Saudi Arabian stocks' inclusion into widely accessible indices at a time when ESG investing grows in popularity raises ethical concerns.
And the standards for listing and disclosures on the Tadawul aren't nearly as stringent as, say, exchanges like the London Stock Exchange or the New York Stock Exchange, said Ellen Wald, the president of Transversal Consulting and author of"Saudi Inc." To be sure, that can also be said for exchanges in emerging economies like China, where transparency is limited relative to US standards, she added.
"In many respects, you're talking about an absolute monarchy," she said in an interview this week."In the end, they're going to do what they want." "It's always going to be the government. They're always going to have the biggest say. Not you as an investor, or a shareholder, or a fund manager. You're never going to be able to have the biggest say."
Foreigners own about 2.4% or $14 billion of the exchange's shares, according to a Goldman Sachs analysis. That's up from 1.6% in December. And the percentage of foreign investment is set to increase to $30.5 billion, or 5.3%, in foreign ownership, the firm estimates.Saudi money, Western firms
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