Shares in five listed Saudi Arabian companies will not be open to investment by foreigners when the market permits direct stock purchases by foreign institutions this month, according to the stock exchange's website.

The five are Jabal Omar Development, Taiba Holding Company, Knowledge Economic City, National Shipping Company of Saudi Arabia (Bahri), and Makkah Construction & Development Company. There are about 170 companies listed on the exchange.

An official at the Capital Market Authority, contacted by telephone, said he could not comment.

The CMA, which will open the market to foreigners on June 15, has said foreign ownership of individual listed firms may be restricted by the companies' by-laws or by instructions from supervisory authorities.

Jabal Omar, Makkah Construction and Taiba focus on the holy cities of Makkah and Madinah; Saudi media have previously reported that this could be a reason for restrictions on ownership of their shares.-Reuters