Saudi Arabian Regulator Approves Falcom Petrochemical Exchange-Traded Fund - Bloomberg

Saudi Arabia approved its second exchange-traded fund this year as the kingdom seeks to expand investment opportunities in the Middle East’s largest bourse.

Falcom Financial Services will offer an exchange-traded fund for petrochemical companies on the bourse, the Riyadh-based Capital Market Authority said in a statement on the exchange’s website today. The market regulator approved in March its first ETF, offered by Falcom.

Saudi Arabia, the world’s largest oil supplier, is opening its stock market to more direct international investment. Previously, non-resident foreigners were only permitted to trade through share-swap transactions.