SAUDI ARABIAN FINANCIAL services reached a crucial point on July 31 2003, and it is only now that the dust has settled sufficiently to appraise the effects. That day the Capital Market Law was promulgated by royal decree, among other things creating a new body, the Capital Market Authority, to oversee the Saudi markets and investment industry.
One of the many initiatives that would follow the establishment of the CMA was a requirement that all Saudi financial institutions hive off their asset management, brokerage and investment banking units into separate entities.
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