Foreign investors are flocking to Saudi Arabia’s equity market, having bought stocks at record worth in January, Bloomberg reported. Investors express optimism as the Saudi Arabia stock market has been upgraded to the rank of the largest global exchange floors.

In January, speculators outside the Middle East invested in total 4.4 billion riyals ($1.17 billion) in Saudi equities that was the highest value since 2015.

Foreign institutional investors also welcome the news that the Tadawul All Share Index (TASI) comprising shares of domestic companies will soon be assigned to the group of emerging markets. The news could encourage more capital inflows to the Saudi stock market. Interestingly, analysts report that Saudi investment funds have been cutting purchases of domestic shares.