By: Mohamed Idris

Riyadh – Mubasher: The Saudi market is qualified to join global indices after achieving several qualifying factors, Mohammed El-Kuwaiz, vice chairman of the country's Capital Market Authority (CMA), said.

El-Kuwaiz added that these factors include allowing foreign investors to enter the market and amending the T+2 settlement cycle, which will be implemented in the coming period.

On the sidelines of the Third Saudi Conference for Investment and Securities, El-Kuwaiz added that the Kingdom recently launched its strategy entitled "Finance Leadership Programme," which targets making the Saudi Stock Exchange (Tadawul) the main market in the Middle East by 2020 and of the top ten stock markets by 2030.

The programme includes four main axes, which involve facilitating finance for the enterprises' owners and securities' issuers, in addition to encouraging individuals and institutions to invest and boosting the confidence of the market's participants, the CMA vice chairman noted.

El-Kuwaiz pinpointed that the new T+2 system will not affect the selling and purchasing and its impact will be limited to the date of distributions and assemblies attendance.

Translated by: Sara Ghali