Dubai: Global markets index provider MSCI late on Wednesday officially reclassified the MSCI United Arab Emirates (UAE) and MSCI Qatar Indexes from Frontier Markets to Emerging Markets, coinciding with the May 2014 Semi-Annual Index Review.
As part of the May 2014 Semi-Annual Index Review, there are no additions and one deletion from the MSCI UAE Index, resulting in nine constituents. The nine companies in the UAE Index are Abu Dhabi Commercial Bank, Aldar Properties, Arabtec, DP World, Dubai Financial Market, Dubai Islamic Bank, Emaar Properties, First Gulf Bank and National Bank of Abu Dhabi.
The MSCI UAE Index has a pro forma weight of 0.58 per cent in the MSCI Emerging Markets Index, based on data as of April 17, 2014.
There are five additions and one deletion from the MSCI UAE Small Cap Index, bringing the number of constituents to ten. The MSCI UAE Small Cap Index has a pro forma weight of 0.85 per cent in the MSCI Emerging Markets Small Cap Index.
The three largest pro forma constituents of the MSCI UAE Index are Emaar Properties (weight of 20.08 per cent), Aldar Properties (weight of 16.02 per cent), and DP World (weight of 13.84 per cent).
The MSCI Qatar Index included companies such as Al Rayan Bank, Barwa Real Estate, Commercial Bank of Qatar, Doha Bank, Ooredoo (telecoms) Qatar Electricity & Water, Qatar Industries, Qatar Islamic Bank, Qatar National Bank and Vodafone Qatar.
In the case of Qatar, there were no additions to the earlier list, but there were three deletions from the MSCI Qatar Index, resulting in ten constituents. The MSCI Qatar Index has a pro forma weight of 0.47 per cent in the MSCI Emerging Market Index.
The three largest constituents of the MSCI Qatar Index are Al Rayan Bank (weight of 25.90 per cent), Ooredoo (weight of 17.82 per cent), and Qatar National Bank (weight of 12.04 per cent).
There are two additions and three deletions from the MSCI Qatar Small Cap Index, bringing the number of constituents to eleven. The MSCI Qatar Small Cap Index has a pro forma weight of 0.64 per cent in the MSCI Emerging Markets Small CapIndex.
The three largest additions to the MSCI Emerging Markets Index measured by full company market capitalization are Qatar National Bank (Qatar), Industries Qatar (Qatar) and National Bank of Abu Dhabi (UAE).
