Saudi Arabia's stock market, valued at USD 585 billion, opened up to
direct foreign investment for the first time today, as the kingdom seeks
an economic boost amid low global oil prices.
The opening of the Tadawul Saudi Stock Exchange allows
companies, particularly those that are not
in the oil business, to raise
money straight from foreign investors, with the goal of expanding
businesses, diversifying the economy and creating more jobs for the
kingdom's growing population.
Before Monday, foreigners only could access the market indirectly, through a local Saudi institution, which was costly and complicated.
ADVERTISING
The stock exchange's estimated value makes it the biggest in the Middle East. Petrochemical firms make up a fifth of Tadawul, with heavyweights like Saudi Basic Industries Corp among those listed.
