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Saudi finalising foreign stock ownership rules
- Saudi Arabia: Wednesday, May 08 - 2013 at 00:50
The Saudi Capital Market Authority (CMA) has said the government is finalising a regulatory framework which will allow foreigners to directly own stocks in the kingdom, though the market has no need for liquidity from international investors, Reuters has reported. "There are a number of government entities, including CMA, that are looking at that (direct foreign investment). We're finalising a regulatory framework with certain parameters," said head of the CMA, Mohammed bin Abdulmalik Al-Sheikh. "We are attracting foreign investment to come to the market for the technical expertise and human capacity," he said without giving any time frame for the reform.
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