Overview

• The Capital Market Authority published draft rules for public comment that would let all non-resident foreign investors buy Saudi Main Market shares directly.
• The 30-day consultation runs through October 31, 2025, with final approval and an implementation date yet to be determined.
• The proposal would abolish the Qualified Foreign Investor regime and end swap agreements, replacing indirect exposure with direct share ownership.
• The CMA says the move aims to broaden the investor base and deepen liquidity, noting international investor holdings reached about SAR 528 billion by end-Q2 2025.
• Semafor reports the draft still references a 49% foreign ownership cap and that any adjustments are being considered separately, while market reaction to the consultation was muted.