World Economy

Slow Start

Slow StartSlow Start

One week after Saudi Arabia opened its stock market to direct foreign investment, US mutual fund managers said they are interested but not rushing to invest in the Middle East’s biggest economy, Reuters said. Foreign fund inflows are slower than initially expected, in part because US fund companies like Fidelity and Harding Loevner are digesting numerous regulations set forth by the Saudi Capital Market Authority for participation in the $575 billion market. “Investors are in the learn and plan stage, not the invest stage yet and the message is that the opening up is more of an evolution than a revolution,” said Adam Kutas, manager of Fidelity’s Emerging Europe, Middle East, Africa fund.