Tadawul set to receive official nod for foreign access

May 22, 2014 1:21 am

Saudi Arabia’s stock market is one step closer to gaining approval to allow direct foreign investment into equities, Bloomberg has reported, citing two people with knowledge of the matter. The Capital Market Authority completed a draft set of rules for international investors more than a year ago, and at least three banks, including HSBC Holdings and Deutsche Bank, have executed test trades, three people said. The regulator submitted the draft to the kingdom’s Supreme Economic Council, and an approval would be the final step in opening up the market, one of the people said.