HSBC already operates two funds that give foreign investors access to Saudi equities, after the CMA gave it permission to do so in December 2007. It was the first bank that was allowed to operate a fund for foreign investors.

HSBC is planning to launch a number of new funds giving investors exposure to Saudi equities in the cement and construction sectors.

The CMA has also announced that it intends to name investors who hold more than 5 per cent of a listed company in a bid to increase transparency and corporate governance.