UAE, Qatar Triumphant As ‘Emerging Market’ Status

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At last, equity index provider MSC officially announced that UAE and Qatar have beenUAE, Qatar Triumphant As ‘Emerging Market’ Status upgraded to “emerging market status” seeing about $800 million of investment flow into the two countries.
UAE and Qatar was previously classified as frontier markets and their re-classification will take effect in May 2014.
Classification based to factors like economic development and bourse trading volumes, reclassified the two countries’ markets late last night.
MSCI’s market assessments to UAE and Qatar are followed by investors with approximately $7 trillion worth of assets.
MSCI commenced the developments of Qatar’s trading mechanism and the country’s authority’s effort and commitment to increase the foreign ownership limit on Qatari companies share.
On the other hand, MSCI also congratulates the improvements of Dubai Financial Market and Abu Dhabi Securities Exchange in trading mechanisms.
Dubai’s index rose 2.3 percent to 2,441 points, extending its 2013 gains to 45.3 percent. Dubai Financial Market, the Gulf’s only listed bourse, climbed 5.2 percent, while Emaar Properties gained 3.7 percent.
Abu Dhabi’s measure climbed 2.8 percent to 3,664 points, up 36.5 percent year-to-date. First Gulf Bank advanced 6.9 percent.
HSBC on a report last month said that it could see $430m of new investment flow into Qatar, and $370m into the UAE.
Meanwhile, Morocco and Greece were downgraded in MSCI’s review, the latter from an emerging market to frontier.