Saudis Want to Double Stock Market for a Post-Oil Economy

05/04/2016 22:14 AST

Saudi Arabia plans to almost double the size of its stock market, among the most closed in the world, by adding dozens of companies and making it easier for foreigners to invest.

The kingdom aims to attract privately owned firms to list while privatization by the government will also boost the market, said Mohammed Al-Jadaan, chairman of the Capital Market Authority, the country’s regulator. The Tadawul All Share Index will increase to 250 companies from about 170 now and its $380 billion market capitalization will grow to match the size of Saudi gross domestic product within seven years, he said.

The government wants to “make sure that the market becomes a real representative of the economy in terms of size,” Al-Jadaan said at the royal compound in Riyadh. The current value of listed companies stands at about 57 percent of GDP, he said.

The ambitious plan is part of an unprecedented overhaul of the Saudi economy, the largest in the Middle East, to wean the country off oil. It’s being driven by Deputy Crown Prince Mohammed bin Salman and was outlined in a five-hour interview with Bloomberg News last week.

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