30 foreign-based investors utilise Saudi credit swap

Riyadh: On behalf of foreign investors, HSBC Saudi Arabia has purchased shares worth over 4 billion Saudi riyals (Dh3.93 billion) since swap deals were allowed in August 2008.

"This shows that foreign investment in Saudi-listed firms is gathering momentum despite the global financial crisis," said Osama Shaker, HSBC Saudi Arabia, Managing Director.

In August, the Saudi Capital Market Authority, the market regulator, allowed non-resident foreign investors to sign swap agreements with Saudi intermediaries, permitting indirect ownership of shares, in one of the boldest steps to date taken by the Kingdom toward opening up its stock exchange, the largest Arab bourse, to foreign capital.