The chairman of the Saudi Arabia’s Capital Market, Mohammed El Kuwaiz said on Thursday, the foreign investors can now participate in the flotation of the company when Saudi Aramco- IPO of the oil giant, was questioned, as per Reuters. Thus Foreign Investors are now capable of participating in the IPO or Initial Public Offerings within the country of Saudi Arabia and will also be given an access to a stock market that aims at medium and small-sized businesses.
This oil giant country Saudi Arabia plans in making its capital market more reachable to the foreign investors by giving thorough access to NOMU, which is a parallel market that recently launched for medium and small-sized enterprises. The Kingdom of oil aims in making $100 billion by consuming one of its state oil giant public almost by the coming year. Led by the Crown Prince Mohammed Bin Salman the funds will underwrite an effort in diversifying the economy of the nation beyond oil through a plan named “Vision 2030”.
Foreign Investors those are non-resident will get the access to directly invest in the parallel market that’s starting from 1st of Jan of next year. He said this while an conference on investment was taking place in Riyadh. Saudi Arabia now has more than 100 qualified investors of foreign institutional, among which over 20 percent were registered in the past month, as said by Mohammed El Kuwaiz on Thursday.
Chief Executive Office of the financial group of Abu Dhabi, Jasim Alseddqi, also a multibillion dollar investment company told to CNBC that; Saudi Arabia is progressively becoming more attractive. He said; “What’s really interesting to us in Saudi is the transformation and the openness that’s happening”. He also added by saying; “We’ve recently increased our appetite to invest in Saudi (Arabia). We are releasing a real estate investment trust that’s going to be traded on the Tadawul stock exchange. We are expanding our finance business.”
As per recent listening, approximate five to six initial public offerings are currently in review by the authority, as stated by El Kuwaiz.