Dual inclusion boosts liquidity and strengthens global presence

Riyadh | بث B
07 Dhu al-Qi'dah 1447H | 24 April 2026

Global index providers have announced the inclusion of Saudi government sukuk denominated in Saudi riyals in emerging market debt indices, in a move that reflects the growing presence of the Saudi financial market and rising confidence among international investors.

Minister of Finance, Chairman of the Financial Sector Development Program, and Chairman of the National Debt Management Center, Mohammed bin Abdullah Al-Jadaan, welcomed the announcement by JPMorgan Chase to include Saudi government sukuk in its Government Bond Index–Emerging Markets (GBI-EM), starting January 29, 2027, on a phased basis with an expected weight of 2.52%.

This coincides with the announcement by Bloomberg Index Services Limited to include Saudi government sukuk in its Bloomberg Emerging Markets Local Currency Government Index, with implementation set to begin during the index rebalancing at the end of April 2027.

Al-Jadaan stated that the inclusion reflects the strong support provided to the financial sector by the Kingdom’s leadership, and underscores confidence in the resilience of the Saudi economy, as well as the ongoing reforms under Vision 2030. These efforts aim to deepen financial markets, expand the investor base, and enhance the efficiency of government financing instruments.

The inclusion is expected to cover eight sukuk issuances with a total nominal value of approximately USD 69 billion. Bloomberg indicated that eligible securities include fixed-rate government sukuk denominated in Saudi riyals, with a remaining maturity of at least one year and a minimum outstanding amount of SAR 1 billion.

This dual inclusion follows a series of enhancements in the local debt market, including the expansion of the primary dealers program, improvements in settlement mechanisms, and strengthened connectivity with international clearing platforms such as Euroclear—developments that have increased the attractiveness of the Saudi market to global investors.

Bبث Analysis

The inclusion is not merely a financial event…
but a shift in market positioning.

Markets do not enter indices…
indices recognize markets.

What happened today marks a transition
from an “emerging market”
to a “trusted market.”

Liquidity is not the result…
but a signal of confidence.

And confidence here…
is measured by entry into global portfolios.