Three more Saudi companies added to MSCI’s global, small-cap indexes

RIYADH: MSCI Inc., a leading provider of research-based indexes and analytics, has expanded its coverage by adding three Saudi companies to its global and small-cap indexes.

This move highlights the growing prominence of Saudi Arabia in the international investment arena.

Al-Rajhi Company for Cooperative Insurance has been included in MSCI’s Global Standard Index, bringing the total number of Saudi firms in this index to 42. Additionally, Modern Mills for Food Products Co. and Cenomi Centers have been added to the MSCI Saudi Arabia Small Cap Index, increasing the number of Saudi firms in this index to 84.

These updates will take effect at the close of trading on Aug. 30. The inclusion of these Saudi companies in MSCI’s indexes underscores the Kingdom’s diverse and robust economic landscape.

Leading the Global Standard Index for Saudi Arabia is Al Rajhi Bank, with a market cap of $44.72 billion, followed by Saudi National Bank and Saudi Aramco with market caps of $29.78 billion and $26.70 billion, respectively. Other notable companies in the MSCI Index include Saudi Telecom Co., Saudi Basic Industries Corp., ACWA Power, and Saudi Arabian Mining Co.

The healthcare sector is represented by Bupa Arabia for Cooperative Insurance Co., Dr. Sulaiman Al Habib Medical Services Group Co., Al-Mouwasat, Dallah Healthcare, and Al-Nahdi Medical Co. In retail and consumer goods, Jarir Marketing Co., Almarai Co., and Savola Group are included.

From the banking sector, Riyadh Bank, Alinma Bank, Bank AlJazira, Bank AlBilad, Saudi French Bank, National Commercial Bank, SABB, and Saudi Investment Bank are part of the index. Other prominent companies include Saudi Research and Media Group, ADES Holding Co., SAL Saudi Logistics Services Co., and Luberef.

MSCI Inc. provides equity, fixed income, hedge fund stock market indexes, and multi-asset portfolio analysis tools globally. For over 40 years, MSCI’s research-based indexes and analytics have assisted leading investors in building and managing better portfolios. According to the Saudi Exchange, over SR14 trillion ($3.73 trillion) in equity assets are benchmarked to MSCI indices, and more than 90 of the top 100 global investment managers are MSCI clients.