Saudi Arabia has just been through some new and rather frightening experiences. I am talking about recent events linked to the Saudi stock market. Specifically, a number of women have had to cope with strange and unusual situations, which were totally unlike any they were prepared for.
One woman whose husband had lost her money by speculating told him to return it all or she would leave him. Another woman asked her father to intervene and force her brother to return the money he had borrowed from her and which had disappeared in the winds of March. Yet another woman wept over her newly-depleted bank account which her brothers had once envied the size of. To be sure, some men also divorced their wives and some were simply incommunicado for long periods, unable to face the reality of bankruptcy. More than a few thought of marrying a rich woman just to restore their own fiscal balance.
The lesson that we should learn from all this is that we have to live now as a mature community. Responsible people and organizations must take control by directing and executing what is sensible and well-considered.
I don’t think that the Capital Market Authority can do much. It will have to be clearer and more definitive in the information it provides so that investors know the financial condition of various companies and can evaluate the companies’ real worth. Citizens must not be stuck with prices set by multi-millionaire investors.
Decisions must be made on time. Otherwise, millions of people will become victims. The sharp winds of March almost increased the number of our citizens who are living in poverty. This problem, by the way, still needs the attention of both big and small investors.
I wish that the Capital Market Authority would pay more attention to those who do not follow its rules and regulations; names of violators should be announced so that people know who to deal with. The victims here are the investors and not the big dealer who should be named and shamed. Rest assured, the big dealers know plenty of tricks and will soon be making plenty of money again.
Banks should enlarge their electronic networks instead of hoarding investors’ money and reporting it as special annual profits.
In addition, the Commerce Ministry must do some serious thinking and revise certain rules. For example, it should allow students to work even while they receive their monthly stipends. Working while studying proves that they are worthy of working.
We ought to benefit from our experiences by highlighting small investors’ interests. Big investors are already speculating with the money of small investors who were unable to get out of the market because they lost everything.
