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Saudi Arabia to launch Middle East’s major financial project : the King Abdullah Financial District, in Riyadh

08 Mai
It will be the Middle East’s first financial district on a scale, and of regulatory and technological standards, to match the major global financial centres.
  • International standards of regulation and technology via CMA and Tadawul in the King Abdullah Financial District, in Riyadh
  • Multi year programme of economic diversification, and growth in employment and living standards
  • A custom-built financial district in Riyadh
  • Providing the financial community with state-of-the-art working environment in over 3 million square metres district, within easy reach of the city centre and airport.

The intention to construct the world’s first major financial district of the twenty first century is the latest stage in what is already a carefully planned and implemented programme of financial modernisation by Saudi Arabia. It will follow the successful launch of :

  • Tadawul, one of the world’s most technologically advanced stock exchanges;
  • The Capital Market Authority, which has introduced international-class regulation to the capital market;
  • And a host of other reforms such as the licensing of international banks, insurance and investment companies.

Saudi Arabia’s financial district will be built close to the business centre of Riyadh. The site is 1.6 million square metres and the development will have floor space of over 3 million square metres. It will be a multi-year project during which Saudi Arabia – already the world’s oil capital – will consolidate its position as the Middle East’s financial capital.

The master plan for the King Abdullah Financial District will be completed by the end of the year. Construction will begin in 2007 and will create thousands of construction and related jobs over an intense three year period of building and development.

The King Abdullah Financial District is designed as a state-of-the-art and fully self contained centre for doing business and facilitating investment and enterprise in the Kingdom and, in due course, in the wider region.

Many of the world’s major banks, financial institutions and professional service companies – already operating in Saudi Arabia – have indicated their intention to locate in the District in order to play a major part in the diversification of the world’s major oil economy.

The King Abdullah Financial District will be the headquarters for the Capital Market Authority (CMA) and the Stock Exchange (Tadawul), and for financial institutions and other service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers.

About the Capital Market Authority (CMA)

The Capital Market Authority was established by the Capital Market Law, issued by Royal Decree No. (M/30) dated 2/6/1424 H (16th June, 2003). The CMA is a government organization with financial, legal and administrative independence. It reports directly to the Prime Minister.

The CMA functions are to regulate and develop the Saudi Arabian Capital Market. It issues the required rules and regulations for the implementation of the provisions of Capital Market Law aimed at creating an appropriate investment environment.

The CMA enjoys authority to :

– Regulate and develop the capital market.
– Protect investors and the general public from unfair and unsound practices involving fraud, deceit, cheating, manipulation and insider trading.
– Achieve fairness, efficiency and transparency in securities transactions.
– Develop measures to reduce the risks pertaining to securities transactions.
Develop, regulate and monitor the issuance and trading in securities.
Regulate and monitor the activities of entities subject to the control of the CMA.
Regulate and monitor full disclosure of information related to securities and their issuers.
– Regulate proxy and purchase requests and public share offerings.
– The CMA is governed by a board of five full time members appointed by Royal Order.

Press Release

 
1 commentaire

Publié par le mai 8, 2008 dans International, Middle East

 

Une réponse à “Saudi Arabia to launch Middle East’s major financial project : the King Abdullah Financial District, in Riyadh

  1. hana

    mai 31, 2008 at 4:39

    His was a climb for peace. Farouk Saad Hamad Al-Zuman made a call for prayer from the summit of Mount Everest, a first to be recorded in the Islamic history of exploration and adventure. Not only this, he was the first to perform prayer

     

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