saudi arabia to widen foreign investment access again in 2017
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Saudi Arabia to widen foreign investment access again in 2017

Arab Today, arab today

Arab Today, arab today Saudi Arabia to widen foreign investment access again in 2017

Capital Market Authority
London - Arab Today

Saudi Arabia plans to further open up its stock market to foreign investors later this year as it seeks to become an international capital markets hub, Mohammed Abdullah Elkuwaiz, chairman of the Capital Market Authority (CMA) told Reuters on Friday.
Qualified foreign institutions (QFIs) were allowed to begin investing directly in Saudi stocks in 2015 and qualification requirements were eased late last year.
“We are likely to follow up with a version three (of the QFI program) and maybe a version four shortly thereafter by continuing to deregulate foreign investor access,” said Elkuwaiz, who became chairman of the body in August.
“Our expectation is we continue the same cycle. Thereabouts every year we would expect a re-release.”
As part of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil, Saudi Arabia is trying to develop, open up and grow its capital markets.
The CMA has been revising rules to help the Saudi market enter international equity indexes, which would bring more foreign money.
New listing rules to be announced in the next month or two alongside new M&A rules will have an emphasis on driving debt issuance.
“It is part of the re-review of the issuing and listing rules of Saudi was both oriented toward making it easier to issue and list securities in general and specifically to make it much easier to issue and list debt securities,” he said.
Elkuwaiz said lot of the disclosure and offering requirements will be waived for publicly-traded companies which have already gone through much of the process for their equity listings.
Regulation on the creation of special purpose entities (SPE) to house assets for debt will allow the CMA to approve and license SPEs to stimulate debt activity.
New listings
Around five or six companies from a range of sectors have pending applications with the CMA to join the main equity market and the NOMU market, a parallel market Saudi Arabia recently launched for small and medium enterprises, Elkuwaiz said, and there are 25-30 mandates with banks for listings further down the line, all from Saudi companies.
“We are having very early discussions with non Saudi issuers who would like to tap into Saudi investors,” Elkuwaiz said.
He said it was reasonable to expect foreign company listings from mid-2018.
Elkuwaiz said Riyadh’s Tadawul exchange was ready for any size of listing of state oil giant Saudi Aramco , and the only outstanding issue is the alignment of the exchange with any others where Aramco securities may be listed.
Saudi authorities aim to list around 5 percent of Aramco by the end of 2018 on both the Tadawul and one or more international markets, with London, New York and Hong Kong in the running.
The initial public offering (IPO) is the centerpiece of the Vision 2030, championed by Saudi Crown Prince Mohammad bin Salman who is expected to take the final decision about Aramco’s listing venue.
“The only missing piece is if there is a decision to have a dual listing and if the market for that dual listing is identified and the structure of that listing is identified, there may be some additional incremental work that’s needed,” he said.
“That’s the only missing piece.”

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi arabia to widen foreign investment access again in 2017 saudi arabia to widen foreign investment access again in 2017

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi arabia to widen foreign investment access again in 2017 saudi arabia to widen foreign investment access again in 2017

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday