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FINANCIAL NEWS
Saudi to open USD530b stock market to foreign investors
23 Jul 2014
(MENAFN) Saudi Arabia plans to allow foreign financial institutions to invest directly in its stock market beginning from the first six months of 2015, according to Arab News.
The opening of the Saudi market, capitalized at about USD530 billion, is one of the most keenly awaited economic reforms in the world’s biggest oil exporter.
Capital Market Authority said: “The market will be open to eligible foreign financial institutions to invest in listed shares during the first half of 2015, with God”s permission.”
Saudi authorities, through opening the stock market, aim to create jobs, diversify the economy to other sectors other than oil, and expose local firms to more market discipline.
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BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
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