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DUBAI. Saudi Arabia reportedly will allow foreign securities firmslisted on the world's largest Arab bourse. This has sparkedspeculation that the country is opening up to foreign investors.
Under the new rules on the official website of the Saudi ArabianCapital Market Authority, which meet the relevant listingcompanies in Saudi Arabia may propose a dual listing on the state of the Kingdom. Currently, Saudi Arabia does not allowforeign investors listed its shares directly in the stock markets of the country. Nevertheless, in 2007, the Saudi Arabian government to allow citizens from Persian Gulf countries to tradestocks in the country.
"Saudi Arabia seems to have started to open itself to the world.This is a major step taken by the local government, where theyallow foreign investors to cross-listing," said Ibrahim Masood,from Mahreqbank PSC.
Previously, HSBC Holdings Plc in its report earlier this month to write, if you open up to foreign investors, the stock markets of Saudi Arabia will get the status of MSCI Inc.. In fact, most likely,the index provider will raise the status of emerging markets thatrank.
For your information, MSCI classifies six of the seven Gulf stockas the stock market frontier. This is a designation usually reserved for countries with economies and financial markets areless developed.
Meanwhile, last month, the stock exchange's Chief Executive Officer Abdullah Al-Suweilmy revealed last month, the Saudi Arabian government has not determined when the time is right to open its stock market to foreign investors.
source: http://investasi.kontan.co.id
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