Daily Management Review

Saudi Arabia to open doors to foreign investors


10/23/2017


Saudi Arabia is pondering a plan that will allow non-residents to become strategic investors in companies whose shares are quoted on the exchange, reports Bloomberg.



pixabay
pixabay
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

 






Science & Technology

Wreck Of Russian Ship Rumoured To Have 5,500 Boxes Of Gold Found Near South Korean Island

Gene Editing of Human Embryo Could Find ‘Moral’ Grounds: UK’s Ethics Council

Baidu comes up with a self-driving bus

Developing countries are stepping up their own space programs

McAfee: Number of cybercrime attacks skyrocketed

RemoveDebris Mission To Clear Debris Of In Orbit Over Earth

British experts: Online gambling is dangerous

Vodafone Chooses ‘Highly Trafficked Urban’ Space As Its 5G Testing Grounds

Space To Become A Travel Destination By 2022

Dream Of Immortality Can Be Realised By 2045

World Politics

World & Politics

Ireland pledges to stop investing in fossil fuels

Germany asks to return € 4 thousand subsidies for the purchase of Tesla

Was Trump's visit to the UK the last straw?

Prime Minister May Could Alter Brexit Strategies, Said Ress-Mogg

Le Maire: The US refused to release France from anti-Iran sanctions

One Belt, One Road is facing difficulties around the world

Qatar to raise $ 4 billion to buy Eurofighter Typhoon jets

The UK sets to turn all cars zero-emission by 2030