1998 News Story

Saudi Shares Index to be listed by IFC

Minister of Finance and National Economy Dr. Ibrahim Ibn Abdulaziz Al-Assaf has announced that, effective Monday, the Saudi shares index is to be listed on the international composite shares index of the International Finance Corporation (IFC), which is part of the World Bank Group. This step will provide more information about the Saudi stock market in particular and the Saudi economy in general. Dr. Al-Assaf noted that the Saudi stock market is the 33rd listed in the IFC's composite index, which is the main publisher of shares data from developing countries for access through the Internet.  The Saudi shares index will also be added to the two subsidiary indices, one covering Europe, the other the Middle East and North Africa.  The decision to include it was based on the market value of the shares dealt as well as the value of the dealings. Dr. Al-Assaf went on to announce the decision to establish investment funds in which foreigners could deal in Saudi shares.