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Qatar Exchange today marked the decision taken by MSCI last night to maintain the status of Qatar as a “Frontier” market and remain under review for potential reclassification to “Emerging” market as part of the 2012 annual market classification review as understandable in view of the fact that no changes have yet been made to foreign ownership limits since the June announcement by the MSCI.
Commenting on the decision, a spokesman for the Qatar Exchange cited the positive steps taken by the Exchange and the regulators in Qatar to meet the criteria set by the index compiler MSCI including the improvement of the infrastructure of the market, the appointment of international custodians and implementation of the DvP process which have received wide international recognition and appreciation. A resolution to the remaining DvP related issue that was identified by MSCI is currently under consultations with the regulator.
“Although we would have been happy if the reclassification has been achieved, we remain confident that the Qatari Market will continue its drive towards success motivated by the strong economy of the State of Qatar and the favourable performance of the companies listed on the exchange”, the spokesman said.
“This year, QE is expected to be the best performing market in the region and one of the best dividend paying markets globally”, he added.
