After a long gestation, the $530bn Saudi stock exchange, known as Tadawul, finally opened to foreign investors on 15 June. While Saudi Arabia hopes the move will eventually attract significant investment, caution is likely to be the prevailing sentiment among incoming investors over the short term. Only HSBC has received a qualified investor (QFI) licence so far, though others, including the Ashmore Group, have applied. Local asset manager Jadwa Investment has already warned that activity on the exchange is likely to be subdued over the summer.