Dubai: Saudi Arabia wants foreign money, and it’s been overhauling one of the world’s most conservative financial markets to get it. As part of its plan to revamp the economy and reduce dependence on oil revenue, Saudi Arabia is now seeking inclusion in MSCI Inc.’s emerging-market gauge. What has Saudi Arabia done to open its market? The collapse in crude prices has brought financial strain to Saudi Arabia. To reduce the kingdom’s dependency on oil, Saudi Arabia announced last year the so-called “vision 2030”, spearheaded by deputy crown prince Mohammed bin Salman.

Source: Mint May 03, 2017 11:26 UTC