Foreign Firms Buy Into TASI

The Saudi Capital Market Authority (CMA) announced on August 25 that France's BNP Paribas has purchased a 25% stake in SAIB Asset Management, an affiliate of Saudi Investment Bank. SAIB Asset Management will change its name to SAIB BNP Paribas for Asset Management. SAIB currently invests 35% of its assets in Saudi Arabia, 34% in the UAE, 18% in Kuwait, 8% in Qatar and 4% in Bahrain. This news comes just days after the CMA allowed foreign investors to buy shares on the Saudi bourse through licensed intermediaries.

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