Saudi Arabia to open stock market to foreigners

|By:, SA News Editor

Saudi Arabia, the Middle East's largest and most liquid market, is planning to open its $530B stock market to foreigners.

The country is hoping to increase international investment and cut dependence on oil revenue through the new move.

In 2008, Saudi Arabia began permitting foreign investors indirect access to the market through swaps, but is now looking to fully open the market due to its new plans of spending hundreds of billions of dollars in the domestic economy.

The Saudi Tadawul index is already up 14% this year.