Saudi Arabia Still Poised for EM Inclusion 2018, Franklin Says - Bloomberg

Saudi Arabia Still Poised for EM Inclusion 2018, Franklin Says - Bloomberg:

"Saudi Arabia will have to wait a little longer to earn its first emerging market tag after FTSE Russell refrained from classifying the country as such in its annual review last week, according to Bassel Khatoun, chief investment officer of Middle East North Africa equities at Franklin Templeton Investments in Dubai.

Signaling the kingdom will meet requirements for inclusion from early 2018, when enhancements to its Independent Custody Model are expected to be introduced, the index provider congratulated the country on “the pace of recent market reforms” in a statement on Friday. Neighbor Kuwait was awarded the status of secondary emerging market, classification likely to generate as much as $600 million of inflows to the smaller Gulf state, said Khatoun.

The money manager expects Saudi Arabia to earn the classification by FTSE and MSCI Inc. next year. "



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