FTSE Russell Denies Saudi Arabia Entry to Emerging Markets List - Bloomberg:
"Index provider FTSE Russell refrained from adding Saudi Arabia to its index of emerging market countries amid its September country classification annual review. Neighbor Kuwait was added to the list.
FTSE Russell said Saudi Arabia will soon meet criteria to be promoted from unclassified status to a secondary emerging market, according to a statement on Friday. Saudi Arabia will be assessed again in March, it said.
Capital markets regulators and the stock exchanges in both countries have introduced infrastructure reforms in attempts to attract local and international investors. In Saudi Arabia, the improvements are part of a broad program to diversify the country’s economy away from oil, its main export, and ahead of the sale of shares in state-controlled oil company Saudi Arabian Oil Co."
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