The Capital Market Authority (CMA) of Saudi Arabia has announced the opening of its capital market to all categories of foreign investors from 1 February, following board approval of new regulations.

This move enables non-resident international investors to participate directly in the Main Market, making all segments of the capital market accessible worldwide.

Under the revised framework, the CMA eliminated the Qualified Foreign Investor (QFI) concept and discontinued the regulatory system governing swap agreements, which previously allowed only economic benefits from listed securities.

As a result, all categories of foreign investor may invest directly in shares listed on the Main Market without meeting specific eligibility criteria.

By expanding access, authorities aim to increase investment inflows and improve liquidity in the market.

International ownership in Saudi Arabia’s capital market reached more than SR590bn by the end of the third quarter of 2025 (Q3 2025).

Investments by international participants in the Main Market alone stood at around SR519bn at that time, up from SR498bn at the end of 2024.

The CMA had previously approved measures in July 2025 to simplify account opening procedures for certain groups such as natural foreign investors residing in Gulf Cooperation Council (GCC) countries or those with prior residency in Saudi Arabia or another GCC country.

These changes served as a transitional phase leading towards complete direct access.

In October 2025, the CMA released a draft version of its new regulatory framework for public consultation on both its website and a unified electronic platform for government entities.

The authority describes this opening as part of a gradual process intended to strengthen confidence among market participants and support further integration with global capital flows.