Saudi joint stock firms 'are 100% transparent'

Riyadh: The activities of Saudi joint stock companies have become more transparent, said a top official, at a time when the market plunges to new lows every day.

Dr. Abdul Rahman Al Tuwaijari, president of the Saudi Capital Market Authority, said, "The transparency level of the companies with regard to issuing of their balance sheets for the three quarters of the current year rose up to 100 per cent.

"The percentage in making statements about financial performance by the companies rose to 97 per cent last year against 86 per cent in 2004."

He said that the trend among the companies in issuing statements about their financial transactions and performance has gained momentum in the recent past.

The number of statements issued by the companies on their web sites since the beginning of the current year up to the beginning of November was 1,531 against 1,363 and 799 respectively in 2005 and 2004.