Saudis to ease stock market rules in new foreign enticement

Riyadh

SAUDI Arabia took further steps to open up its stock market to foreigners in a move that may help it get included in a key index of developing-nation equities.

The kingdom will cut the amount of assets foreigners must have under management to invest directly in the nation's stocks to 3.75 billion riyals (S$1.35 billion) from 18.75 billion riyals, according to a statement on the market regulator's website. The effective date of the change will be published by the end of the first half of 2017. The exchange will also amend its settlement cycle for share trading, bringing it in line with European markets.