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Saudi Arabia plans to start cross-listing foreign companies on its stock exchange within a year, a senior stock market official said. Waleed Al-Bawardi, director of cash and markets at Tadawul, the country's stock market, said that details on disclosure requirements were being decided with the Capital Markets Authority (CMA). The regulator amended listing rules in January to allow for cross-listing.
These moves are the latest in in a series of long-awaited reforms to allow foreigners to invest directly in the market. Bawardi said the prospect of direct foreign ownership by institutional investors promises to improve market stability.
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