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Middle EastNovember 7 2005

Saudi’s new bond market beckons

The pace of Saudi capital market reform is quickening, with the establishment of a secondary market in government bonds, write James Gavin and Jon Marks.
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Awash with liquidity, Saudi Arabia might traditionally have been expected to shelve its more ambitious reform plans, priming the pump instead with government-funded infrastructure projects fuelled by revenues from national oil company Saudi Aramco. But, while he was crown prince, King Abdullah Bin Abdul Aziz al-Saud showed himself to be an advocate of reform on all fronts, and, as the new Custodian of the Two Holy Mosques, he has been promoting the reform message since becoming monarch in July.

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