Saudi Arabia has today opened its $570bn (£367.7bn) Tadawul stock exchange to direct foreign investments for the first time, which is being widely seen as a crucial stepping stone to the kingdom’s entry into the MSCI Emerging Markets index.
Deutsche Asset & Wealth Management, the wealth management arm of Germany’s Deutsche Bank, said it had listed Europe’s first exchange traded fund to cover equities in the Middle East Gulf region, which will include Saudi Arabia.
A Saudi businessmen is suing Barclays for $10bn in damages, claiming the company struck a secret settlement with the countrys government to further its own interests in the region.
Saudi Arabia is to open its stock market to direct investment by foreign financial institutions (FFIs) in the first half of next year, giving them access to its $530bn bourse.
