CMA Announces New Rules for Ownership in Listed Companies by Foreign Strategic Investors -

As part of the Kingdom of Saudi Arabia’s efforts to regulate and develop the capital markets and to facilitate foreign investment, the Capital Market Authority ("CMA") has approved the Instructions for Foreign Strategic Investors’ Ownership in Listed Companies (the “FSI Instructions”), which came into effect on 26 June, 2019. The FSI Instructions have removed the existing limit on the foreign1 ownership of a Saudi-listed company for foreign strategic investors (“FSIs”) that meet the FSI Instructions’ criteria, allowing them to take controlling stakes in Saudi-listed companies.