MSCI upgrade 'overdue', says Dubai bourse chief

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai Financial Market on Wednesday welcomed the decision to upgrade UAE bourses to emerging markets status, saying the move was "overdue".

The decision by Morgan Stanley Capital International (MSCI) was hailed as a "significant step" by Essa Kazim, managing director and CEO, Dubai Financial Market.

In a statement, he said: "This significant step evidently demonstrates international institutions' recognition of DFM's pivotal role over the last thre years to further enhance the UAE market infrastructure.

"This development is overdue in light of the market infrastructure improvements made and ticking of all upgrade requirements a long time ago."

The upgrade could lead to up to $800m flowing into the Gulf states’ capital markets. MSCI’s market assessments are followed by investors with approximately $7trn worth of assets.

UAE markets surged in early trade on Wednesday following the upgrade.

Kazim added: "We are delighted to see the UAE market upgraded to Emerging Markets status, which reflects international investors' confidence in our markets and their satisfaction with what we have accomplished.

"The reignited interest of local and foreign investors towards DFM since the beginning of the year underlines that what we have implemented caters to investors' expectations and the attractiveness of UAE market to foreign investments."

DFM is among the best performing exchanges globally since the beginning of the year with its market index up by almost 50 percent.

The average daily trading value also increased 67 percent to AED460m compared to the corresponding period of 2012.

Related:
Topics
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi bank's $6bn IPO ignites religious controversy

Saudi bank's $6bn IPO ignites religious controversy

Plans by National Commercial Bank have prompted some clerics...

Petroleum producers shift attention from Middle East: Kemp

Petroleum producers shift attention from Middle East: Kemp

Following four decades of war, sanctions, nationalisation and...

1
Saudi Arabia accelerates reform push with market opening

Saudi Arabia accelerates reform push with market opening

Stock market move follows labour market reforms and a new mortgage...

Most Discussed
  • 15
    ‘How my Dubai mortgage landed me in a police cell’

    Not to undermine the ordeal Paris had to go through however I believe that buying a property no matter how busy I am should be followed up. Having said... more

    Friday, 31 October 2014 2:41 PM - sami
  • 10
    Do you actually own your house?

    This is unbelievable from Nakheel. In a case where we want landscape our garden with some tiles and grass costing around 12500, Nakheel is demanding a... more

    Thursday, 30 October 2014 9:06 PM - skp
  • 1
    Men arrested for working in women's shops in Saudi

    “We won’t spare any mall or shop employing expatriate men to sell women’s accessories,” the ministry’s director general in Makkah, Abdul Monem Al Shahri... more

    Friday, 31 October 2014 12:22 PM - cba