Saudi Arabia's stock market recovered from early losses and rose in late trade on Monday as Deputy Crown Prince Mohammed bin Salman outlined a sweeping economic reform plan.

Measures include building up the government's Public Investment Fund to become a major player in global markets, restructuring the housing ministry to increase supply of affordable housing, and creating a "green card" system within five years to give resident expatriates long-term residence.

The stock index was up 2.2 per cent in late trade. – Reuters