CMA seeks public input on opening TASI to all categories of non-resident foreign investors

Logo of Capital Market Authority (CMA) 

The Capital Market Authority (CMA) is surveying opinions on opening the Main Market (TASI) to all categories of non-resident foreign investors, enabling their direct investment.

All interested parties, stakeholders, and market players are invited to express their views on that proposal through the state-run Istitlaa platform for up to 30 calendar days until Oct. 31.

The amended rules aim to expand and diversify the base of investors who may invest in the Main Market, attract more investments and increase the volume of liquidity, according to a statement from the Authority.

If approved, the proposed draft will eliminate the concept of qualified foreign investor in the main market, allowing all categories of foreign investors to enter the market without the need to meet the qualification requirements, in addition to canceling the swap agreements that were used as an option to enable non-resident foreign investors to obtain only the economic benefits of listed securities, allowing them to invest directly in TASI-listed shares.

The ownership of international investors amounted to more than SAR 528 billion by the end of Q2 2025, while foreign investments in the Main Market recorded about SAR 412 billion during the same period,  a growth of 471% compared to SAR 72 billion at the end of 2015.

Opinions and comments can be received through any of the following:

- The Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform), affiliated with the National Competitiveness Center through the following link: (istitlaa.ncc.gov.sa ).

- The prescribed form through the following email: (Laws.Regulations@cma.org.sa).

The Draft Regulatory Framework for Allowing Non-Resident Foreign Investors to Directly Invest in the Main Market