A little bit over a year ago investors were scrambling to position themselves for what many believed was already overdue for the wealthy petrodollar economies of the United Arab Emirates (UAE) and Qatar: an upgrade to the coveted Emerging Market (EM) status from Frontier Market (FM) by the global index compiler MSCI.
After all, it was the second review and some changes had been made. Yes, critical issues, such as foreign ownership limits in Qatar, were still going to be an impediment to an upgrade.
But most hopes were pinned to stated objectives by authorities and a reform train that was moving along, albeit slowly. And the potential benefits for domestic and foreign investors appeared glaringly obvious.
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