Falcom Saudi Equity ETF approved by CMA, open to foreigners

* username: rupertbu

Saudi Arabia has approved its first exchange-traded fund, which will be accessible to foreigners as part of efforts to open up the biggest Arab bourse, reported Reuters.

Saudi financial firm Falcom Financial Services won approval to list the "Falcom Saudi Equity ETF" on the bourse, the capital market authority said in a statement on Tuesday.

The world's top oil exporter has been trying to encourage more foreign money to its bourse, having recently allowed indirect foreign ownership via so-called swap agreements.