Saudi to Open Up $531 Billion Stock Market to Foreigners - Bloomberg

Saudi to Open Up $531 Billion Stock Market to Foreigners - Bloomberg:



"Saudi Arabia will open up its stock market to international investors, giving foreigners greater access to the Arab world’s biggest bourse as the oil-rich kingdom seeks to diversify its economy.



The nation’s cabinet authorized overseas financial institutions to trade equities in the Tadawul All Share Index (SASEIDX) and gave the Capital Market Authority scope to determine timing, according to the official news agency, SPA. The $531 billion market is currently limited to domestic investors and foreigners from the six-nation Gulf Cooperation Council.



Saudi Arabia is removing barriers on one of the world’s most-restricted major stock exchanges as the government pursues a $130 billion spending plan to boost non-oil industries. King Abdullah, the nation’s 90-year-old monarch, has kept the economy expanding at an average rate of 6.4 percent in the past four years even as Middle Eastern neighbors from Egypt to Iraq and Dubai grappled with political and financial-market turmoil."



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