Pursuits
Saudi Silence Frustrates Foreigners on Eve of Bourse Opening
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Investors are no closer to understanding how the opening of Saudi Arabia’s stock market will work than they were in August, when the country published draft rules on the plan.
Eleven weeks before the end-of-June deadline that the Middle East’s largest bourse set itself to give foreigners direct access to the market, the Riyadh-based Capital Market Authority has yet to explain how it will square the new rules with existing restrictions on foreign involvement in Saudi businesses. That’s left would-be investors guessing how trading will be affected by laws that keep foreigners out of industries ranging from real estate to fisheries.