stock market: The CMA reserves the right to lower that limit to 11.25 billion riyals, according to Business Week. It in line with expectations, says Saleem Khokhar, the head of equities at National Bank of Abu Dhabi asset management group. Foreigners will be able to own up to 49 per cent of a single stock and institutional foreign investors with a minimum of 18.75 billion riyals under management will be allowed to invest directly in the stock market, the Riyadh-based Capital Market Authority said in regulations published on its website on Monday. It the first step towards emerging market status which will be the ultimate goal that is trying to be achieved here. Income from oil accounted for almost 90 per cent of revenue last year. The world biggest oil exporter is giving foreigners access to its stock market as it pursues a $130 billion spending plan to boost non-energy industries.
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