Muhammad Al-Quwaiz, Chairman of the Capital Market Authority
Muhammad Al-Quwaiz, Chairman of the Capital Market Authority, stated that the abolition of the certified international investor system will come earlier than amending the 49% international possession limits, indicating that these limits might be reconsidered in the course of the subsequent yr.
Al-Quwaiz defined throughout a session inside the Future Funding Initiative that that is a part of the Authority’s accredited plan, indicating that whether or not the bounds are determined to be canceled or elevated in a number of phases, this might be decided based mostly on the outcomes of the evaluation that it’ll conduct.
He said that the authority is evident concerning the sequence in opening the market to international buyers, and is evident about abolishing the system of certified international buyers earlier than reviewing international possession limits.
He defined that the Authority shouldn’t be eager on saying any resolution earlier than conducting the evaluation, noting that the tempo of liberalizing the rules could be very clear, and in reality when there are a lot of initiatives underway on the similar time, an essential issue emerges, which is the try to attach the threads and compile the entire image.
He identified that the most important problem going through corporations that need to transfer their headquarters to Saudi Arabia shouldn’t be the bounds of international possession, as this may be confronted by way of the Strategic Overseas Investor Program, which permits exceeding 49%. Reasonably, it’s after they have an entrepreneur or founder who can’t grow to be an proprietor as a result of he’s not categorized as a certified investor.
He stated it was essential to confront this level first earlier than confronting the bounds of international possession.
