Tadawul trading screen
AlJazira Capital said it does not expect any additions in MSCI EM Standard Index during the index provider’s upcoming review on Aug. 12. 
Saudi Manpower Solutions Co. (SMASCO), however, remains a potential candidate for inclusion in small cap index, the brokerage said in a recent report.
Mouwasat Medical Services Co., SAL Saudi Logistics Services and Tadawul Group remain primary candidates for deletion. Mouwasat with both market capitalization and free-float adjusted levels below estimated thresholds (as per closing prices of July 20, 2026) is a top contender for exclusion from the standard index, AlJazira Capital said.
Potential Exclusions from MSCI EM Standard Index
Company
Market capitalization
(SAR bln)
Reason
Passive Outflows
Mouwasat
12.0
Below market cap limit
About SAR 375-750 million
SAL
13.1
Below market cap limit
About SAR 375-750 million
Tadawul Group
15.0
Below market cap limit
About SAR 375-750 million
Ataa Educational Co. and Miahona Co., each with lowest market cap among index constituents, are high probability exclusion candidates from Small Cap Index. Besides these two, Avalon Pharma, Tasheel and Alsaif Gallery also have chances of exclusion, according to the report.
SMASCO, which was excluded in May review, is qualifying for market capitalization and free-float adjusted market capitalization cut-offs with more than 12% recovery in stock price since last three months. Thus, SMASCO is potential candidate for inclusion in small cap index, it noted.
AlJazira Capital -MSCI Quarterly Index Review Report (28/7/2026)
Tadawul trading screen
AlJazira Capital said it does not expect any additions in MSCI EM Standard Index during the index provider’s upcoming review on Aug. 12.
Saudi Manpower Solutions Co. (SMASCO), however, remains a potential candidate for inclusion in small cap index, the brokerage said in a recent report.
Mouwasat Medical Services Co., SAL Saudi Logistics Services and Tadawul Group remain primary candidates for deletion. Mouwasat with both market capitalization and free-float adjusted levels below estimated thresholds (as per closing prices of July 20, 2026) is a top contender for exclusion from the standard index, AlJazira Capital said.
Potential Exclusions from MSCI EM Standard Index
Company
Market capitalization
(SAR bln)
Reason
Passive Outflows
Mouwasat
12.0
Below market cap limit
About SAR 375-750 million
SAL
13.1
Below market cap limit
About SAR 375-750 million
Tadawul Group
15.0
Below market cap limit
About SAR 375-750 million
Ataa Educational Co. and Miahona Co., each with lowest market cap among index constituents, are high probability exclusion candidates from Small Cap Index. Besides these two, Avalon Pharma, Tasheel and Alsaif Gallery also have chances of exclusion, according to the report.
SMASCO, which was excluded in May review, is qualifying for market capitalization and free-float adjusted market capitalization cut-offs with more than 12% recovery in stock price since last three months. Thus, SMASCO is potential candidate for inclusion in small cap index, it noted.
AlJazira Capital -MSCI Quarterly Index Review Report (28/7/2026)
