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Saudi Tadawul rally to run out of steam

Saudi Arabia’s stock market has jumped in recent weeks on the back of growing hopes that it will be upgraded to “emerging market” status by the index compiler FTSE Russell. But past experience shows that similar decisions have had little lasting impact on Saudi and regional equity markets and, if oil prices drop back over the next couple of years as we expect, the rally in the Tadawul is likely to fade.

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