Qatar said Wednesday index provider MSCI Inc.'s MSCI +0.10% decision to delay upgrading the Gulf Arab state's financial market and that of the United Arab Emirates to emerging market status was positive, and vowed to press ahead with efforts to further develop the local bourse.
MSCI announced earlier Wednesday that it would carry out a review on whether to upgrade the U.A.E. and Qatar to emerging market status from frontier market because it needed more time to study whether the promotion was warranted. The review will also allow market participants to provide feedback on changes both countries have made recently to their bourses.
"Qatar Exchange views the decision as recognition of the positive steps taken by the exchange and the regulators in Qatar to meet the requirements of the MSCI and satisfy the needs of the international institutional investors," it said in statement on its website.
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