A possible upgrade for the UAE to emerging market status may not be the good news most investors have been expecting, says the veteran emerging markets investor Mark Mobius.
Stock exchanges in the country have been working towards inclusion in MSCI's emerging markets index to try to raise the profile of locally traded stocks.
"In reality it won't increase investments. It might actually decrease investments because you become a small fish in a big pond," said Mr Mobius, who oversees more than US$54 billion (Dh198.33bn) as the executive chairman of Templeton Emerging Markets Group.
Although the UAE and Qatar have a "good chance" of an upgrade from the index compiler, the inclusion "is not too material" for the fund, he said.
The UAE is seeking to secure an upgrade from frontier markets status at MSCI, which is expected to revisit the assessment in June.
"The weighting of these countries will be relatively small so in some ways it's better for them to be in the frontier category," Mr Mobius said at a roundtable in Dubai.
Only 3.3 per cent of UAE stocks are held by foreign investors, a research note from AlRamz Securities showed, a factor that some market experts say can be resolved only by an upgrade.
"Clearly, gaining emerging market status will lift the local market on the back of a wave of foreign money," said Daniel Broby, the chief investment officer at Silk Invest in London, who added the MSCI emerging market index was tracked by investors with an estimated $5bn in assets.
"Dubai debt will be relegated to yesterday's story," Mr Broby said.
Six of the seven GCC bourses are classified as frontier, a category that typically applies to less developed, more volatile financial markets from which most international fund mangers shy away. Saudi Arabia is not classified.
Deep Sitlani, who covers emerging markets for Commerzbank in Dubai, said the UAE could attract about $2.5bn in foreign investment if it became an emerging market.
"The pool of funds getting directed to emerging markets is very large, whereas funds still don't have an appetite for frontier markets," Mr Sitlani said.
fhalime@thenational.ae
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Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
'Doctor Strange in the Multiverse Of Madness'
Director: Sam Raimi
Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams
Rating: 3/5
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
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Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Match info:
Leicester City 1
Ghezzal (63')
Liverpool 2
Mane (10'), Firmino (45')
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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