The Saudi Capital Markets Authority (CMA) allowed foreign companies to cross-list on the Saudi stock market, Al-Hayat reported Saturday (March 17th).

Saudi Arabia's plan to open its stock market to foreigners has been long-awaited.

The CMA said stock-issuing companies must appoint representatives before CMA to handle issues related to listing. The companies must also submit written details on how to contact these representatives, it said.

In addition, listing rules in the country's home jurisdiction must be similar to Saudi Arabia's.

Meanwhile, the CMA prevented Saudi companies with circulating stocks valued at less than SAR 50 million ($16 million) from being listed on the market.