Economics
Saudi Arabia Wins Emerging Status in Quest for Billions
- FTSE Russell classifies kingdom as secondary emerging market
- Country seeks to draw foreign investors amid broad reforms
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Saudi Arabia won classification as an emerging market by a major index compiler for the first time, a key step toward the kingdom’s goal of attracting billions in additional stock investor inflows.
FTSE Russell said the Middle Eastern country will be included in its secondary emerging markets grouping effective March 2019, according to a statement Wednesday. Saudi Arabia joins a category that already includes China, Russia and India. The kingdom will have a 2.7 percent weighting in the compiler’s main emerging market stock benchmark, FTSE said.