Economic expert attributes Saudi stock market plunge to market manipulation, structural weaknesses
SANAA, Oct. 20 (YPA) – Economic expert and economic-disaster analyst Dr. Abdulkarim Al-Awadhi has revealed the circumstances behind Black Tuesday, which hit the Saudi stock market today, raising questions about the resilience of the kingdom’s economy.
In a statement posted on his X account, Al-Awadhi attributed Tuesday’s market plunge to several factors, most notably manipulation of the stock market index by the Saudi stock market administration, led by Mazen Al-Sudairi, on Sunday. He said the resulting rise was artificial and contributed to today’s market turmoil.
Al-Awadhi said the Saudi economy faces genuine structural problems. According to figures he cited, Saudi Aramco accounts for approximately 69% of the market, while banks represent around 11%, leaving the remaining 20% to other sectors of the economy.
He argued that this composition reflects what he considers a fragile economic base. He also criticized Saudi companies for failing to deliver the expected results and questioned whether projects under Saudi Vision 2030 could fulfill their economic promises, saying they had yet to produce tangible results.
Al-Awadhi also linked weak economic performance to rising unemployment, criticizing employment policies under the Saudization program. He argued that the announced figures do not necessarily reflect genuine, sustainable job opportunities on the scale claimed.
His criticism extended beyond the stock market and economic projects to official financial data and the announced budget.
He accused Saudi authorities of presenting an unrealistic picture of the economy, saying the market plunge had renewed questions about the credibility of official indicators among citizens, investors and the international community.
Last week, Al-Awadhi warned of alleged manipulation of Saudi stock market indices and the potentially serious consequences.
The Saudi stock market experienced a sharp decline on Tuesday, affecting the vast majority of listed companies.
According to observers cited in the report, the market administration has presented misleading information rather than accurate data, a practice they warned could lead to further severe consequences.
Economic experts and analysts have also linked the kingdom’s economic difficulties to aerial and missile attacks carried out by Sanaa forces against Saudi Aramco, a major pillar of the Saudi economy, as well as other sensitive sites deep inside the kingdom.
https://x.com/Abdulkaree76731/status/2112528701682229344?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2112528701682229344%7Ctwgr%5E31f9c9648cde3509fb598a08f7c7367e94e7d8a8%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.ypagency.net%2F899458
@@