Citigroup, Ashmore approved to buy Saudi stocks directly -sources

U.S. bank Citigroup Inc and emerging markets-focused investment manager Ashmore Group have won permission from the Saudi Arabian regulator to invest directly in the local stock market, industry sources said on Wednesday. The kingdom opened its $442 billion equity market, the largest in the Arab world, to direct investment by foreigners on June 15 this year as part of efforts to create jobs and diversify its economy beyond oil. Foreign institutions must obtain licences to invest directly, meeting