JPMorgan confirmed on April 23, 2026, that it will add Saudi Arabia to its benchmark Government Bond Index-Emerging Markets (GBI-EM) effective January 29, 2027, according to a note circulated by the New York-based bank. Saudi Arabia will be included with a 2.52 percent weighting, marking a significant step in the kingdom’s integration into global emerging markets debt benchmarks.
Index Details and Scope
The GBI-EM is described as the most widely tracked benchmark of its kind, with $233 billion in tracked investments. JPMorgan’s decision follows what the bank characterized as “a multi-year effort of sustained reforms by the local authorities to enhance market access for international investors and improve domestic trading capabilities.”
Eligible Saudi Assets
Saudi sukuk—shariah-compliant debt instruments that function like bonds—with a remaining maturity of up to 15 years will be eligible for inclusion on the index. JPMorgan identified eight sukuk issuances that qualify for inclusion, with a combined total value of $69 billion.
Market Impact
Inclusion on the GBI-EM is expected to boost liquidity and demand for Saudi sovereign debt, potentially reducing the cost of borrowing for the kingdom.
Saudi Arabia’s Debt Market Strategy
Saudi Arabia is increasingly turning to international debt markets to address a widening budget deficit and continue funding long-term economic development projects under Vision 2030. The inclusion represents recognition of the kingdom’s market reforms and improved investor access.
Prior Announcement
In September, AGBI reported that JPMorgan had placed Saudi Arabia on “Index Watch-Positive,” which put the kingdom on track to join the GBI-EM.
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