Saudi Arabia is pressing ahead with a long-awaited plan to open up its stock market to foreigners and is now hoping to formalize its rules by January 15, a source with knowledge of the matter told Reuters.
"The dialogue is clearly intensifying, and they are looking at mid-January for publishing the term sheet for access," said the source, who declined to be identified.
The country has been considering a wider opening of its market for several years and, earlier this month, two industry sources revealed that it planned to offer a limited direct foreign ownership. At the time, sources expected this to happen by mid to late first quarter of 2012.
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