RIYADH: Foreign ownership in Saudi Arabia’s stock exchange more than doubled in two years to SR450 billion ($120 billion) by the end of the first quarter of 2022. Even as the Russia-Ukraine crisis roiled global markets, soaring oil prices largely benefited the Kingdom’s capital market, and in turn, spurred investor interest. Foreign ownership in Saudi stocks was up 209 percent from SR259 billion in the same quarter a year ago, and SR145 billion in the first quarter of 2020, according to statistics by the Capital Market Authority. Saudi stocks also witnessed a rise in Gulf Cooperation Council ownership to hit SR60.6 billion, recording an 85 percent growth from SR32.7 billion in the corresponding quarter two years ago. A surge in initial public offerings further contributed to the jump in the value of foreign ownership by drawing investments into the Kingdom’s capital market. Saudi Arabia dominated the region when it comes to initial share sales in the first quarter of 2022, with a total of 14 listings raising almost $4 billion. Pharma chain operator Nahdi topped the list as it generated proceeds of $1.36 billion in the Kingdom’s biggest IPO since oil giant Saudi Aramco.