RIYADH — Saudi Arabia’s Capital Market Authority has set the end of 2021 as the deadline for the completion of the regulatory framework for foreign companies to offer their shares in the Saudi capital market. It has also permitted the local companies to have a dual listing in international markets. This was disclosed by Mohammed Al-Quweiz, the chairman of the financial regulatory authority. Addressing a virtual session on “Listing of companies in the capital market... sustainable growth” on Sunday, Al-Quweiz said that CMA worked on two tracks: the first from the perspective of Saudi companies by allowing them to have a dual listing in other markets with the aim of providing them with additional financing options and reducing the cost of financing them. This would have a positive impact on the balance of payments and contribute to strengthening the Saudi monetary policy,” he said. “The second track is to allow foreign companies listed in their local markets to be listed in the Saudi capital market, and the aim of this step is to make the Saudi market global, in addition, to enhance disclosure and transparency, and provide options for investors in multiple geographical areas, until the regulatory framework ending by the end of 2021,” he said. According to Al-Quweiz, the Saudi capital market was opened to foreign investors and the qualification requirements were eased since mid-2015. Finally, they were included in global indexes, as this resulted in the entry of SR100 billion in investments. The CMA board o had approved the amended rules for offering securities and continuing liabilities, which will be implemented from the date of their publication. These amendments included allowing foreign companies to list their shares in the local market in a move aimed at enhancing the role of the local market in capital formation, raising the attractiveness of the capital market, and providing more investment opportunities for all investors.