Saudi has moved closer to upgraded market status, unlocking investment billions.

Saudi Arabia’s addition to the MSCI Emerging Markets watch list is a crucial step in moving it closer to joining a major global index, but ramifications of the appointment of Muhammad bin Salman as crown prince could be more far reaching. On the one hand it implies that the modernizing efforts he has driven are here to stay – seen as positive for the kingdom’s long-term economic prospects. On...