(MENAFN) Saudi Arabia plans to allow foreign financial institutions to invest directly in its stock market beginning from the first six months of 2015, according to Arab News.
The opening of the Saudi market, capitalized at about USD530 billion, is one of the most keenly awaited economic reforms in the world's biggest oil exporter.
Capital Market Authority said: "The market will be open to eligible foreign financial institutions to invest in listed shares during the first half of 2015, with God"s permission."
Saudi authorities, through opening the stock market, aim to create jobs, diversify the economy to other sectors other than oil, and expose local firms to more market discipline.
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