Saudi Arabia, Qatar open up stock markets for foreign investors
Citizens of the Gulf Cooperation Council countries will be given equal treatment in purchasing and exchanging Saudi stocks, including shares of banks, insurance companies and real estate firms, the Saudi Press Agency said Monday, quoting Saudi Culture and Information Minister, Iyad Madani.
The weekly Cabinet meeting gave the go-ahead to implement a GCC summit decision that calls for equal treatment to GCC citizens in owning and exchanging stocks and establishing companies.
The Cabinet instructed the Financial Market Authority to coordinate with related departments to execute the Doha summit resolution, which was taken two years ago. “The Commerce and Industry Ministry will coordinate with Saudi Arabian Monetary Agency in the area of providing equal treatment in establishing companies including insurance firms and banks,” the agency said.
Meanwhile in Qatar, expatriate and foreign investors on Monday warmly welcomed the opening of the Doha Security Market, stating this would give them an opportunity to prosper further in Qatar. According to The Peninsula, hundreds of foreign investors had queued up at the ground floor of the DSM to register as investors.
Most of the shares that expatriate and GCC investors had hoped to purchase were of some of the leading companies such as Industries Qatar, the parent holding firm for Qatar Steel Co, Qatar Petrochemical Co, Qatar Fertiliser Co and the Qatar Fuel Additives Co as well as those of the Qatar Fuel Co (Woqod), among others.