The Saudi capital market opens to all foreign investors

On 6 January 2026 the Capital Market Authority announced amendments opening the Main Market to all categories of foreign investors, effective 1 February 2026. The Qualified Foreign Investor regime, with its eligibility assessment and its threshold for assets under management, is abolished, and so is the swap framework that gave non-resident investors synthetic exposure.

Foreign investors can now hold listed shares directly through licensed Saudi intermediaries, taking legal title and, with it, the right to vote and to take part in corporate actions.

The limits have not moved. A single non-resident foreign investor may not own 10% or more of a listed company's shares, and aggregate foreign ownership remains capped at 49%; strategic investors sit outside both caps but must hold for two years. Limits in a company's bylaws and sector rules still apply, as does the duty to notify a substantial holding of 5%.

Investors holding exposure through swaps should restructure into direct holdings and allocate notification duties clearly. Listed companies, including issuers controlled by families, should prepare for a broader foreign register: investor relations, voting and disclosure processes included. Any change to the ownership limits would be a separate step.