Riyadh removes cap on foreign ownership

RIYADH: Saudi Arabia removed a cap on ownership of publicly traded companies for foreign strategic investors, paving the way for international investors to take controlling stakes in sectors from banking to petrochemicals. The Capital Market Authority said there were no maximum or minimum limits on the ownership of listed companies for foreign strategic investors. The limit was previously 49 per cent. But while the market watchdog has removed the cap, limits by other regulators or a company’s own rules still apply.