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Tue 12 Apr 2011 01:00 PM

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Qatar committed to emerging market upgrade, official says

Upgrading to emerging market status is part of strategic plan to develop Qatar’s market and economy

Qatar committed to emerging market upgrade, official says
(Getty Images)

Qatar is committed to earning an emerging market status from influential index complier MSCI, the chief executive of the country's financial markets authority said on Tuesday.

MSCI will announce its verdict in June, but Qatar has so far failed to increase its foreign investment from 25 percent, which was one of the key requirements stated by MSCI at its 2010 review.

Upgrading to emerging market status was part of the strategic plan to develop the Qatar market and economy, Nasser al Shaibi told reporters on the sidelines of a conference in Abu Dhabi.

"Very soon we plan bonds and sukuk for listing. We are also studying introducing a liquidity provider to the market" said Shaibi.

UAE domestic bourses, which are also seeking an upgrade in its status, said it will launch a new Deliver Versus Payment (DvP) system on April 28 to bolster the country's chances.

Qatar's index QSI moved to the DvP system on Monday.