FTSE upgrades Saudi Arabia to emerging market status
Index compiler FTSE Russell upgraded on Wednesday Saudi Arabia to emerging market status, a move that is expected to pump billions of dollars of foreign investment into the Arab region's biggest stock market with a market capitalisation of $500 billion.
"Saudi Arabia is to be congratulated on the pace of the recent market reforms which are widely acknowledged as being positive for the country and capital markets development in the region", FTSE chief executive Mark Makepeace said in a statement.
The country was previously "unclassified" by FTSE Russell, which compiles stock indexes, meaning that the country didn't get the exposure to investors that comes with being on its list of emerging markets.
Inclusion of the Kingdom into the index will take place in five tranches, starting March 2019 until December 2019.
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Gaurav Shah, CEO, Al Rajhi Capital said, "The decision will improve liquidity, lower equity risk premium associated with the Saudi stock market, improve corporate governance and is an important step to further institutionalize the market".
Saudi Arabia has been trying to make a number of changes to try to move away from its oil-dependent economy.
The Saudi market will have the greatest weight in the Middle East index, with 2.7 percent of the index of emerging markets - this percentage might increase to around 4.6 percent in case Aramco was listed. Saudi Arabia is increasing its private sector's GDP contribution from the current 40% to 65% as part of an economic vision.
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