24/03/2010
AlTuwaijri: New mechanism to attract more investments to the market
AlTuwaijri Started Exchange trading of the New York Stock yesterday in the presence of the U.S. market officials
Head of Capital Market Authority in Saudi Arabia Dr. Abdulrahman Al-Tuwaijri find new mechanisms to attract more investments to the market, including foreign investment.
He said that the Kingdom has the largest economy and largest financial market in the Middle East, and to provide investors with promising opportunities in many sectors, more than any other country in the region.
AlTuwaijri made the remarks during the forum "on the Saudi stock market," which will be held for the first time in the New York Stock Exchange Market, which aimed to identify direct investors on investment opportunities in the kingdom.
The form which was held over two days in New York City, an opportunity for Americans and foreign investors to meet the Saudi Capital Market Authority and its representatives of 12 Saudi companies listed on the Saudi market in the presence of the Head of the Capital Market Authority, and a number of Saudi companies included in the visit lasted for two days during which he met the delegation a number of businessmen and investors in Goldman Saks and the New York Stock Exchange.
AlTuwaijri explained that over the past decade, the Kingdom embarked on a program of economic reform to develop the basic concepts for more open and competitive economy. In fact, it has been developed and updated over forty laws and regulations aimed specifically at creating an investment environment more open and friendly. Furthermore, the kingdom became in 2005 a member of the World Trade Organization and recently joined the group of twenty.
He continued: in 2008 we allowed foreigners to invest in local shares through exchange agreements with financial institutions, and this allows foreign investors to obtain the full economic benefits of the shares of listed companies in the trading system.
He pointed out that it is currently working to develop a market for traded index funds and it's expected to be launched in the near future, these funds will give investors an opportunity to invest in Saudi stock market at relatively low cost.
He added that there is presence of the largest global investment banks in Riyadh today, and this would increase competition and bring more economic expertise to the global market place. In this regard, the Head of the Capital Market Authority in Saudi Arabia had a visit to the New York Stock Exchange during which will ring the opening bell of the market and met with senior executives there.
