MSCI to include UAE’s etisalat, Qatar’s Nakilat in EM index

Dubai: Equity index compiler MSCI will add UAE telecommunications operator etisalat

and Qatar Gas Transport Co (Nakilat) to its emerging markets index, a statement on MSCI’s website said.

MSCI also said it would delete Qatari drilling rig provider Gulf International Services from the emerging markets index, while adding Bahrain’s Ahli United Bank to its frontier markets index. The changes will take effect at the end of this month.

Etisalat cleared the way for its inclusion earlier this year by permitting institutional and foreign investment in its shares, although foreigners will still not have voting rights.

Arqaam Capital estimated earlier this year that Etisalat could attract $460 million (Dh1.7 billion) of passive fund inflows because of inclusion, while EFG Hermes estimated $360 million. The stock, which has gained 29 per cent since June because of hopes for index inclusion, has a market capitalisation of $36.5 billion.