RIYADH — The Capital Market Authority (CMA) has invited feedback on a draft proposal to open Saudi Arabia’s Main Market to all categories of non-resident foreign investors, enabling them to invest directly without restrictions.

The consultation period will run for 30 days, ending on Oct. 31, 2025.

The draft seeks to broaden and diversify the investor base, attract more capital, and boost market liquidity.

If approved, it will eliminate the Qualified Foreign Investor (QFI) framework and abolish swap agreements, granting foreign investors full access to listed shares on the Main Market.

By the end of the second quarter of 2025, international investor ownership in the Saudi market exceeded SR528 billion, with foreign investments in the Main Market reaching SR412 billion, a 471% rise from SR72 billion in 2015.

The proposed changes are expected to draw further foreign participation.

The draft follows a series of steps to gradually liberalize the Saudi capital market.

In July 2025, the CMA approved measures simplifying account-opening procedures for specific foreign investor categories, including those residing in GCC countries or with prior residency in the region.

The CMA said all feedback will be reviewed and considered before finalizing amendments, reinforcing its commitment to strengthening the regulatory framework and positioning the Saudi market as a leading global investment hub. — SG