It was announced on 28 March that Saudi Arabia will be a constituent of the FTSE Emerging Markets index. The inclusion will take place in five tranches between March 2019 and December 2019 and the market is expected to be approximately 2.7% of the index. On current prices this would make Saudi Arabia’s stock market the tenth largest market in Emerging Markets (EM). The decision was taken by FTSE after a number of improvements were undertaken by Saudi Arabia resulting in significant liberalisation of the capital markets.