Saudi Arabia seeks marketplace reform

June 20, 2003 at 1:18 PM

RIYADH, Saudi Arabia, June 20 (UPI) -- Saudi Arabia's Consultative Council has approved a legal and regulatory framework for the Saudi stock exchange, the largest stock exchange in the Arab world.

Officials said Thursday's approval of the Capital Market Law is designed to accelerate a number of economic reforms, such as the promotion of foreign and private sector investment and the creation of an environment of total accountability and transparency for capital-related activities.

Saudi Arabia's Ambassador to the United States Prince Bandar bin Sultan said, "We are making a concerted effort to liberalize, expand and diversify our economy. Our goal is to promote private sector investment, especially in certain key areas of our economy," including transportation, natural gas and electricity.

He noted the council has also approved opening Saudi Arabia's domestic aviation sector to competition, ending the longstanding position held by Saudi Arabian Airlines as the sole carrier for domestic flights between Saudi Arabia's 26 airports.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
Aetna to acquire Humana for $37 billion in cash, stocks
U.S. proposes tighter pipeline spill rules