Saudi Arabia looks to bring in billions of foreign dollars by planning stock market reforms

, International

Last week, Deputy Crown Prince Mohammed bin Salman outlined sweeping plans to cut the kingdom's dependence on oil exports.

DUBAI — Saudi Arabia announced a string of reforms to its stock market that could attract billions of dollars of fresh foreign money and smooth sales of state assets as the kingdom grapples with damage to its finances caused by low oil prices.

When Riyadh opened its bourse to direct foreign investment last June, it took a cautious approach, imposing tight ownership limits and minimum qualifications for overseas institutions to reduce the risk of them destabilizing the market.

Reforms announced on Tuesday suggested authorities are now courting foreign money more aggressively. Last week, Deputy Crown Prince Mohammed bin Salman outlined sweeping plans to cut the kingdom’s dependence on oil exports.

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