Qatar and the UAE are racing to meet the MSCI's criteria for an upgrade to "emerging market" status with just a month to go before a decision is made by the index compiler.
Both countries' markets have to meet various MSCI criteria before an upgrade from "frontier" to "emerging market" status, but neither has so far fulfilled all the requirements.
The limit on foreign ownership in the country's stocks and putting into practice a key settlement mechanism, the so-called delivery versus payment system (DvP), are still a problem for both markets.
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