Saudi stock market rises over 4 percent

21/06/2017 12:23 AST

The Saudi stock market is up over 4 percent after news that King Salman has placed his 31-year-old son next in line to the throne.

The Saudi Tadawul index, the largest in the Middle East, also was boosted by news that some benefits for civil servants were being restored.

The Tadawul also cleared a major hurdle from the global stock benchmark provider MSCI to be included among its emerging markets. That’s something closely followed by fund managers and could mean a lot more foreign investment coming into the kingdom.

In a series of royal decrees issued Wednesday and carried on the state-run Saudi Press Agency, the monarch stripped Prince Mohammed bin Nayef, who was first in line to the throne, from his title as crown prince and from his post as the country’s powerful interior minister overseeing security.

The newly announced Crown Prince Mohammed bin Salman, who also serves as defense minister and oversees a vast economic portfolio, had previously been second in line to the throne, though royal watchers had long suspected his quick rise to power might accelerate his inheriting of the throne.


Arab News

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