MSCI Incorporated adds Arabtec to frontier markets gauge

MSCI Incorporated has added Dubai-builder Arabtec to its frontier markets gauge just weeks before announcing the outcome of its latest classification review.

Oman Cement Company and Oman International Bank were also added to the Frontier Markets Index, MSCI said in a statement on Wednesday.

Arabtec’s shares were down 1.03 per cent to Dh2.89 at 12 noon on the Dubai Financial Market. The stock has experienced wild swings lately amid uncertainty over Aabar Investments’ increased stake in the company.

The UAE and Qatar are hoping for an upgrade to emerging market status in June after being denied on numerous occasions in recent years.

“I am more confident at this juncture that the UAE will be upgraded to emerging market status by the MSCI this coming June, with many affirmative actions having taken place across regional markets,” said Peter Gotke, head of GCC depositary receipts at BNY Mellon.

“It remains a priority that both the UAE, and Qatar, continue to attract institutional foreign investment, to provide enhanced stability for region,” he added.