Saudi Arabia is thinking of creating new metals, mining stock exchange index
Date
11/7/2022 7:20:57 AM
(MENAFN) According to a senior government official on Friday, Saudi Arabia is thinking of creating a new metals and mining stock exchange index as part of its efforts to diversify away from hydrocarbons and boost its resources industry.
In an interview with Reuters in Sydney, Mining Minister Bandar bin Ibrahim Al-Khorayef revealed that his team had met with Australian counterparts to learn more about a mining index that would be comparable to the ASX 300 Metals & Mining sub-index in Australia, which lists companies that produce metals such as gold, steel, and precious metals.
Reuters was told by Al-Khorayef, “it is something we are studying ... but we have not made up our mind if it would be successful.”
He also mentioned that “we have a secondary stock market in Saudi...its still evolving. We want to see if its better to have something for mining.” He did not specify the approximate number of businesses that the index may contain.
The Tadawul main market and a parallel market with lower reporting requirements make up Saudi Arabia's stock exchange.
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