Saudi Arabia agreed to allow foreigners to buy shares listed on its stock market through licensed intermediaries, reports Business Standard.
In order to diversify market`s investors base foreign investors can now buy shares through certain licensed Saudi investors, who would be the legal owners of the shares, the Capital Markets Authority (CMA) said.
The Saudi stock market, also called Tadawul, has been the least open among Gulf Arab bourses to foreign investors, up to now giving foreigners access to stocks only through select funds.
Under the new measure, potential foreign investors would be entitled to returns related to their share purchases and must take on all of the economic exposure, the CMA said.
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