Saudi Arabia has long zealously guarded its domestic market from foreigners. Overseas companies are forced to enter into joint ventures with local merchants, and its stock market, the largest and most liquid in the Arab world, was off-limits to anyone outside the Gulf.
That could be about to change. After allowing access indirectly through swaps in August 2008, the Saudi Capital Markets Authority is expected to allow large international asset managers to invest directly in the $340bn market some time this year.
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