FTSE Russell has added Saudi Arabia into its index of emerging markets, which could see billions of dollars of passive funds being funneled into the kingdom, ranging between 3 to 5 billion in a direct way. The Saudi market will have the greatest weight in the Middle East index, with 2.7 percent of the index of emerging markets – this percentage might increase to around 4.6 percent in case Aramco was listed. Dr. Mohammad Al Quaiz, Chairman of the Capital Market Authority (CMA), said that this achievement is a translation for the efforts and procedures taken by the CMA and Saudi Stock Exchange (Tadawul) during the past period. CMA will continue to work on developing the investment environment and facilitating investment in a manner that contributes to enhancing competitiveness and efficiency of the capital market as well as fostering its competitiveness regionally and internationally, he added. Sarah al-Suhaimi, chairwoman of Tadawul, said she’s very optimistic that FTSE Russell will decide to add the kingdom to its list of emerging markets, a decision that could draw billions of dollars in passive funds to the country. Suhaimi added that Tadawul was keen, last year, to work intensively with relevant investors in the emerging markets to enhance efficiency of the market and to increase its local and foreign attractiveness. FTSE Russell saw that the Saudi stock market met the requirements and conditions to be listed on FTSE Russell index for emerging markets. Experts, however, assumed that the listing will be held on two stages: the first in March 2019 and the second in September 2019. The Saudi stock exchange index leaped to its highest level in 31 months, with the closure of Tuesday’s session, amid optimism towards FTSE Russell anticipated decision. The index rose 1.08 percent, 85 points, reaching 7,942 points.