HSBC lauds Saudi index reclassification

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MSCI announced the reclassification of its Saudi Arabia Index to emerging market status on June 20, 2018. This historic development is expected to materially increase international inflows into the Kingdom's capital markets. The Capital Market Authority and the Saudi Stock Exchange, in line with the Kingdom’s Vision 2030, have undertaken significant reforms such as liberalization of the foreign investor framework, enhancement to settlement infrastructure, and introduction of new products and asset classes. We believe these efforts have been recognized by the international investor community, as is evident from the announcement.

Majed Najm, CEO and Board Member of HSBC Saudi Arabia, said: “We are extremely happy with this decision, which reflects the hard work of the Capital Market Authority and the Saudi Stock Exchange. We anticipate that this will have a positive effect on the market, which will encourage further foreign investment in the Kingdom of Saudi Arabia. As the leading investment company in the Kingdom, HSBC Saud Arabia has made significant investments in its execution, custody and research platforms over the last several years in order to be able to serve its growing client base."

26/06/2018
Saudi Gazette
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