Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) will start working with the rules for qualified foreign financial institutions (QFI) investment in listed securities and the relevant forms on Sunday. 

The Saudi Capital Market Authority (CMA) has approved earlier amending the aforementioned rules, including reducing the minimum value of assets under management to SAR 3.75 billion or more, instead of SAR 18.75 billion or more, according to a bourse filing.

The rules also include increasing the categories of the QFI to cover the government funds, university buildings and other entities after obtaining the approval of the CMA.

“Each QFI may not own 10% or more of the shares of any issuer whose shares are listed or convertible debt instrument of the issuer.  The maximum proportion of the share of any issuer whose shares are listed or convertible debt instrument of the issuer that may be owned by all foreign investors (in all categories, whether residents or non-residents) in aggregate is 49%,” the statement said.