Saudi Arabia is going to allow foreign investors onto its stock exchange. The new rule is designed to bring foreign money into the Saudi economy. But foreign investors will have to buy through a licensed intermediary, who would technically be the owner of the shares. Stephanie Grimmet in Today’s Financial News says she won’t be rushing in to invest quite yet…

UBS AG (UBS) yesterday (Tuesday), announced it had obtained a license to operate in Saudi Arabia, joining a growing number of financial firms looking to recoup some of the over $400 billion in global write-downs to date by tapping into the oil-fueled wealth creation occurring in the Middle East.