"Qatari and United Arab Emirates shares rallied after MSCI Inc. (MSCI) upgraded both countries to emerging-market status, stoking bets foreign investors will channel more money into equities in the oil-exporting region.
Qatar’s benchmark QE Index advanced to the highest level in almost five years, while shares in Abu Dhabi, one of seven emirates that make up the U.A.E. along with Dubai, jumped the most in the world today. Following five years of review, MSCI, whose equity indexes are tracked by investors with about $7 trillion in assets, will promote the two countries from frontier-market status as of May 2014.
“It has been a long journey, but we’ve finally arrived,” said Georges Elhedery, head of global markets for the Middle East and North Africa at HSBC Holdings Plc. “Today’s decision firmly establishes the region on the emerging-markets growth map in the minds of global institutional investors.”"
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