Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) upgrading to join the Financial Times Stock Exchange (FTSE) Russell emerging markets (EM) was postponed to re evaluate the market, and it may be upgraded in March 2018, the CEO Khalid Abdullah Al Hussan on Sunday said.
Regarding the Independent Custody Model (ICM) in Tadawul, FTSE’s report approved the changes that occurred in it, while some amendments must occur in this model, and these amendments will be available in January 2018.
Tadawul may make up 3% of FTSE Russell EM index which its value is estimated at $90 billion, as Tadawul’s value under the index may amount to $2 billion or $3 billion.
Tadawul is working to attract investments from foreign countries and from the GCC states.
FTSE Russell postponed upgrading Tadawul to EM index, and suggested to re evaluate the market in March 2018.
