The UAE is under review for a possible upgrade to emerging market status in the country classification for the Standard & Poor's (S&P) Global Equity Index Series in 2012, according to an S&P document seen by Gulf News on Monday.
The move could open the floodgates to foreign capital inflows into the country's cash-strapped markets.
"By August 26, we will conclude the consultation process. Then we will review it with our index committee in New York. In the first quarter of of 2012, the announcement will be made, if there's an upgrade," Charbel S. Azzi, S&P Indices Head of Client Coverage (Middle East and Africa) told Gulf News in a telephone interview.
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