By Sarah Townsend
Saudi Arabia’s Tadawul is among stock markets aiming for inclusion on the list
Stock exchanges including Saudi Arabia’s Tadawul will learn next week whether they have been placed on the MSCI’s latest review list for inclusion in its emerging markets index.
Robert Ansari, executive director, head of the Middle East at MSCI, told Arabian Business on Thursday: “The MSCI will announce its annual market classification review list at 10.30pm CET on the 20th June.”
Last year, the Tadawul did not make the list despite having announced a string of market reforms intended to achieve emerging market status. Many of these are intended to take effect from 2018.
MSCI said at the time it would “continue to monitor the positive evolution in the opening of the Saudi Arabian equity market for international institutional investors”.
A statement from Bank of America Merill Lynch ahead of next week’s announcement said: “The potential MSCI EM watch list announcement in mid-June and possible Aramco initial public offering (IPO) in 2018 are likely to fundamentally alter capital markets and aid diversification efforts, partly through investments led by [sovereign wealth fund] the Public Investment Fund.”For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.