Saudi Arabia opens its $560bn stock market to foreign investors - FT.com

Saudi Arabia opens its $560bn stock market to foreign investors - FT.com:



"Saudi Arabia’s stock market is opening to foreign investors, marking a step forward in the oil-rich kingdom’s economic reform efforts that could attract a rush of overseas investment in the coming years.



From Monday, the Middle East’s biggest economy will allow direct market access to large overseas investors with more than $5bn in assets under management as the conservative kingdom continues a gradualist approach to financial reform.



The Tadawul market, with a capitalisation of more than $560bn, is expected to be upgraded from frontier to emerging markets status by 2017, encouraging more asset managers to allocate funds to Saudi Arabia."



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