Gulf investors are preparing for a key decision this week on whether bourses in the UAE and Qatar will be upgraded to emerging-markets status from their present frontier-markets ranking.
But volatility in global markets is likely to dampen any party in the event of a positive decision on Wednesday from the global index compiler MSCI.
"Last year, everyone was interested and thought that foreigners will come in if we get upgraded," said Mohammed Ali Yasin, an independent capital markets expert in Abu Dhabi. "But there's a lesser chance for it to happen now because there's less liquidity in the world for internationals to go elsewhere, especially the Europeans."
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