Saudi Capital Market Authority and Executives from Leading Saudi Companies Visit NYSE

By Capital Market Authority, PRNE
Monday, March 22, 2010

His Excellency Dr. Abdulrahman A. Al-Tuwaijri, CMA Chairman, Rings the Opening Bell

NEW YORK, March 23, 2010 - The Saudi Capital Market Authority visited the New York Stock Exchange
today to provide the U.S. investment community with a comprehensive update on
the emerging Saudi capital markets, showcasing foreign investments in Saudi
Arabia
, and the reform agenda the country has taken in order to build a more
open and competitive economy. This follows a series of successful investor
meetings hosted by Goldman Sachs.

(Photo: www.newscom.com/cgi-bin/prnh/20100323/NY74562)

His Excellency Dr. Abdulrahman A. Al-Tuwaijri, Chairman of the Saudi
Arabia Capital Market Authority, which is responsible for regulating the
Tadawul, the Saudi stock exchange, led the Saudi delegation. Dr. Al-Tuwaijri
officially addressed U.S. institutional investors to highlight investment
opportunities in Saudi Arabia and then opened the market this morning by
ringing The Opening Bell(SM) at the NYSE.

In addition to His Excellency Dr. Abdulrahman A. Al-Tuwaijri, several
executives from leading Saudi companies were on hand at The Opening Bell
ceremony, including:

    -- Georges Schorderet: CFO, Almarai
    -- Khalid Al-Kaf: CEO, Etihad Etisalat (Mobily)
    -- Thamer Al-Hosani: CFO, Etihad Etisalat (Mobily)
    -- Abdulkarim Al-Agil: CEO, Jarir Marketing Company
    -- Mohamed Amin: CFO, Jarir Marketing Company
    -- Abdullah Al-Fallaj: Finance Vice President, Saudi Arabian Mining
       Company (Ma'aden)
    -- Fahad Al-Meqren: President of US Business, National Shipping Company
       of Saudi Arabia
    -- Salik Ahmed: CEO, Samba Capital
    -- Azzam Al-Dakhil: CEO, Saudi Research and Marketing Group
    -- Abdullah Al-Suweilmy: CEO, Saudi Stock Exchange (Tadawul)
    -- Khalid Al-Ghurair: General Manager of Financial Planning and
       Budgeting, Saudi Telecom Company

Saudi Arabia offers investors an abundance of investment opportunities,
as it possesses the biggest economy and largest capital market in the Middle
East
. In fact, its markets are one of the largest and most liquid among any
of the world's emerging markets. "Saudi Arabia has managed to emerge in a
position of relative strength from the severe global financial turbulence of
the past year," said Dr. Al-Tuwaijri. "The Tadawul return was around 30
percent last year making Saudi Arabia the best performing market in the
Gulf," said Dr. Al-Tuwaijri.

As evidence of the rapidly increasing interest in the Saudi market by
U.S. investors, nine leading Saudi Arabian companies held a combined total of
over 100 meetings with U.S. buy-side investors.

Over the past decade, Saudi Arabia embarked on a vigorous reform agenda
in order to build a more open and competitive economy, one that supports
macroeconomic stability. By strengthening the structures already in place and
creating new mechanisms for investment, the Capital Market Authority hopes to
further bolster the economy's attractiveness. "The reforms of the past decade
have been carefully sequenced," said His Excellency Dr. Abdulrahman A.
Al-Tuwaijri
. "The government has implemented new measures to liberalize our
market in order to ensure the right regulatory framework and market
infrastructure are firmly in place - and these measures are succeeding," said
Dr. Al-Tuwaijri.

Throughout the day Dr. Al-Tuwaijri encouraged foreign investment in Saudi
Arabia
. He noted that most of the large global investment banks now have a
presence in Riyadh, helping to increase the competition and bring additional
international financial expertise into the Saudi market. "Since opening up
our markets to foreign participation through swap agreements, we have seen
over US$7.2 billion in trades flow into Saudi Arabia — and as foreign
investors become more familiar with the market, we expect this level to
grow," said Dr. Al-Tuwaijri.

About The Capital Market Authority

The Capital Market Authority was established by the Capital Market Law.
The CMA is a government organization with financial, legal and administrative
independence. It reports directly to the Prime Minister. The CMA functions
are to regulate and develop the Saudi Arabian Capital Market. It issues the
required rules and regulations for the implementation of the provisions of
Capital Market Law aimed at creating an appropriate investment environment.

Amy Rosenberg, +1-212-614-4558

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