This year has witnessed remarkable legal developments in the capital markets landscape of the Kingdom of Saudi Arabia. In particular, the Capital Market Authority of the Kingdom (“CMA”) approved the amended Rules for Qualified Foreign Financial Institutions Investment in Listed Securities (the “QFI Rules”), which came into effect on 4 September 2016. Another significant legal development is the CMA’s approval of the Instructions of Book Building Process and Allocation Method in Initial Public Offerings (the “Book Building Instructions”), which will become effective on 1 January 2017. These legal developments are part of the Kingdom’s ongoing efforts to grow its capital market, which has the largest market capitalisation in the MENA region, by facilitating foreign investment.