Saudi Arabia’s Capital Market Authority (CMA) announced that the financial market will be opened to all categories of foreign investors, enabling them to invest directly starting February 1, 2026. The decision follows the CMA Board’s approval of a regulatory framework that allows non-resident foreign investors to access the Main Market through direct investment, making the market available to a broad range of investors from around the world.
The approved amendments aim to expand and diversify the investor base eligible to invest in the Main Market, supporting investment inflows and enhancing market liquidity.
As part of the changes, the CMA has abolished the concept of the “Qualified Foreign Investor” (QFI) in the Main Market, allowing foreign investors to enter without meeting qualification requirements. The amendments also cancel the regulatory framework for swap agreements, which had been used as an option for non-resident foreign investors to obtain only the economic benefits of listed securities. Under the new framework, investors will be able to invest directly in shares listed on the Main Market.
According to the announcement, international investors’ ownership in the financial market exceeded SAR 590 billion by the end of Q3 2025, while international investments in the Main Market reached about SAR 519 billion during the same period. This compares with SAR 498 billion in ownership recorded at the end of 2024. The CMA expects the approved amendments to help attract additional international investments.
The CMA noted that in July 2025 it approved measures to facilitate the opening and operation of investment accounts for several investor categories, including foreign individual investors residing in a GCC country, or those who previously resided in Saudi Arabia or in a GCC country. The CMA described this step as a transitional phase toward the decision announced, aimed at increasing confidence among participants in the Main Market and supporting the local economy.
The CMA added that the amendments align with its gradual approach to opening the market following several earlier phases, and that further complementary stages will follow to strengthen market openness and position it as an international market that attracts more foreign capital.
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