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The UAE and Qatar gained an assertive boost to their long quest for a critical market upgrade with international equity index compiler S&P Dow Jones Indices announcing on Thursday its decision to promote both countries to emerging markets status from frontier market category with effect from September 2014.
S&P Dow Jones Indices move is line with a similar decision announced a few months ago by another stock market index provider, MSCI, to rope in both countries to emerging market category, an elevation that pundits believe could trigger foreign investment inflow of between US$1.5 billion and US$3 billion to the region over the next few years.
As good news continued to pour in, IP Global, a leading property investment company, said Dubai and Edinburgh have debuted in its Q3 investment hot list, alongside US destinations including Chicago, New York, Boston and Seattle, and the Australian cities of Melbourne, Sydney and Brisbane.
Paul Preston, director and head of IP Global Middle East, said after the release of its latest Property Barometer for Q3 2013: “We are pleased to see Dubai benefiting from rising economic confidence across the Mena region. Prices have risen an impressive 11.9 per cent in 2013 to date, with potential for more growth in a market that remains 30 per cent below the peak levels of 2008. The ever increasing inflow of expat workers in the city from all over the world is a key factor in driving consistent rental rises.?