Saudi Capital Market Authority (CMA) has proposed allowing foreign nationals from GCC countries or those previously residing in Saudi Arabia or GCC countries to invest in the Saudi stock market.
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This would also enable individuals who previously lived in Saudi Arabia or the GCC to continue operating their investment accounts after returning home, provided they opened an account in Saudi Arabia.
The proposal, presented for approval on the Istithlaa platform, aims to simplify account opening procedures for various investors while enhancing client protection.
The CMA invites feedback on these procedures within 30 days, ending December 20, 2024. Key elements include reducing requirements for individual foreign investors in GCC countries and expanding their direct securities investment options beyond the limited debt and parallel markets.
To open accounts, residents must submit identity data and a valid passport, and non-residents must present a valid passport.
As per the draft law, investment accounts are not permitted for individual institutions except nonprofit and endowment entities.
Source: Saudi Gazette
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