AlJazira Capital sees no MSCI index additions in November

Makkah Construction is among the leading candidates for exclusion

AlJazira Capital said no new additions are likely to the MSCI Saudi Arabia Index during the Nov. 11 review.

Makkah Construction and Development Co. is among the leading candidates for exclusion due to its market capitalization falling below the expected threshold, based on closing prices as of Oct. 20, and is likely to be downgraded to the MSCI Saudi Arabia Small Cap Index.

ADES Holding Co. faces a low risk of exclusion, while no additions to the standard index are expected in the upcoming review. Rabigh Refining and Petrochemical Co. (Petro Rabigh) has a slim chance of inclusion after its removal from the Small Cap Index in the previous rebalancing.

The potential changes in the November review are expected to trigger passive outflows, with the final adjustments set to take effect on Dec. 1.

The exclusion of Makkah Construction and ADES Holding could each trigger passive outflows of $100 million to $200 million, given their current weightings in the index, AlJazira Capital said.

Several Saudi companies are also at high risk of exclusion from the Small Cap Index. United International Holding Co. (Tasheel), AlSaif Stores for Development and Investment Co. (Alsaif Gallery) and Arabian Contracting Services Co. (Al Arabia) face a very high likelihood of removal, as their market capitalizations are below the estimated minimum threshold and their free-float-adjusted market capitalizations fall significantly short of the required level.

Middle East Healthcare Co. (Saudi German Health) faces a high risk of exclusion, with both its market capitalization and free-float-adjusted market capitalization below the specified thresholds, AlJazira Capital added.

AlJazira Capital - Report on upcoming MSCI index review in November 27/10/2026