Kingdom to set up firm with SR20bn capital

Kingdom to set up firm with SR20bn capital
Published: 17 July 2008

Saudi Arabia will set up an investment firm, Sanabil Al-Saudia, as a joint stock company with a capital of SR20bn that will invest in stocks, bonds, real estate, foreign currencies, minerals and commodities.
 
The new firm, which has been approved by the Cabinet, will also manage investment portfolios for other parties, the Saudi Press Agency said.
 
Despite this announcement, the Saudi stock market fell heavily following rout at the global equity markets yesterday.