Saudi market Tadawul, which alone accounts for 41.2 percent of the total net profit of GCC listed companies for FY2018, recorded a growth of 1.3 percent.
With total internet penetration surpassing 60 percent in the Middle East, representing more than 150 million users, Chinese venture capitalists and angel investors are starting to take notice of the region.
The promise of the market has lured global online travel brands such as Booking.com and Expedia, as well as brands that have grown up in similar emerging markets such as Africa, South-East Asia and India
Proceeds from the Sabic deal, which Saudi Aramco has said is expected to close in 2020, could take a few months to come through to PIF, while a document seen by Reuters said the oil giant will pay for the deal in tranches.
In the early days of Islamic funds, the core customer base was made up of investors seeking a return from the market in a manner that did not contravene their religious, or ethical principles.