Saudi bourse glues at 6-year high as kingdom eases foreign access to mega projects
Like on Monday, the Tadawul All-Share Index edged up by 0.10 per cent, finishing to hit 10,569.56 points on Tuesday, August 19.
Earlier in the day, Saudi daily Arab News reported that Saudi Arabia, the biggest oil producer in world, has eased procedures for major international companies to participate in the country’s vital projects in infrastructure, energy, information technology, construction, operation and maintenance. “The Council of Ministers, chaired by Deputy Crown Prince Muqrin, on Monday approved several steps that pave the way for well-known foreign companies to work in the Kingdom without being subject to rating procedures,” said the report.
Earlier last month on July 22, the kingdom ‘s capital market authority (CMA) also announced to open the Tadawul bourse to foreign institutional investors. According to the the CMA, the market will be open as early as Q1 2015.