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 on Tuesday.The opening of the Saudi market, capitalised at about $530bn, is one of the most keenly awaited economic reforms in the world’s biggest oil exporter. The bourse would be one of the world’s last major exchanges to begin welcoming foreign money."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," the Capital Market Authority said.Saudi authorities want to open the stock market to create jobs, diversify the economy beyond oil and expose local firms to more market discipline. They have been preparing the reform for years and have completed most technical preparations.But the government has delayed implementing the reform, apparently concerned about causing volatility in the market as well as...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.