In order to achieve the aim of capital market hub, Saudi Arabia is changing regulatory requirements to gain more foreign players, reflected by recent changes to qualified foreign investor (QFI) rules.
`Vision 2030` was built on the country`s areas of competitive advantage, which includes religious tourism as well as capital markets, he continued.
The Kingdom aspires to become the Middle East`s de-facto capital market and one of the world`s largest, Mohammed El-Kuwaiz, vice chairman of Saudi Arabia`s Capital Markets Authority (CMA), told CNBC`s "Capital Connection" on Thursday.
"When Saudi Arabia opened up, we started to see demand not just from financial investors but also from strategic investors looking to take stakes in the country," he explained.
"Saudi Arabia is the world`s top oil exporter and the flow of petrodollars through its economy and around the world is a potent source of investment capital.
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