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
Risky business

Risky business

Libya’s stock market is one of the smallest in the Arab world...

'The gold rush is over'

'The gold rush is over'

Many blue chips are reviewing their emerging-market strategies...

Money talks for Gulf SWFs

Money talks for Gulf SWFs

The Gulf’s oil-rich sovereign wealth funds are seeking to increase...

2
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams