Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz chaired a meeting of the Supreme Economic Council in Riyadh today. The meeting focused on the recent sharp decline of the Saudi stock market, after what has been a period of aggressive growth.

After the meeting, the Council released a statement expressing confidence in the strength of the Saudi economy and its future growth. The statement also expressed confidence in Saudi businesses.

The Council said it fully supported the measures taken by the Capital Market Authority (CMA) to stabilize the market and protect investors, particularly small capital investors.

The Council will follow market developments closely, the statement said.

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