Tadawul Main Market Opens to All Foreign Investors

The Main Market of the Saudi Exchange (Tadawul) is now fully open to all categories of foreign investors as of 1 February 2026, following amendments to the Rules for Foreign Investment in Securities approved in January 2026. The change removes long-standing barriers and allows a much wider range of international investors to buy and sell Saudi listed shares directly.

Under the new framework, the Qualified Foreign Investor (QFI) regime is abolished for the Main Market. Foreign investors no longer need QFI status, minimum asset thresholds, or prior Capital Market Authority (CMA) approval to invest in listed shares. Individual non-resident investors, foreign institutions and asset managers, sovereign wealth funds, pension funds, and other qualifying foreign legal entities may all now participate directly.

How access works

Foreign investors gain access through CMA-licensed Saudi brokers and custodians, opening trading and custody accounts with these intermediaries to trade shares and convertible debt instruments on Tadawul. The swap agreements and other indirect arrangements previously used by non-QFI investors have been discontinued for Main Market access under the amended rules. Some analyses note the same direct-participation framework also applies to the parallel Nomu market.

Existing foreign ownership limits remain in place. Non-resident foreign investors, excluding foreign strategic investors, may hold a maximum of 10% while total aggregate foreign ownership is capped at 49% of any listed issuer's shares or convertible instruments. Investors must also comply with Saudi anti-money-laundering, know-your-customer, and client-onboarding rules enforced by the licensed intermediaries during account opening.

For residents and expats interested in Saudi capital markets, the reform simplifies entry considerably. The relevant official channels for foreign investor market access are the CMA and Tadawul via licensed brokers and custodians; no Absher, Muqeem, or similar government portals are involved in the process.

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