The Saudi Capital Market Authority has announced the timeable leading up to 15 June, the date on which qualified foreign investors will be allowed to trade on the Saudi stock exchange.
Three partners from the law firm Lewis Silkin briefed ABA corporate members of current issues relating to employment rights, visas and UK laws on data protection and bribery.
National Commercial Bank opened its $6bn Initial Public Offering on 19 October despite a 10% fall in the value of the Saudi stock market in the week preceding the issue and controversy over whether Saudi citizens should invest in an institution that earns significant revenues from interest-based activities.
The Saudi Capital Market Authority has issued draft regulations for the registration of foreign financial institutions wishing to invest on the Saudi stock market. Interested parties have until 20 November to submit comments on the draft. The CMA expects that the Tadawul will be open for qualified foreign investors to invest in listed shares during the first half of 2015.