Saudi Arabia Sees Growing Foreign Interest as New Market Opens - Bloomberg

Saudi Arabia Sees Growing Foreign Interest as New Market Opens - Bloomberg:

"Saudi Arabia is counting on rules that will extend the settlement cycle on stock trades to attract more foreign investors, Capital Market Authority Vice Chairman Mohammed El-Kuwaiz said. The Tadawul stock exchange has about 50 qualified foreign investors and expects to draw more after shifting to a T+2 cycle by the end of June, a system used across most major exchanges, El-Kuwaiz said in an interview with Bloomberg News. The current system requires same-day settlement. “A lot of financial advisers are looking at the opening up of the market, the privatization program and the change in the overall market infrastructure as an opportunity,” and the regulator has seen "a tremendously increasing amount of interest" from foreign firms seeking licensing to operate in Saudi Arabia, El-Kuwaiz said at the launch of a secondary market called Nomu."



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