Gulf Cooperation Council and Stock Market

foreign reserves: What the big deal Saudi Arabia is the wealthiest and most powerful Arab nation, with more proven oil reserves than both the US and Russia, according to Business Week. Its stock market is bigger than all the bourses in the six-nation Gulf Cooperation Council combined. The move comes as the biggest economy in the Middle East seeks to reduce its reliance on oil income, which accounts for about 90 per cent of government revenue, and as the kingdom burns through foreign reserves at a record pace. Until this week, the only way for foreign investors to buy Saudi stocks was through so-called participatory notes and exchange-traded funds. The Riyadh-based Capital Market Authority has restricted direct trading to institutional investors with a minimum of about $5 billion in assets under management and at least five years of experience. So can all foreigners invest directly It depends on how much money they manage and how long they’ve been in the business. (news.financializer.com). As reported in the news.