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Saudi may consider further opening of bourse to foreigners
“We want to study new ways through which the foreign investor can enter,” Adulrahman al-Tuwaijri, chairman of the Capital Market Authority told Al-Watan.
March 6, 2010 8:39 by kippreport
Saudi Arabia is planning to take further measures to open up its bourse to foreign investment, Adulrahman al-Tuwaijri, chairman of the Capital Market Authority (CMA), told Al-Watan newspaper. “We want to study new ways through which the foreign investor can enter,” he said.
The Kingdom’s bourse is only partially open to foreign investors, and in 2008, Saudi started allowing swap agreements between non-resident foreign investors and local intermediaries.
However, Tuwaijri warned that they have to be cautious. “It’s correct that foreign investment has many benefits but at the same time there is the risk of hot money getting in and then pulled out in large sums,” he said. “The current situations shows the [Saudi] market is stable, a stability that is the result of a rise in confidence,” he added.