Shoura demands steps to avoid Tadawul crash

The Shoura Council in session is shown in this picture taken on Monday. (SPA)

The Shoura Council in session is shown in this picture taken on Monday. (SPA)

The Shoura Council has called on the Capital Market Authority (CMA) to adopt measures to prevent stock market (Tadawul) crashes, such as the 2006 downturn that saw individuals lose billions.

Muhammad Al-Jeffry, the council’s deputy chairman, chaired the meeting. Fahad Al-Hamad, assistant chairman of the council, said in a statement after the meeting that the participants demanded that the CMA review the state of financial brokerage firms to ensure they operate fairly and not compete with companies owned by commercial banks.

The council also wanted a neutral agency to evaluate the CMA’s performance and its level of success in achieving the goal for which it was established, Al-Hamad added.

He said the council also discussed the report of the housing, water and general services committee on the annual report of Irrigation and Sewage Authority of Ahsa for the year 2013-14.

A member demanded that the authority be converted into a national public authority so that it would extend its activities to all provinces in the Kingdom.

Another major topic discussed by the council was the annual report of the health affairs and environmental committee with special focus on the activities of the Saudi Red Crescent.

Members wanted more financial support for the organization so that it could discharge its tasks with greater speed and efficiency. They also recommended larger budgetary support for better services during the Haj and Umrah seasons.

A council member pointed out the difficulties faced by the Red Crescent currently such as some hospitals refusing to admit cases rushed in by the organization because of the lack of beds. One recommendation to solve this issue was to reserve some beds for patients brought in by the Red Crescent at all hospitals, the member said.

A woman member wanted to know why there were not enough ambulances for rescue operations.


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