As Saudi Arabia is preparing to open its stock exchange to direct foreign investment, informed sources revealed that funds and institutions which plan to invest in the market must have a portfolio worth at least $ 1 billion, Asharq Alawsat newspaper reported.
Investors can have no more than 20 percent stake in companies or own more than 10 percent of the market value of the Saudi stocks, according to the report.
Individuals can only buy shares through funds or institutions. Real estate companies in the holy cities of Mecca and Madina including Makkah Construction and Development Inc, Tiba Construction and Jabal Omar Development Co, will not be traded to foreigners to prevent non-Muslims from owning properties in the holy cities.
The Saudi Capital Market Authority said last month that foreigners will be able to directly invest in the Saudi market in the first half of 2015, according to Argaam. The final regulations will be released this month for 90-day discussion and suggestions.
As Saudi Arabia is preparing to open its stock exchange to direct foreign investment, informed sources revealed that funds and institutions which plan to invest in the market must have a portfolio worth at least $ 1 billion, Asharq Alawsat newspaper reported.
Investors can have no more than 20 percent stake in companies or own more than 10 percent of the market value of the Saudi stocks, according to the report.
Individuals can only buy shares through funds or institutions. Real estate companies in the holy cities of Mecca and Madina including Makkah Construction and Development Inc, Tiba Construction and Jabal Omar Development Co, will not be traded to foreigners to prevent non-Muslims from owning properties in the holy cities.
The Saudi Capital Market Authority said last month that foreigners will be able to directly invest in the Saudi market in the first half of 2015, according to Argaam. The final regulations will be released this month for 90-day discussion and suggestions.
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