The FTSE Russell Group announced today that the Saudi Stock Exchange (Tadawul) will be classified as a "Secondary Emerging" market in the FTSE Global Equity Index Series from its previous status as "Unclassified".
According to the Saudi Press Agency, SPA, the decision was issued following a series of market enhancements introduced by Tadawul and the Capital Market Authority, CMA, over the past two years. Many of those developments have fulfilled market quality criteria set by FTSE Russell that must be met in order for a market to be classified as Emerging in its indices.
Mohammed El-Kuwaiz, CMA Chairman, said, "The CMA continues to develop the Saudi capital market and to facilitate investments in order to enhance the Capital Market’s efficiency, as well as promote its regional and international competitiveness."
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