File - A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh in this file photo taken September 5, 2013. REUTERS/Faisal Al Nasser
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Saudi Arabia is keeping as much as $40 billion of foreign investor capital waiting as it decides which institutions can participate in the Arab world's biggest stock exchange.While avoiding the kind of market collapse seen elsewhere in the region during the crisis, Saudi Arabia lost as much as $73 billion of foreign reserves in the 10 months through September 2009 .Burbank last year said Saudi Arabia was his favorite market and predicted its opening to direct foreign investment would attract as much as $30 billion in inflows.The $275 million Franklin MENA Fund has 30 percent of its assets under management in Saudi Arabia, Khatoun said.Saudi Arabia's 90-year-old monarch has kept the economy expanding at an average rate of 6.4 percent in the past four years as Arab neighbors from Egypt to Iraq and Dubai grappled with political and financial-market turmoil.About 349 million shares changed hands on the Saudi exchange Tuesday, compared with the 12-month average of 249 million, data compiled by Bloomberg show.
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