chapter  6
18 Pages

SAUDI ARABIA'S STOCK MARKET

Stock trading began in Saudi Arabia in 1935 with the Arabian Automobile Company being the first joint-stock company to go public in the country. This company was, however, subsequently liquidated. In 1954, the Arabian Cement Company was made public, and was followed by the privatization of a number of electricity companies in the 1960s. The 1970s were a period of Saudization of foreign banks operating in the kingdom. Seven foreign joint venture banks were Saudized, and their shares were offered to the general public.