RIYADH, July 22 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)