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Updated Tuesday, March 16, 2010 11:25 am TWN, AP

Saudi to set up index fund for foreigners

CAIRO -- The head of Saudi Arabia's market regulatory agency says the country will launch a stock market index fund by the end of March into which foreigners can invest. Capital Market Authority head Abdulrahman al-Tuwaijri, in comments published in Sunday's edition of al-Eqtisadiyah newspaper, that despite the move, Saudi Arabia is still reluctant to allow direct foreign investments in the exchange.

Foreigners are currently able to invest in the exchange — the Arab world's largest — through swap agreements, but are barred from direct ownership. Analysts say the new fund marks a gradual, but clear, step toward opening the Saudi market to foreign investments.

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