UPDATE 1-Saudi CMA says new capital market rules will permit other exchanges - Reuters:
The amendment to Saudi Arabia’s capital market law will allow other exchanges to be established alongside the government-owned Tadawul, the head of the Saudi Capital Market Authority (CMA) said on Wednesday.
“CMA plans to license other entities to provide activities of exchanges, depositories or clearing houses,” CMA Chairman Mohammed bin Abdullah Elkuwaiz told a conference.
Licensing new stock market operators would be a potential first step to privatising the bourse — the largest in the Middle East — as Riyadh moves to wean the economy off oil.
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