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Saudi Arabia studies launch of new mining stock exchange index

Saudi Arabia studies launch of new mining stock exchange index

Arab Finance: Saudi Arabia is taking in consideration the launch of a new metals and mining stock exchange index, Reuters reported on November 4th, quoting mining minister Bandar bin Ibrahim Al-Khorayef.

This comes a step towards expansion into the resources sector away from hydrocarbons, Al-Khorayef added.

The minister noted that his team met with Australian counterparts to learn about Australia’s ASX 300 Metals and Minning (XMM) sub-index, under which metals and mining firms are listed.

He did not mention the number of companies that would potentially be listed in the index.

An index for mining is likely to help support the Saudi mining industry, with the possibility of benchmarking the index with markets such as Australia, the UK, and others, Al-Korayef said.

"The idea is to help the sector grow faster. We definitely see a need for small and medium firms in the sector to access capital through capital markets," he pointed out.

"We want to encourage people who offer services to mining companies to come to Saudi either directly or through partnering with some local people. Everyone out there should be looking at Saudi as a potential market," the minister added.

 

 

 

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