London steals New York’s thunder with Saudi markets upgrade | Arab News:
"Saudi Arabia went to New York in a bid to woo American investors to its ambitious plans to transform the Kingdom’s economy away from oil dependency, but it was London that stole the show with a shrewdly timed announcement and a flying visit by the head of the London Stock Exchange.
Crown Prince Mohammed bin Salman met Mark Makepeace, head of the LSE, as the exchange’s index compiler FTSE Russell announced it had given approval for the Riyadh stock exchange, the Tadawul, to be granted emerging market status from early next year.
The move puts Saudi Arabia in a select club of markets that includes China, Russia and India, and will cement its position as the leading stock market in the Middle East. The Kingdom will comprise 2.7 percent of the index, which is part of FTSE Russell’s global emerging markets indices."
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