Economy
Saudi Arabia to lower requirements for foreigners buying stocks: Report
Bloomberg reports that Saudi Arabia’s stock exchange will cut the amount of assets foreigners must have under management to invest directly in the nation’s stocks, as it plans changes designed to attract more cash from overseas.

Bloomberg reports that Saudi Arabia’s stock exchange will cut the amount of assets foreigners must have under management to invest directly in the nation’s stocks, as it plans changes designed to attract more cash from overseas.
Qualified foreign institutions with a minimum of SR3.75 billion ($1 billion) under management will be able to acquire a licence to invest in the Tadawul Stock Exchange directly, down from SR18.75 billion, according to a statement on the market regulator’s website. The effective date of the change will be published by the end of the first half of 2017. In a separate statement, the exchange said it will amend its settlement cycle for share trading, bringing it in line with European markets, as per Bloomberg.
Saudi Arabia is seeking to open up one of the world’s most closed stock markets to more international participation. The $411 billion Tadawul started allowing limited foreign direct investment in June last year under rules that govern which foreign entities can invest and how much of each company and the market they can own, reports Bloomberg.
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