Upgraded to ‘emerging market’ status

The UAE and Qatar have been upgraded to ‘emerging market’ status by index compiler Morgan Stanley Capital International, a long-desired promotion that Abu Dhabi hopes will encourage foreign investment. Like much of the Gulf, the UAE wants to expand private sector trading, both to raise its profile and reduce its dependence on oil-based revenues. Greater market liquidity could also reduce its reliance on foreign markets when it comes to raising money for domestic projects.