Mark Mobius, one of the world’s best-known emerging market investors, will increase his exposure to Saudi Arabia once the largest Gulf Arab state opens its markets to foreigners.
Saudi Arabia, the top Opec producer, has been considering a wider opening of its market for several years; currently foreigners have only very limited opportunities to invest through indirect ownership and exchange traded funds.
“Right now, we don’t have much in Saudi Arabia as the current system opens us up to counterparty risks. Once the market is fully open, we probably will increase our exposure, provided all things remain equal,” Mobius, executive chairman of Franklin Templeton’s emerging markets group, said in a telephone interview as part of Reuters’ Middle East Investment Summit.
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