#SaudiArabia Explores Setting Up Framework for SPAC Listings - Bloomberg

Saudi Arabia Explores Setting Up Framework for SPAC Listings - Bloomberg

Saudi Arabia’s market regulator is looking into setting up a legal framework to allow special-purpose acquisition companies to list in the kingdom.

“This is one of the things that we are allowing for businesses to reach the market easier,” Yazeed Saleh Aldemaigi, deputy, strategy and international affairs at the Capital Market Authority, said at the Financial Sector Conference in Riyadh Thursday,

Also known as blank-check firms, SPACs are publicly listed vehicles that merge with private firms. Aldemaigi didn’t give a time frame for when the framework could be introduced.

Saudi Arabia’s plans come after the SPAC industry has quickly gone from being one of Wall Street’s hottest fads to a sector beleaguered by poor returns, pulled deals and fading investor enthusiasm.