Saudi Arabia has opened up its stock market, the largest in the Middle East, to foreign investors.
The kingdom is seeking an economic boost amid low global oil prices and will allow companies, particularly those that are not in the oil business, to raise money straight from foreign investors.
Valued at $585bn, the stock market, called Tadawul, oustrips the one of Russia, Turkey and Mexico.
But according to strict rules only the biggest financial institutions will be allowed to invest.
Saudi wants to diversify its oil-based economy, and in doing so create opportunities for a growing youth population, with more than 30 percent of its 24 million populace being under the age of 14.
John Sfakianakis, a director with the fund-managing Ashmore Group, joins Counting the Cost to talk about the kingdom’s efforts to raise capital and expand the stock market.
Source: Al Jazeera