Saudi bourse to open to foreigners

July 23, 2014 - 5:41:13 am

RIYADH: Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said yesterday.

The opening of the Saudi market, capitalized at about $530bn, is one of the most keenly awaited economic reforms in the largest oil exporting nation. Saudi authorities want to open the stock market to create jobs and expose local firms to more market discipline. They have been preparing the reform for years and have completed most technical preparations.