Saudi Arabia Said to Seek Ministry Responses on Market Opening - Bloomberg

Saudi Arabia Said to Seek Ministry Responses on Market Opening - Bloomberg:



"Saudi Arabia, home to the biggest Arab stock exchange, is seeking feedback from government ministries on the proposed opening of its bourse to direct foreign investment, three people familiar with the matter said.



The draft rules will go for a wider consultation with banks, market participants, and the public once government ministries have responded, the people said, asking not to be named as the matter is private. Proposals include restricting foreign ownership in listed companies to 10 percent to 30 percent, according to two of the people.



The country’s Capital Market Authority said July 22 it will open the stock market to foreigners in the first half of 2015. This may prompt index provider MSCI Inc. (MSCI) to classify the gauge as an emerging market, luring as much as $40 billion of foreign cash, according to Schroders Plc."



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