Proposal brings the Kingdom’s robust stock exchange closer to major international financial institutions.
Following on from last month’s announcement by the Saudi Arabian Capital Market Authority (the CMA) that it proposes to permit non-Saudis to participate directly on the Kingdom’s stock exchange (the Tadawul) by foreigners, the CMA published for consultation its draft rules for Qualified Foreign Financial Institutions — Investments in Listed Shares on 21 August, 2014 (the Draft Rules). This Client Alert analyses the Draft Rules and assesses the significance of this development in the context of the capital markets of the Gulf Cooperation Council (GCC) countries1 as a whole.
The Draft Rules represent a significant step towards the liberalisation of the Tadawul and the opening up of the Kingdom’s capital markets to foreign investment.
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