Saudi Arabia To Establish Commodities Bourse

Saudi Arabia is pushing ahead with plans to establish a commodity exchange in its capital Riyadh, a move aimed at reducing reliance on global markets to determine prices, a senior Saudi official has said.

The establishment of the Gulf Kingdom’s first commodities bourse will take place through cooperation between the Ministry of Industry and Mineral Resources and the Kingdom's financial sector, which is studying the market's details and preparing the necessary preparations for its launch, said Khalid Al-Mudaifer, Saudi Deputy Minister of Industry and Mineral Resources

The Saudi Asharq business website quoted Al-Mudaifer as saying the plan to establish this exchange in the world’s largest oil exporter is not new.

In May 2023, the Shura Council (appointed parliament) requested the Capital Market Authority to study the feasibility of commodities exchange in the Kingdom.

Saudi Arabia’s plan for such an exchange coincides with a surge in the mining sector following the enforcement of a landmark mining investment law six years ago.