Capital Market Authority: The countrys benchmark Tadawul All Share Index climbed to a six-year high after the Riyadh-based Capital Market Authority said today it will open the stock market to foreigners in 2015, and publish the rules for participation next month. Opening the market to international investors may prompt Inc. to classify the gauge as an emerging market, luring as much as $40 billion of foreign cash, according to Schroders Plc, according to Bloomberg. The Tadawul surged 2.8 percent to 10,025.14 at the close, the strongest level since May 2008 and Saudi Arabia , the oil-producing kingdom whose stock market has been off-limits to outsiders, will allow foreign investors to buy and sell shares next year as it seeks to lure capital to the $745 billion economy. Saudi Arabia, the worlds biggest exporter of oil and de facto leader of is removing barriers to one of the worlds most-restricted major stock exchanges as the government pursues a $130 billion spending plan to boost non-energy industries. King Abdullah , the 90-year-old monarch, has kept the economy expanding at an average rate of 6.4 percent in the past four years even as Middle Eastern neighbors from Egypt to Iraq grappled with political turmoil.
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