Saudi regulator to discuss opening market in early 2012

Saudi Arabia’s Capital Market Authority is in discussions with international banks to open the country’s stock exchange to foreign investors early next year, three bankers familiar with the matter said.

The market regulator is working with the banks to prepare for the introduction of foreign investors to the region’s largest stock market as early as the first quarter of 2012, said the bankers, who declined to be identified because the discussions are private.

A spokesperson for the Capital Market Authority wasn’t immediately able to comment and the media relations officer at the stock exchange declined to comment when contacted by Bloomberg News.

The benchmark Tadawul All Share Index gained less than 0.1 per cent at 12:25 pm. Riyadh today. The measure has dropped 7.3 per cent this year.