Saxo to Add Saudi Arabia Equities on $603 Billion Market Opening - Bloomberg

Saxo to Add Saudi Arabia Equities on $603 Billion Market Opening - Bloomberg:



"Saxo Bank, the online Danish bank, plans to add Saudi Arabian equities to its trading platform after the country said that it expects to open its $603 billion exchange to direct foreign investment next year.



The bank is also seeking to add equities in the United Arab Emirates, Egypt and Qatar to its online trading products, Jakob Beck Thomsen, the Copenhagen-based bank’s head in Dubai, said yesterday in an interview. Saxo Bank will start looking to add Saudi Arabian equities early next year, he said.



The largest Arab economy will begin allowing foreign investors to hold as much as 10 percent of the market’s value in the first half of 2015 under draft regulations announced by the Capital Market Authority on Aug. 21. The move could result in Saudi Arabia’s stock market being added to the MSCI Emerging Market Index and receiving as much as $40 billion of inflows, according to John Burbank, founder of Passport Capital."



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