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The Saudi Stock Market will apply a new exchange system from Oct. 6 to facilitate transactions

  RIYADH, 6 September ó The Saudi Stock Market will apply a new exchange system from Oct. 6 to facilitate transactions. The new system will contribute to strengthening the Kingdomís financial market, which is bound to open up in the near future.

The move to strengthen the Saudi stock market is particularly significant now as the Kingdom is going to join the World Trade Organization. More over, the Saudi Arabian Monetary Agency has plans to allow expatriates to invest in local stocks.

Financial analysts believe that the new system will help increase the volume of stocks exchanged at the Saudi market by more than 200 percent, given the speedier transactions.

They also believe that the new system will help repatriate between $600 and $800 billion invested by Saudis abroad.

The new system will allow citizens of GCC countries to invest in the Saudi stock market. However, foreigner investors will be subject to ownership law requirements.

The new system requires an investor to open an account prior to any buying or selling of shares. It will provide instant information about the marketís status. It will also allow companies to post advertisements and financial statements on the Internet.

After implementing these new procedures, SAMA will be ready to introduce other new organizational policies to the stock exchange relating to clearance and settlement.

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