Economists and analysts said on Friday that Saudi Arabia is adopting a tried-and-tested approach in opening its markets for foreign ownership, Arab News reported. “I believe the foreign ownership rules were announced in a timely and steadfast manner, offering transparency and commitment to opening the market,” said John Sfakianakis, a Riyadh-based investment strategist. He was commenting on draft rules unveiled by the Capital Market Authority on Thursday for opening the $580bn market to direct investment by foreign institutions. He said: “The economy is growing at more than 4%, earnings over the next few years could reach 15%-20%, and dividends could surpass 3.5% over the next year.” Sfakianakis says he expects more than $45bn to enter the market from foreign investors which is well within the $58bn mark provided by the 10% cap. “A lot of foreign smart money will want to enter the Saudi market given that other markets might be reaching their upper limits going forward,” said Sfakianakis.