LONDON: Around $20 billion in passive inflows are likely to be spurred by Saudi Arabia’s inclusion in major emerging markets stock indices from Monday, Reuters reported. The Kingdom will be the biggest recent addition to the global indices. It joins the MSCI Emerging Markets Index in May, with a weight of 2.7 percent. Saudi stocks join the FTSE Emerging All Cap Index on Monday. The move is set to push up foreign ownership of Saudi shares from around 2 percent to around 6 percent, according to Al Mal Capital data quoted by Reuters. “The 2.7 percent pro-forma benchmark weight (within the MSCI index) is much more significant than prior index inclusions during the past decade,” Alexander Redman, head of global emerging market equity strategy at Credit Suisse, told the news agency. “And given that the proportion of assets under management within emerging markets passive funds is much larger than during previous index inclusions, it means there will be a significant amount of net foreign buying of Saudi equities.”