Saudi Arabia’s efforts to reform its capital markets seem to have finally paid off. On June 20, MSCI, a leading provider of global equity indices, upgraded the kingdom from standalone to the status of an emerging market.
Billions of investment dollars will flow to the country as a direct result. More broadly, this decision vindicates the financial changes enacted by Saudi regulators in recent years and further heightens the kingdom’s appeal to international banks.
It has been a long time coming.
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