Saudi Arabia’s local currency bonds will be included in the FTSE Emerging Markets Government Bond Index from April 2022.
The global index and analytics provider will include 42 government sukuks with 306.1 billion riyals ($81.6bn) in par amount outstanding that will comprise 2.75 per cent of the index on a market value weighted basis, according to a statement from the FTSE on Thursday.
Par amount includes the money that bond issuers promise to repay bondholders at the maturity date of the bond.
The FTSE EMGBI measures the performance of local currency government bonds from more than 16 countries. It provides a benchmark for global portfolio managers to enable performance comparisons across sovereign debt markets, according to the statement.
“The Saudi capital market continues to grow at pace and the inclusion of Saudi Arabia in the FTSE Emerging Markets Government Bond Index highlights the importance of the enhancements made by the Saudi Exchange, which is a landmark achievement that will pave the way for its recognition globally,” Mohammed Al Rumaih, chief executive of Saudi Exchange, said.
Equities listed on the Saudi Stock Exchange (Tadawul) were included in the MSCI Emerging Markets Index in August 2019. Saudi Arabia accounts for 2.83 per cent of the index, which is tracked by global fund managers with trillions of dollars under management.
In March this year, the FTSE said Saudi Arabia would be included on its watch list for potential reclassification of its market accessibility level from 0 to 1 for possible inclusion in the FTSE EMGBI, according to the index provider.
Since launching a standalone government bond index that tracks local currency Saudi Arabian government bonds in September last year, the FTSE engaged with local regulators and index users in the kingdom to understand the market structure and investor experiences, the index provider said.
The inclusion of Saudi Arabia in the FTSE EMGBI marks the first time that Saudi riyal-denominated fixed-income instruments will be included in a global index and is a significant milestone in the development of the broader Saudi capital market, the statement said.
The inclusion of Saudi Arabia in the FTSE Emerging Markets Government Bond Index highlights the importance of the enhancements made by the Saudi Exchange
Mohammed Al Rumaih,
chief executive, Saudi Exchange
“Demand from local and international investors has been robust since the Saudi Exchange began listing and trading debt instruments issued by the government in April 2018,” the FTSE said.
“In August 2021, a nominal value of more than 3.3bn riyals of Saudi government debt was traded. More than 70 government debt instruments are listed on the exchange, while the total size of issuance for sukuk/bonds is more than 452bn riyals,” it added.
About $15 trillion worth of assets globally track FTSE Russell indexes.
India will remain on a watchlist for an upgrade to their market accessibility score and possible bond index inclusion, the FTSE said.
Kazakhstan local currency government bonds will be included in its Frontier Emerging Markets Government Bond Index next April, it added.
UAE currency: the story behind the money in your pockets
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Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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Killing of Qassem Suleimani
If you go...
Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.
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Killing of Qassem Suleimani
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
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The specs
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The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
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Infiniti QX80 specs
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Stars: Alex and Marcus Lewis
Four stars
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