The Kingdom’s Capital Market Authority (CMA) announced a transformative step: effective 1 February 2026, the Saudi capital market will be accessible to all categories of foreign investors for direct investment in the Main Market.
This landmark decision follows the CMA Board’s approval of a regulatory framework that:
- Eliminates the concept of the Qualified Foreign Investor (QFI).
- Removes the regulatory framework governing swap agreements.
These amendments aim to expand and diversify the investor base, enhance market liquidity, and attract greater international capital flows, reinforcing Saudi Arabia’s position as a global financial hub under Vision 2030.
This milestone builds on earlier steps by the CMA, including:
- Regulatory Reform (July 2025): Simplified procedures for opening and operating investment accounts for certain investor categories, such as foreign nationals residing in Gulf Cooperation Council countries or those with prior residency in the Kingdom.
- Public Consultation (October 2025): Publication of the Draft Regulatory Framework for Allowing Non-Resident Foreign Investors to Directly Invest in the Main Market on the Unified Electronic Platform and CMA’s website, inviting stakeholder feedback.
By Q3 2025, international investors’ ownership in the Saudi capital market exceeded SAR 590 billion, with investments in the Main Market reaching approximately SAR 519 billion, reflecting steady growth compared to 2024.
These actions reflect CMA’s gradual and strategic approach to market liberalization, fostering confidence among market participants and supporting the Kingdom’s economic development objectives.