RIYADH/JEDDAH — The Saudi Stock Exchange (Tadawul) announced the successful completion of its full inclusion into the MSCI Emerging Markets Index, which brings the Kingdom’s weighting to 2.8 % of the index’s total market capitalization, with 31 Saudi listed companies included the Index.

Inclusion to the index were phased in two tranches with a 50% inclusion factor for each. The implementation of the first tranche took place in May, 2019 while the implementation of the second tranche occurred last August 28, 2019.

Commenting on the listing of BAJ in the MSCI Emerging Markets Index, Nabil Alhoshan, CEO and Managing Director of BAJ, said: “All BAJ staff are very proud of this achievement. The listing in this Index will further enhance the positive image of Saudi banks and companies and strengthen their positions before foreign investors and global institutions; it will also raise the ratings of Saudi Capital Market, reflect the capabilities of BAJ, its liquidity levels, expand shareholders base and increase the attraction of investors. These objectives are in line with the Kingdom’s Vision 2030 under the umbrella of Financial Sector Development Program,” he added.

“The bank continues to play its strategic role to secure its position in the capital market, and the accession of BAJ to the MSCI Emerging Markets Index will form an incentive for us to continue our development plans and to enhance the confidence of all parties dealing in the market”, he said. “It will also contribute to the expansion of our services scope in a positive manner by raising the level of competition so as to include the banking sector and the local and global companies operating therein; in addition, it also constitute a unprecedented step for the Kingdom. We, at BAJ, are very pleased to be part of this historical achievement of the Saudi Capital Market”, he added. — SG