Saudi reforms praised by US index provider
A series of market enhancements drawn up by Saudi Arabian officials have been praised by US index provider MSCI.
Saudi’s Capital Market Authority and the Saudi Stock Exchange plan to make changes to the settlement cycle of listed securities and introduce short selling in the country next year.
The enhancements, announced in May, also include new rules for Qualified Foreign Investors which are set to be implemented by mid-2017.
“We will continue to monitor the positive evolution in the opening of the Saudi Arabian equity market for international institutional investors,” said MSCI on Tuesday.
“Once in effect, these enhancements will bring the Saudi equity market closer to Emerging Market accessibility standards.”
Currently, the United Arab Emirates and Qatar are the only Gulf countries with indices included in the MSCI EM index.
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