Saudi Arabia, the Middle East’s biggest economy and the world’s largest oil exporter, is expected to allow foreigners to invest directly on its $340bn stock market for the first time later this year.
Direct access to Saudi Arabia’s Tadawul exchange has long figured at the top of many emerging market asset managers’ wish lists, given the kingdom’s favourable demographics, buoyant economy and oil wealth.
In 2008, the country’s Capital Markets Authority allowed foreign investors to buy shares indirectly by means of “total return swaps” via licensed brokers. But many institutional investors are reluctant to use these derivatives.
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