Saudi Regulator Reviews Foreign Stock Ownership Limits to Attract Investors - Bloomberg
Saudi Arabia’s Capital Market Authority said a review of rules that limit foreign ownership in local stocks is underway as the kingdom looks to open further to overseas investors.
“FOL is under review,” said board member Abdulaziz Abdulmohsen Bin Hassan, referring to so-called foreign ownership limits that currently prevent overseas investors from holding majority stakes in local companies.
“We are committed to make it happen and we hope it’s going to be happening this year.”
The comments, made at the Capital Markets Forum Select in New York on Monday, indicate the regulator is proceeding with plans to lift the cap from 49% this year after months of uncertainty around the issue.
Bin Hassan didn’t offer further clarity on next steps but the CMA has said that its review would include analysis of whether to completely remove foreign ownership limits or take a more gradual approach.
A change in rules is perhaps the most highly-watched move for Saudi markets in 2026. A complete scrapping of the cap is something Wall Street firms from Goldman Sachs Group Inc. to JPMorgan Chase & Co. have said could unlock $10 billion in fresh inflows for the Gulf nation.
Saudi Arabia’s move to liberalize its equity market is one of a recent flurry of reforms — including allowing all foreigners to directly trade local stocks — aimed at drawing more foreign direct investment to the kingdom. It’s also part of Crown Prince Mohammed bin Salman’s effort to create more robust financial markets that can help advance his $2 trillion agenda to diversify the economy away from oil.
The Tadawul All Share Index rallied 8.5% in January, its best month since 2022, in part due to bullishness around the changes. The benchmark rose 1.4% on Monday.
Monday, 2 February 2026
Emirates Global Aluminium Begins Investor Meetings for Potential #AbuDhabi IPO - Bloomberg
Emirates Global Aluminium Begins Investor Meetings for Potential Abu Dhabi IPO - Bloomberg
Emirates Global Aluminium PJSC has started initial meetings with investors in the United Arab Emirates ahead of a potential share sale, according to people familiar with the matter, in what could become one of the Gulf’s biggest listings.
The region’s largest aluminum producer is leaning toward an initial public offering in Abu Dhabi rather than Dubai, some of the people said, requesting anonymity to discuss confidential information.
Co-owned by Abu Dhabi’s Mubadala Investment Co. and the Investment Corporation of Dubai, the firm has weighed going public for nearly a decade, with the choice of listing venue long a key sticking point. It operates plants in both emirates, and the two UAE cities have been competing to attract listings as they look to deepen their capital markets.
EGA, as the company is known, also plans to meet regional and international investors in the coming months, with a view to listing as early as this year, the people said.
Discussions remain at an early stage, with the listing venue yet to be finalized and no certainty a deal will materialize.
Representatives for EGA declined to comment.
The IPO could value the company at about $10 billion to $15 billion, Bloomberg News has previously reported.
Citigroup Inc., Goldman Sachs Group Inc., Emirates NBD Capital and First Abu Dhabi Bank PJSC are expected to lead the deal, Bloomberg News previously reported, while Rothschild & Co. is advising the firm.
Any offering would come as the company navigates challenges including volatile commodity markets and US tariffs on aluminum. EGA recently roped in a partner to build the first new US plant to produce the lightweight metal since 1980.
EGA’s listing could bolster the Gulf’s IPO market, which last year saw the lowest volumes since the pandemic amid soft debuts, competition from other global hubs and weaker oil prices.
Emirates Global Aluminium PJSC has started initial meetings with investors in the United Arab Emirates ahead of a potential share sale, according to people familiar with the matter, in what could become one of the Gulf’s biggest listings.
The region’s largest aluminum producer is leaning toward an initial public offering in Abu Dhabi rather than Dubai, some of the people said, requesting anonymity to discuss confidential information.
Co-owned by Abu Dhabi’s Mubadala Investment Co. and the Investment Corporation of Dubai, the firm has weighed going public for nearly a decade, with the choice of listing venue long a key sticking point. It operates plants in both emirates, and the two UAE cities have been competing to attract listings as they look to deepen their capital markets.
EGA, as the company is known, also plans to meet regional and international investors in the coming months, with a view to listing as early as this year, the people said.
Discussions remain at an early stage, with the listing venue yet to be finalized and no certainty a deal will materialize.
Representatives for EGA declined to comment.
The IPO could value the company at about $10 billion to $15 billion, Bloomberg News has previously reported.
Citigroup Inc., Goldman Sachs Group Inc., Emirates NBD Capital and First Abu Dhabi Bank PJSC are expected to lead the deal, Bloomberg News previously reported, while Rothschild & Co. is advising the firm.
Any offering would come as the company navigates challenges including volatile commodity markets and US tariffs on aluminum. EGA recently roped in a partner to build the first new US plant to produce the lightweight metal since 1980.
EGA’s listing could bolster the Gulf’s IPO market, which last year saw the lowest volumes since the pandemic amid soft debuts, competition from other global hubs and weaker oil prices.
Most Gulf bourses gain on signs of de-escalation between US and #Iran | Reuters
Most Gulf bourses gain on signs of de-escalation between US and Iran | Reuters
Most stock markets in the Gulf closed higher on Monday after U.S. President Donald Trump said Iran was "seriously talking" with Washington, a comment that signaled potential de-escalation in tensions.
Iran is reviewing details of several diplomatic channels aimed at easing tensions with the United States, Foreign Ministry spokesperson Esmaeil Baghaei said on Monday, adding that Tehran hoped for progress in the coming days.
Against the backdrop of a U.S. Navy buildup near Iran, Trump told reporters last week that Iran was "seriously talking" with Washington. His remarks came just hours after Iran's top security official, Ali Larijani, wrote on X that preparations for talks were in progress.
Saudi Arabia's benchmark stock index (.TASI), opens new tab rebounded 1.4%, a day after falling the most in nearly 10 months - with shares in Al Rajhi Bank (1120.SE), opens new tab gaining 1.4%.
Oil behemoth Saudi Aramco (2222.SE), opens new tab was up 1.7%.
Even though the market is still trending higher, oil-related risks have returned. Today's drop in crude prices may dampen sentiment in Saudi Arabia and across the broader region, said Joseph Dahrieh, managing director at Tickmill.
Dubai's main share index (.DFMGI), opens new tab advanced 2.1%, buoyed by a 6.1% jump in top lender Emirates NBD (ENBD.DU), opens new tab after HSBC raised the lender's target price to 36.1 dirham, up from 33 dirhams.
Improved sentiment has shifted investor attention back to earnings season and the strong economic backdrop that continues to underpin the rally, said Dahrieh. Dubai's market posted broad-based advances, led by real estate stocks, wiping out the recent pullback.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.6%.
Iran's leadership warned of a regional conflict on Sunday if the U.S. were to attack it and it designated European Union armies as "terrorist groups" in a retaliatory move after the EU designated the country's Revolutionary Guards as a terrorist organisation.
The Qatari index (.QSI), opens new tab gained 0.6%, with Qatar National Bank (QNBK.QA), opens new tab - the Gulf's biggest lender by assets - rising 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.1%.
Most stock markets in the Gulf closed higher on Monday after U.S. President Donald Trump said Iran was "seriously talking" with Washington, a comment that signaled potential de-escalation in tensions.
Iran is reviewing details of several diplomatic channels aimed at easing tensions with the United States, Foreign Ministry spokesperson Esmaeil Baghaei said on Monday, adding that Tehran hoped for progress in the coming days.
Against the backdrop of a U.S. Navy buildup near Iran, Trump told reporters last week that Iran was "seriously talking" with Washington. His remarks came just hours after Iran's top security official, Ali Larijani, wrote on X that preparations for talks were in progress.
Saudi Arabia's benchmark stock index (.TASI), opens new tab rebounded 1.4%, a day after falling the most in nearly 10 months - with shares in Al Rajhi Bank (1120.SE), opens new tab gaining 1.4%.
Oil behemoth Saudi Aramco (2222.SE), opens new tab was up 1.7%.
Even though the market is still trending higher, oil-related risks have returned. Today's drop in crude prices may dampen sentiment in Saudi Arabia and across the broader region, said Joseph Dahrieh, managing director at Tickmill.
Dubai's main share index (.DFMGI), opens new tab advanced 2.1%, buoyed by a 6.1% jump in top lender Emirates NBD (ENBD.DU), opens new tab after HSBC raised the lender's target price to 36.1 dirham, up from 33 dirhams.
Improved sentiment has shifted investor attention back to earnings season and the strong economic backdrop that continues to underpin the rally, said Dahrieh. Dubai's market posted broad-based advances, led by real estate stocks, wiping out the recent pullback.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.6%.
Iran's leadership warned of a regional conflict on Sunday if the U.S. were to attack it and it designated European Union armies as "terrorist groups" in a retaliatory move after the EU designated the country's Revolutionary Guards as a terrorist organisation.
The Qatari index (.QSI), opens new tab gained 0.6%, with Qatar National Bank (QNBK.QA), opens new tab - the Gulf's biggest lender by assets - rising 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.1%.
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