Saudi Arabia’s Capital Market Authority (CMA) on Thursday opened its parallel capital market, Nomu, to a new category of investors, a move aligned with the kingdom's Vision 2030 strategy to diversify its economy away from oil by the end of the decade.

What happened: The Saudi Press Agency (SPA) reported Thursday that the CMA's board had approved opening the parallel market to holders of a bachelor’s degree in fields related to financial securities, allowing them to qualify as eligible investors in Nomu. Among the pertinent fields are finance, investment and accounting.

People already classified as qualified investors include holders of master’s degrees in finance, accounting or other securities-related fields as well as professionals with such credentials as a Saudi Organization for Certified Public Accountants (SOCPA) fellowship or other approved certifications. In a further step toward opening the market, in August SOCPA made its fellowship available internationally. A professional qualification, the fellowship combines academic study and practical application to train accountants in the kingdom and farther afield.

The CMA also eased rules on the trading volume required to qualify for the Nomu Parallel Market. Under the amendments, an investor must have executed trades totaling 20 million Saudi riyals ($5.33 million) over the preceding 12 months. Previously, investors had to complete at least 10 quarterly trades worth 40 million riyals ($10.66 million) during the same period.