July 22, 2014 / 7:20 AM / 3 years ago

Saudi regulator says to open bourse to foreigners in early 2015

RIYADH, July 22 (Reuters) - Saudi Arabia's Capital Market Authority plans to open the stock market to direct investment by foreign financial institutions in the first half of 2015, the regulator said on Tuesday.

The CMA said it would publish next month draft regulations for opening the market; there would then be a 90-day consultation period on the draft.

The statement was issued after the Saudi cabinet announced it had authorised the CMA to open the Arab World's biggest stock market at a time which the regulator decided was appropriate. (Reporting by Angus McDowall; Writing by Andrew Torchia; Editing by David French)

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