Riyadh – Mubasher: MSCI, the global provider of equity, fixed income, hedge fund stock market indexes, and the Saudi Stock Exchange (Tadawul) have launched tradeable index which includes the 30 biggest companies listed on the kingdom’s bourse, the Saudi Stock Exchange (Tadawul), according to a statement released on Wednesday.

The MSCI did not reveal the names of the companies that will be included in the index.

“Today’s launch is a significant step forward in facilitating the creation of a derivatives market for Saudi Arabia and advancement of the Vision 2030 financial sector development programme,” stated Tadawul CEO, Khalid Al Hussan.

Saudi Arabia is to enter the MSCI Emerging Markets Index in two phases in 2019, the first of which will coincide with MSCI’s Semi-Annual Index Review in June.

“With additional derivatives launches in the pipeline, including the introduction of an associated exchange-traded index futures contract, we expect to make significant strides this year in further enhancing market efficiency and creating new opportunities for investors,” Al Hussan said.