MSCI is one of the most important emerging market benchmarks and Tadawul’s addition reflects the strength of the Saudi companies, the Saudi economy, and the governance and transparency standards adopted by Tadawul.It also reflects the success of the actions taken by the Capital Markets Authority (CMA) over the past years in line with Saudi Vision 2030 under the Financial Sector Development Programme. The programme has been instrumental in elevating Saudi Arabia’s financial market position, allowing it to compete with the most developed global financial markets.
Yousef Al-Benyan, SABIC vice chairman and CEO, commented: “We congratulate Tadawul for this outstanding achievement, and SABIC is indeed proud to be the major national company listed in the index. We are confident that this listing will raise our visibility enabling us to further develop and contribute to the diversification of the kingdom's national economy and attract more global investors to share our economic success and support our long-term strategy.”Al-Benyan added: “As the third largest diversified petrochemical company in the world, we stand with Tadawul in our commitment to the highest regulatory requirement and investor relations best practices. SABIC is a regional and internationally recognised leader in corporate governance and transparency. Our exemplary ethics and integrity practices can be used as a beacon of best practice for others in the kingdom.”
Last year, the London-based Ethical Boardroom magazine named SABIC as the winner of the Best Corporate Governance Award for a second year running. In the same year, SABIC was ranked the top Saudi Arabian company for corporate governance by King Faisal University.The Saudi Stock Exchange had earlier announced its success in joining the MSCI Emerging Markets Index, having met all the requirements and criteria.
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