Saudi Arabia plans market reforms to attract more foreign flows | GulfNews.com:
"A week after the announcement of the ‘Saudi Vision 2030’ plan, the capital markets regulator announced more reforms to attract foreign investments.
The regulator of the $400 billion (Dh1.47 trillion) stock market in Saudi Arabia, which is the largest in the Gulf, will now allow foreign investors to hold a 10 per cent stake compared to previous 5 per cent, and have also lowered the limit of the total corpus for Qualified Institutional Investors to 3.75 billion Saudi riyals from the earlier 18.5 billion Saudi Riyals. The effective date for these change in rules will be published by the end of first half of 2017.
“The Capital Market Authority (CMA) aims for these measures to provide greater stability to the overall capital market environment, through applying international best practices, incentivising investors in an environment that supports the national economy,” the regulator said in a statement. The regulator will also implement the T+2 settlement cycle instead of the current T+0 cycle, to bring the markets in line with the international peers. The market regulator also approved the introduction of securities lending and covered short-selling as per the regulations."
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