Saudi Arabia sees more QFIs on market reforms

10/01/2018 Argaam

 

The number of qualified foreign institutions (QFIs) in the Saudi market has sharply increased as of 2017 due to the reforms implemented by the Capital Market Authority (CMA), Al Arabiya TV reported, citing Abdullah Binghannam, Securities Listing Unit Head, at the CMA.

 

Thirty percent of the 118 QFIs registered in the last quarter of 2017, Binghannam said.

 

Market reforms included the implementation of the T+2 settlement cycle, introduction of securities borrowing and lending and short selling, as well as allowing foreign investors access to the NOMU parallel market.

 

The CMA said yesterday it would lower the minimum assets under management requirement for QFIs and allow foreign investors to own up to 49 percent of listed securities, as part of a move to ease rules governing QFI program.

 

The new rules will take effect as of Jan. 23.

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