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FTSE Russell said on Wednesday that the Saudi stock market will be incorporated into its emerging market index from March next year. The move is expected to attract new foreign portfolio investment of $one billion to Saudi Arabia.
The decision is a great boost for the reforms launched by the Saudi Crown Prince Mohamed (Mohammed bin Salman). Mohamed wants to use foreign investment to create jobs and push the economy to diversify beyond energy exports. The low oil price has made the Saudi economy hit hard.
FTSE Russell said the Saudi stock market will be phased into the index from March 2019, and the stock market will be completed in December 2019. This is aimed at preventing the fund from transferring funds to Riyadh, where the Saudi stock market absorbs a large amount of money to affect the stability of other markets.
The company also said that Saudi Arabia's stock market accounted for 2.7% of the index's weight, because the government's plan to allow the 5% stake of Saudi Arabia Amy to go public, and its weight may rise to around 4.6%.

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