Index compiler MSCI's move to extend a review on whether to upgrade the UAE to emerging status shows the oil exporter's progress in developing its capital markets, the chief executive of Nasdaq Dubai bourse said.
MSCI has extended the review period for both the UAE and Qatar to December. It cited the May introduction of Deliver versus Payment (DvP) settlement systems as a key reason for this delay, which will give market participants more time to give their feedback. [ID:nN1E75K1W1]
"The UAE markets are evolving in the right direction," said Jeff Singer, chief executive of Nasdaq Dubai, one of three bourses in the UAE.
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