A member of Saudi Arabia's advisory Shura Council said he expected the government to buy into the falling local stock market, according to a local newspaper report.

The government's intervention would be part of 'urgent and exceptional' measures in line with those taken by other countries such as Japan, the United States and the European Union, Okaz newspaper cited Abdul-Rahman Al-Zamil, a member of the Shura's economic committee and also a former government minister.

The council will debate on Sunday the issue of the stock market, Al Zamil said. The Arab world's worst performing stock market closed on Saturday at its lowest level in more than four years amid concerns over the global financial crisis.

'There is not a more important issue than the capital market and its repercussion on the ordinary investor,' Al Zamil said, suggesting that the government should spend 100 billion riyals ($26.7 billion) in buying high-yield stocks to 'rescue' the bourse.

Shura Council's members are appointed by the king. Although its decisions are not binding, the council has become a more active platform of debate and proposition over the past few years, encouraged by King Abdullah's calls for reform in the absolute monarchy.

Al Zamil also urged the Capital Market Authority to allow listed firms to buy back 10 percent of their shares. -Reuters