Saudi Arabia Stock Market
Saudi Stock Exchange or Tadawul is the sole stock exchange in Saudi Arabia and is supervised by the Capital Market Authority. The Tadawul All-Share Index (TASI) got to its highest point on February 25, 2006, when it reached 20,634.86. There were 115 publicly traded companies as of April of 2008. Trading hours are 11 a.m. to 3:30 p.m. local time.
Saudi Arabia is officially called the Kingdom of Saudi Arabia, but is also referred to simply as Arabia or Saudi. It is an Arab country and the largest country on the Arabian Peninsula. It is bordered by Jordan, Iraq, Kuwait, Qatar, Bahrain, and the United Arab Emirates, Oman and Yemen. The Persian Gulf lies on the northeast side and the Red Sea is to its west. Saudi Arabia has an estimated 28.7 million people. It is about 2,150,000 square kilometers, or 830,000 square miles.
Saudi Arabia is at times referred to as "The Land of the Two Holy Mosques" regarding Mecca and Kmedinah, the two holiest places in Islamic religion and culture. It is most commonly referred to as Saudi Arabia in English. The current Kingdom was founded by Abdul-Aziz bin Saud in 1902 when he captured the Al-Saud's family home of Riyadh. His efforts culminated in 1932 with the declaration and acknowledgment of the Kingdom of Saudi Arabia, although national origins go back to 1744 with the founding of the First Saudi State.
The first Saudi State was founded in 1744 when Muhammad ibn Abd-al-Wahhab relocated to Diriyah and Prince Muhammed Ibn Saud agreed to support and promote his cause, hopeing to cleanse Islamic practices of heresy. The House of Saud and its followers rose became the prevailing state in Arabia, controlling most of what is currently territory of Saudi Arabia, including Mecca and Medina, both Islamic holy cities
Troubled over the growing power of the Saudis, the Ottoman Sultan told Mohammed Ali Pasha to retake the area. Ali sent his sons Tusun Pasha and Ibrahim Pasha, who were triumphant in conquering the Saudi forces in 1818. However, was not long before the Sauds returned to power, forming the Second Saudi State.
Saudi Arabia is the world's principal petroleum exporter; petroleum exports drive the Saudi economy, accounting for more than 90 percent of exports and almost 75 percent of government revenues. This reliance has created a welfare state, which the government has found difficult to maintain during times of low oil prices.
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