A recent interesting development in the investable emerging-market universe is the largely unnoticed entry of Saudi Arabia, which was added to the MSCI emerging-market index at the end of May 2019 after meeting MSCI’s technical criteria for inclusion.
Central to the country’s Vision 2030 reforms are a series of giga- and megaprojects ranging in value from $20bn to $90bn, plus the somewhat futuristic Neom, a city targeted to cover an area of 26,500km² , which is expected to cost at least $500bn. We met a variety of companies across several industries, and some of the interesting ones are discussed below. A large proportion of Saudi’s investable universe comprises the banking sector. Due to its limited free float, the largest Saudi stock in the benchmark is not Aramco, the country’s listed monopoly oil extractor, but Al Rajhi Bank. The next largest stock is Saudi National Bank.
However, Leejam Sports Company, the largest gym operator in the country, has developed a range of gyms at different price points for both men and women. It coped reasonably well during Covid and has started expanding again. With more than 150 sites, it is the largest owner of swimming pools and squash courts in the country.
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