CMA issues draft rules for secondary Saudi stock market

Updated 03 November 2016

CMA issues draft rules for secondary Saudi stock market

RIYADH: Saudi Arabia’s stock market regulator has issued draft rules for a new secondary market, part of efforts to boost the role of small and medium enterprises in the economy.
Only Saudi joint stock companies are eligible and must have been operating for one year, said the proposed rules issued by the Capital Market Authority.
There must also be at least 50 public shareholders, say the rules, which are open for public comment until November 14.
Under Saudi Arabia’s wide-ranging Vision 2030 plan to diversify the oil-dependent economy, small and medium sized firms are to contribute 35 percent of gross domestic product, up from 20 percent.
Saudi Arabia’s main market, the Tadawul All-Shares Index (TASI), has a capitalization of about $400 billion.
Last year the TASI for the first time became open to direct investment by qualified foreigners.
Under Vision 2030, the kingdom plans to float at least five percent of Saudi Aramco on the TASI, in the world’s largest initial public offering.


Conflict-hit Libya to restart oil operations but with low output

Updated 10 July 2020

Conflict-hit Libya to restart oil operations but with low output

  • There is significant damage to the reservoirs and infrastructure
  • A first cargo of 650,000 barrels will be shipped by the Kriti Bastion Aframax tanker

TUNIS: Libya’s National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a first tanker loaded at Es Sider after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep output low.
“The increase in production will take a long time due to the significant damage to reservoirs and infrastructure caused by the illegal blockade imposed on January 17,” NOC said in a statement.
A first cargo of 650,000 barrels will be shipped by the Kriti Bastion Aframax tanker, chartered by Vitol, which two sources at Es Sider port said had docked and started loading on Friday morning.
The blockade, which was imposed by forces in eastern Libya loyal to Khalifa Haftar’s Libyan National Army (LNA), has cost the country $6.5 billion in lost export revenue, NOC said.
“Our infrastructure has suffered lasting damage, and our focus now must be on maintenance and securing a budget for the work to be done,” NOC chairman Mustafa Sanalla said in the statement.
Control over Libya’s oil infrastructure, the richest prize for competing forces in the country, and access to revenues, has become an ever-more significant factor in the civil war.
The internationally recognized Government of National Accord, supported by Turkey, has recently pushed back the LNA, backed by the United Arab Emirates, Russia and Egypt, from the environs of Tripoli and pushed toward Sirte, near the main oil terminals.