In a statement released yesterday by the Saudi Embassy in Washington, the Kingdom's Ambassador to the United States, Prince Bandar bin Sultan, said that Saudi Arabia was engaged in a concerted effort to reform its economy.
“We are making a concerted effort to liberalize, expand, and diversify our economy,” Prince Bandar said, referring to a recent meeting of the Saudi Shoura (Consultative) Council to vote on the Capital Market Law, which provides a legal and regulatory framework for the Saudi Stock Exchange.
“Our goal is to promote private sector investment, especially in certain key areas of our economy, including the transportation sector, the gas sector, and the electricity sector,” Prince Bandar said.
The statement said that approval of the Capital Market Law would accelerate a number of economic reforms, such as the promotion of foreign and private sector investment, and the creation of an environment of total accountability and transparency for financial activities.
Source: SPA
