On Wednesday, MSCI said that it would reclassify Saudi Arabia as an emerging market, a move that will bring billions of dollars of inflow to the oil producing country. The MSCI index is used as a common benchmark for global stock funds intended to represent a broad cross-section of global markets. The index includes a collection of stocks of all the developed markets in the world, as defined by MSCI. If the decision takes place as expected, Saudi Arabia, with 32 stocks, will become the third-largest MSCI country from Europe, Africa or the Middle East, behind only South Africa and Russia. Saudi Arabia is the Arab world’s largest stock market, with a capitalization of about $500 billion. Earlier this year, rival provider FTSE announced that it would upgrade Saudi Arabia to emerging market status in several stages starting in March 2019 and ending in December that year. In May, […]