Saudi Arabian stocks haven’t been this cheap compared with emerging-market peers in more than five years. Companies in the Tadawul All Share Index, which slumped 14 percent in 2016 as the MSCI Emerging Markets Index gained 14 percent, trade at about 11.7 times future earnings, compared with 12.5 for the developing-nations measure. The kingdom, the largest crude exporter in the world, hopes to lure more foreign investors to the exchange with rule changes next month.

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