Saudi may set up commodities bourse sans crude
Saudi Arabia could become the second Gulf country to have an official commodities bourse but oil will not be traded in the new market to avoid any speculation, a Saudi newspaper said on Sunday.
A company with a capital of around SR one billion ($266 million) could be established in the near future to operate that bourse, which will be the second major commodities exchange in the region after Dubai’s commodities bourse.
“Saudi Arabia is serious considering the establishment of a commodities and metals bourse,” Shams daily said, quoting “reliable” banking sources. “The project has already won the support of the ministry of finance and the plan will be presented to the Monarch for endorsement.”
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