VOL. XLVI

No 25

23-June-2003

SAUDI ARABIA

CAPITAL MARKETS

Saudi Arabia Approves Long-Awaited Stock Exchange Law

Saudi Arabias cabinet, headed by King Fahd, on 16 June gave final approval to the long-awaited capital markets law which allows for the creation of an independent market regulatory body to be known as the Saudi Arabian Securities and Exchange Commission and independent brokerage houses. Proposals for the new law were reviewed by the Supreme Economic Council (SEC) chaired by Crown Prince...