Efforts by the UAE and Qatar to become leading world financial centers took a step back on Tuesday after MSCI Inc. — whose indices are used by international investors to decide how to allocate their capital — put off a decision on whether to upgrade the two Gulf countries’ status.
MSCI said it would wait until December to decide if the countries’ stock markets met the criteria to be considered “emerging markets,” a rise in status from their current designation as “frontier markets.”
The decision to wait six months and reconsider is unusual, as MSCI announces such changes once a year.
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