New York (CNN Business)Saudi Arabia has officially been elevated to an emerging market, a milestone that should steer billions of dollars into the country’s stock market as the kingdom seeks to diversify away from oil.
Saudi stocks joined the FTSE Russell Emerging Markets Index on Monday, beginning a process that was first announced last year. The kingdom’s stock market was also added to several emerging market and global benchmarks run by S&P Dow Jones.
In May, Saudi Arabia will join the even more closely-followed MSCI Emerging Markets Index (EEM).
