Saudi Arabia changes listing rules for foreign companies The companies must, the CMA said, "apply for the securities to be registered and admitted to listing on the exchange," which will only be permitted if the listing rules in the company's home jurisdiction are "at least equivalent" to Saudi Arabia's. The kingdom's stock market, known as the Tadawul, has long been zealously protected from outsiders, with foreigners only allowed to invest indirectly, including through swap agreements with local merchants. Jubin Jose, an investment advisor to the London-listed Qatar Investment Fund, said that allowing cross-listing was a "step in the right direction" and that it was "encouraging to see the largest market in the GCC, by market capitalization, slowly opening up to international investors." The announcement has led to speculation that the Kingdom will soon open its $340bn market stock market to full foreign investment, but experts warn that any change is likely to be both slow and tightly controlled. Daniel Abrahams, the managing director of MyCurrencyTransfer, said opening the stock market would "no doubt attract a wealth of foreign interest, but the move will be dictated by its fineprint." The plan will probably impose limitations to only institutional investors and speculation is rife that maximum stakes in companies will be capped. Saudia Arabia is culturally cautious by nature, and the danger of setting out excessive restrictions on foreigners may weaken its potential for success," he said. Mr Jose said he believed "the direct entry of foreigners in the Tadawul will increase the transparency and efficiency of the market in the long term" but that fear among the local investor community about "the so-called impact of "hot money" increasing volatility in the market" meant it could take a long time for the stock market to open fully.