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Mon 26 Jan 2015 07:56 PM

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Saudi Arabia still on track to open up stock market in H1

Capital Market Authority chairman says bourse will open to direct foreign investment by end of June

Saudi Arabia still on track to open up stock market in H1
(AFP/Getty Images)

Saudi Arabia is still on track to open its stock market to direct foreign investment in the first half of 2015, the head of the market regulator said on Monday.

"Currently we are processing the comments we are receiving from the public," Capital Market Authority chairman Mohammed bin Abdulmalik Al Sheikh told an investment conference.

"We announced way back that in the first half of 2015, which is until the end of June, we would open up the market, and we are still on track."

He added that the regulator would issue a final version of regulations covering the opening "very soon". Last year, the CMA released draft regulations for public comment, including minimum requirements that foreign institutions would have to meet to become qualified investors.

Local media have reported that the first foreign institutions will be allowed to start investing in April, but Al Sheikh did not give a specific date.

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