Saudi plans equities index funds for foreigners

In a bid to open up the Arab world's biggest bourse, Saudi Arabia's Capital Markets Authority has announced plans to launch stock market index funds accessible to foreigners by the end of March, Reuters has reported. 'We want to study experiences of many countries, which have allowed foreign investment in an organised way,' Abdulrahman Al Tuwaijri, head of CMA said, adding that direct foreign investments were not being considered at present, as risky 'hot' money would flow in.