Media ININ Economy We Trust
MediaIn / Agencies / Riyadh March 29, 2018
FTSE Russell, the global provider of indicators, today announced the accession of the Saudi Stock Exchange (Tadawul) to its Emerging Markets Global Index, where the Saudi stock market will qualify for emerging markets rather than not listed in the FTSE World Index.
The decision comes as a result of the efforts of both Tadawul and the Saudi Capital Market Authority (CMA) over the last two years to enhance the efficiency of the financial market in line with the FTSE global standards and qualify them to join emerging markets in the index.
Saudi Arabia’s accession to the FTSE Russell Index is expected to increase liquidity in the market as a result of increased financial flows from foreign institutional investors who use this index to track and evaluate the large assets they manage.
The Chairman of the Board of the Capital Market Authority (CMA), Mr. Mohammed bin Abdullah Al-Quwaiz, promised this achievement a translation of the efforts and measures taken by the Capital Market Authority and the Saudi Stock Exchange (Tadawul) during the last period aimed at developing the local financial market and transferring it to the global financial markets.
He stressed in a statement that the Capital Market Authority will continue to work on developing the investment environment and facilitate investment, which will increase the attractiveness and efficiency of the financial market and enhance its competitiveness regionally and internationally, and increase its consistency with the size of the Saudi national economy, which is rising in competitiveness under the vision Kingdom of 2030. He pointed out that joining the FTSE Russell Index is in line with the objectives of the Financial Sector Development Program, one of the main programs of the vision of the Kingdom 2030.
For its part, Chairman of the Board of Directors of Sara Bint Jamaz Al Suhaimi, said: “During the past year, Tadawul has been working closely with investors in emerging markets to increase the efficiency of the market and increase its attractiveness to local and foreign investors. We reach the Saudi financial market to be classified within one of the world’s leading indicators. ”
“The FTSE announcement today is an important indicator of trading as it reflects the increasing investor confidence in the Saudi financial market and demonstrates that thanks to our efforts, we have managed to reach a better position among the largest markets,” Tadawul said. Emerging global markets.
“In the light of the vision of the Kingdom 2030, we will continue to be committed to the developments that have been implemented so far that will stimulate the confidence of local and foreign investors and strengthen the position of the Saudi financial market. We look forward to working with FTSE in the coming period to meet the emerging index criteria for emerging markets
