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Oct 19, 2016

New Saudi Qualified Foreign Investor Rules and IPO Book Building Instructions Approved

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This year has witnessed remarkable legal developments in the capital markets landscape of the Kingdom of Saudi Arabia. In particular, the Capital Market Authority of the Kingdom (“CMA”) approved the amended Rules for Qualified Foreign Financial Institutions Investment in Listed Securities (the “QFI Rules”), which came into effect on 4 September 2016. Another significant legal development is the CMA’s approval of the Instructions of Book Building Process and Allocation Method in Initial Public Offerings (the “Book Building Instructions”), which will become effective on 1 January 2017. These legal developments are part of the Kingdom’s ongoing efforts to grow its capital market, which has the largest market capitalisation in the MENA region, by facilitating foreign investment.

View full memo, New Saudi Qualified Foreign Investor Rules and IPO Book Building Instructions Approved

Authors and Contributors

Dr. Sultan Almasoud

Partner

Mergers & Acquisitions

+966 11 213 7801

+966 11 213 7801

Riyadh

Sanjarbek Abdukhalilov

Partner

Mergers & Acquisitions

+966 11 213 7802

+966 11 213 7802

Riyadh

Marwan Elaraby

Partner

Capital Markets

+971 4 249 2123

+971 4 249 2123

+971 2 410 8123

+971 2 410 8123

Dubai

David Dixter

Partner

Capital Markets

+44 20 7655 5633

+44 20 7655 5633

London

Regional Experience