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Saudi authority rules out direct access for foreign investors

Saudi Arabia's Capital Market Authority has ruled out plans to allow foreign investors direct access to the local bourse any time soon, as joining the MSCI index isn't an immediate priority, Zawya Dow Jones has reported. "We are maintaining the same stand that the matter of opening the market for foreign investors isn't up for discussion," CMA chairman Abdul Rahman Al Twaijri said in Dubai. "Joining the MSCI is a process and it's not a must for us," he noted.