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The capital market department (CMA) and the Saudi Arabia General Investment Authority (SAGIA) signed a memorandum on the creation of a structure allowing foreigners to own 10% or more of the shares of publicly traded companies and giving investors the right to vote, the October 22 statement said. These rules will not apply to sectors in which such property is prohibited by law.
Saudi Arabia is going to open its markets and place shares of key companies, including Saudi Arabian Oil Co., on its stock exchange. This happens in the framework of nationwide reforms designed to reduce the country's dependence on oil revenues.
In June, MSCI Inc., engaged in the calculation of indices, decided to consider the question of including the kingdom in the index of emerging markets next year. The market capitalization of the Tadawul Stock Exchange is about $ 440 billion; this is the highest figure among Arab countries.
"For some time, SAGIA has been working hard to establish simpler rules for foreign direct investment," said an analyst at Exotix Partners LLP in Dubai, "This coordination with CMA for listed shares now also serves as a good sign for foreign inflows investments ".
The government issued 87 licenses for investment projects in the kingdom in the third quarter, which is more than 60% higher than the figure for the same period last year.
source: bloomberg.com
Saudi Arabia is going to open its markets and place shares of key companies, including Saudi Arabian Oil Co., on its stock exchange. This happens in the framework of nationwide reforms designed to reduce the country's dependence on oil revenues.
In June, MSCI Inc., engaged in the calculation of indices, decided to consider the question of including the kingdom in the index of emerging markets next year. The market capitalization of the Tadawul Stock Exchange is about $ 440 billion; this is the highest figure among Arab countries.
"For some time, SAGIA has been working hard to establish simpler rules for foreign direct investment," said an analyst at Exotix Partners LLP in Dubai, "This coordination with CMA for listed shares now also serves as a good sign for foreign inflows investments ".
The government issued 87 licenses for investment projects in the kingdom in the third quarter, which is more than 60% higher than the figure for the same period last year.
source: bloomberg.com
