Saudi Arabia's stock market, valued at $585 billion, opened up to direct foreign investment for the first time on Monday, as the kingdom sought an economic boost amid low global oil prices.

The opening of the Tadawul Saudi Stock Exchange allowed companies, particularly those that are not in the oil business, to raise money straight from foreign investors, with the goal of expanding businesses, diversifying the economy and creating more jobs for the kingdom's growing population.

Before Monday, foreigners only could access the market indirectly, through a local Saudi institution, which was costly and complicated.