Saudi stock market to open to foreigners by mid-2015: regulator

[RIYADH] Saudi Arabia is on track to open its stock market to foreign investors by the end of June, the market's chief regulator said on Monday.

A final date will be announced after relevant regulations are issued but it "will be before the end of the first half of 2015," said Mohammed al-Shaikh, chairman of the Capital Market Authority.

Penny-stock players, however, will not be welcome on the expanded Tadawul All-Shares Index, the largest Arab bourse.

"We really want to attract large, sophisticated, experienced institutional investors and the requirements actually show that," Mr Shaikh told the Global Competitiveness Forum, a Saudi-organised event bringing together world business leaders and top officials in the kingdom.

Saudi Arabia is a member of the G-20 group of major world economies.

AFP