Saudi Arabia authorises regulator to open bourse to foreigners

RIYADH, July 22 Tue Jul 22, 2014 12:46am EDT

RIYADH, July 22 (Reuters) - Saudi Arabia's cabinet has given permission to the country's financial regulator, the Capital Market Authority (CMA), to open the stock market to direct investment by foreign financial institutions, the cabinet said in a statement on Tuesday.

The one-sentence statement did not specify a timetable for the market to be opened, or give any details of the rules under which the reform would take place.

The opening of the Saudi market, the Arab world's biggest, would be one of the most keenly awaited economic reforms in the world's top oil exporter. (Reporting by Angus McDowall; Editing by Andrew Torchia)