Saudi Arabia To Open Up Stock Market To Foreigners

Saudi Arabia, seeking to diversify its economy from oil, is opening its stock market to sophisticated, well-healed investors for the first time, Bloomberg reports. The kingdom’s Capital Market Authority (CMA) is seeking $509 billion in investments from sophisticated foreign investors with a minimum of five years experience and $5 billion in assets under management, although certain exemptions could be made for organizations with nearly $3 billion in AUM. Saudi Arabia opening up investments in it’s restricted stock exchange Quoting multiple sources briefed on the Saudi Arabia plans, Bloomberg reported that the CMA approached London brokers and fund managers in November…