The Saudi Capital Market Authority (CMA) continues to press forward it’s efforts to make the Saudi stock market (Tadawul) more attractive to foreign investors. Earlier this month the CMA approved amended rules for Qualified Foreign Investors by lowering the asset qualifications as well as adjusting upwards some key ownership limitations. For more on those changes see Saudi Capital Market Authority Eases Guidelines for Qualified Foreign Investors.
According to the Saudi Gazette, the CMA has now laid out the specific time-frame and requirements for all companies listed on the Tadawul to disclose their adoption of International Financial Reporting Standards. The deadline is January 1, 2017.
Mandating international accepted accounting and reporting standards is another key step in bring the Saudi stock market in line with international practice and creating a reliable and attractive environment for investors and companies.
