Saudi Bourse Chief Sees Foreign Bets in Market Soaring by 2022
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The chief of Saudi Arabia’s stock exchange predicts ownership of equities by foreigners will triple by 2022, driven by flows from index trackers, as the country awaits the listing of its crown-jewel, Saudi Aramco.
“Since we opened up the market, we wanted to make sure we have enough companies, diversified sectors and industries,” Khalid Al Hussan, chief executive officer of the $573 billion Saudi stock exchange, said in an interview at a conference in Riyadh on Wednesday. “We are ready for the Aramco IPO, but as they change their plans, it gives more time for the exchange to develop.”