kingdom and ultimately allow foreign ownership of Saudi shares, which for now non-Gulf Arabs can only hold through mutual funds.

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