Foreigners would soon be allowed to trade on the Arab world’s biggest bourse — the Saudi stock market. The Saudi Tadawul stock market has a capitalisation of around $530 billion.
In a long-awaited mood, the government granted the regulator, the Capital Markets Authority, the power to grant foreigners the right to buy and sell shares “at a time it sees as appropriate,” the official Saudi Press Agency reported.
The move was approved by the Saudi cabinet. No timetable though was given for implementation of any opening up. The Saudi market regulator is now expected to finalise details and announce the timing of the move.
