Saudi Arabia has declared plans to turn its stock market into a shareholding company open to the private sector and to set up the Middle East's largest financial district.
The move to privatize the bourse, announced by Capital Market Authority (CMA) chairman, Jammaz Al Suhaimi at an economic conference, will help the financial market operate on more professional and transparent bases and introduce new products and services, analysts said.
The stock exchange in Saudi Arabia, the Arab world's largest bourse by capital, currently operates on an interbank basis.
