Saudi regulator confirms June opening for Tadawul to foreign investors.
In a statement, the Capital Market Authority of Saudi Arabia said that final rules will be approved and published on 15/7/1436H (corresponding to 4 May 2015), to take effect starting from 14/8/1436H (corresponding to 1 June 2015). Qualified foreign investors shall be allowed to invest in listed shares on the Tadawul (Saudi Stock Exchange) starting from 28/8/1436H (corresponding to 15 June 2015).
Based on the Council of Ministers' Resolution No. (388) dated 24/9/1435H (corresponding to 21/7/2014) that permitted the Capital Market Authority (CMA) to allow foreign financial institutions to trade shares listed on the Saudi Stock Exchange, the CMA published draft Rules for 90 days on its website on 25/10/1435H (corresponding to 21/8/2014) to enable concerned and interested parties to provide their comments and observations. The CMA has reviewed comments and observations received in this regard, coordinated with concerned governmental parties, and received the Saudi Stock Exchange (Tadawul)'s confirmation of its readiness.
Based on its draft Rules and the comments received, the CMA confirmed the timetable for the market to open to qualified foreign investors in a statement on its website on 16 April.
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|Date:||Apr 18, 2015|
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