Saudi CMA Says Stock Market Will Open to Foreigners as Planned - Bloomberg

Saudi CMA Says Stock Market Will Open to Foreigners as Planned - Bloomberg:



"Saudi Arabia said it’s on track to open the Arab world’s biggest stock market to foreigners in the first half of the year, confirming no change of policy since a new monarch ascended to the throne following King Abdullah’s death.



The Capital Markets Authority has issued draft laws and is assessing investor feedback before it approves the regulations and sets an official date for the lessening of restrictions on the $484 trillion exchange, governor Mohammed Al-Sheikh said at a conference in Riyadh today. King Salman pledged on Friday to maintain the oil-rich nation’s current policies and asserted all ministers will stay in their posts.



Abdullah, who on Jan. 23 passed away aged about 90, helped drive a 27 percent stock rally in the past four years with a $130 billion spending plan. The market regulator’s comments today underscore the kingdom’s commitment to its economic plans as it seeks to boost non-oil industries amid plunging crude prices. The Tadawul All Share Index rose 0.7 percent in its first day of trading following the late king’s death, the largest increase among Persian Gulf stock markets."



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