Related: Leveraged ETF Continues to Benefit as Emerging Markets Sell-Off Deepens

The Middle Eastern country is currently up for reclassification from FTSE Russell and MSCI as both indexers have announced earlier this year that Saudi Arabia will be upgraded to emerging market status, which previously bolstered sentiment for the market among international investors. The latest on actions from government funds may be a way for Riyadh to strengthen sentiment on the emerging market in the wake of the Khashoggi saga.

“It already appears that the outline of a potential face-saving deal is emerging” on the Khashoggi probe, Michael Every, the head of Asia financial markets research at Rabobank, wrote in a note.

For more information on the developing economies, visit our emerging markets category.