Oil may be Saudi Arabia's bread and butter but as the Middle East's largest bourse gets set to open its doors to foreigners, investors may want to focus their attention outside the energy sector.
"There are 162 listed companies and the largest by market cap is a pretty diverse group: Technology, construction, financial services, retail, and chemicals. There are lots of different sectors that an international investor can enter," said Joel Whitaker, senior vice president of global research at Frontier Strategy Group.
Starting from June, qualified foreign investors with a minimum of $5 billion in assets will be able to invest in the stock market, known as the Tadawul. The $570 million bourse previously only allowed foreigners indirect access via equity swaps and exchange-traded funds.
Indeed, Tadawul's top five companies by market cap are all non-energy focused: Chemical manufacturer Sabic Basic Industries, National Commercial Bank, Saudi Telecom, Al Rajhi Banking and Saudi Electricity.
"It's a broad market. Although it is energy-centric, there are other opportunities for international investors like consumer goods, health care and banking," Robert Parker, senior adviser at Credit Suisse, told CNBC on the sidelines of the Euromoney Saudi Arabia Conference this week.
Insurance and health care are especially enticing sectors, according to Frontier Strategy. The former is the second-fastest growing sector in the Gulf Co-operation Council (GCC) because penetration is still very low, while the latter will continue to benefit from spending regardless of oil revenues, Whitaker said.
But will there be enough demand?