Index provider MSCI will make a decision in June 2018 on whether to upgrade Saudi Arabia and Kuwait to emerging market status. Saudi has a 100 per cent probability of winning an inclusion, according to EFG Hermes. Bloomberg
Index provider MSCI will make a decision in June 2018 on whether to upgrade Saudi Arabia and Kuwait to emerging market status. Saudi has a 100 per cent probability of winning an inclusion, according tShow more

Saudi Arabia set to win MSCI emerging market status in June, says EFG Hermes



Saudi Arabia has a 100 per cent probability of being included in the MSCI’s emerging market index next month, after the kingdom was put on a watchlist for inclusion last year, according to investment bank EFG Hermes.

“We see no reason why MSCI would not upgrade Saudi Arabia to emerging markets status this June,” the analysis on Sunday said.

Index compiler MSCI is expected to announce a decision on whether to upgrade Saudi stocks to EM (emerging market) status next month, a move that would help the country attract billions of dollars into the Middle East and North Africa (Mena)’s biggest stock exchange, which has a market capitalisation of $500 billion.

The promotion would follow a similar move by index compiler FTSE Russell in March, and be a second achievement for the kingdom, which has been implementing a series of reforms to develop its capital markets in line with its Vision 2030 economic diversification strategy.

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EFG Hermes said on Sunday the earlier FTSE decision means MSCI will be able to observe two tranches of FTSE implementation, “giving them comfort that any hiccups observed” during those trades would be addressed by the relevant Saudi authorities.

“The MSCI May 2018 trade is around $36bn (two-way flows), meaning that a Saudi upgrade is manageable in two tranches,” the bank said.

Kuwait, which is also vying to diversify its economy and reduce its reliance on oil, should also be upgraded to emerging market status this June on the back of reforms undertaken by the Kuwait stock exchange, EFG Hermes added. The country has a 75 per cent chance of inclusion.

The reforms implemented by Boursa Kuwait in the first half of 2017 and full year to date, "warrant a watch list addition this June for a possible upgrade to EM status,” EFG Hermes said. “Kuwait would easily meet EM requirements for size and liquidity for three stocks (bare minimum) if tested as new constituents, and if the current index is maintained using EM requirements, we would end up with eight constituents, 0.4 per cent of MSCI EM and around $1.7bn of inflows.”

Though Boursa Kuwait was the first stock exchange in the region, the country has struggled to modernise its economy following conflict with Iraq in the 1990s. It fell into deficit in 2015 for the first time since 1999, prompting the government to launch a series of reforms including its far-reaching Kuwait 2035 economic diversification strategy last January.

The strategy aims to increase private sector involvement in the national economy and attract higher levels of foreign investment across a range of sectors and in the capital markets.

The Kuwait stock exchange itself is preparing for its own initial public offering in the first quarter of 2019 amid a pick-up in equity capital market deals and a privatisation push by regional governments.

Company profile

Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
  • Biogenix Labs in Masdar City
  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
  • Bareen International Hospital
  • NMC Specialty Hospital, Al Ain
  • NMC Royal Medical Centre - Abu Dhabi
  • NMC Royal Women’s Hospital.
FROM THE ASHES

Director: Khalid Fahad

Starring: Shaima Al Tayeb, Wafa Muhamad, Hamss Bandar

Rating: 3/5

Hot Seat

Director: James Cullen Bressack

Stars: Mel Gibson, Kevin Dillon, Shannen Doherty, Sam Asghari

Rating: 1/5

Everything Now

Arcade Fire

(Columbia Records)

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press

MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

ESSENTIALS

The flights

Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.

The trip

From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

Paltan

Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5

Company Profile

Name: Raha
Started: 2022
Based: Kuwait/Saudi
Industry: Tech Logistics
Funding: $14 million
Investors: Soor Capital, eWTP Arabia Capital, Aujan Enterprises, Nox Management, Cedar Mundi Ventures
Number of employees: 166

Anti-semitic attacks

The annual report by the Community Security Trust, which advises the Jewish community on security , warned on Thursday that anti-Semitic incidents in Britain had reached a record high.

It found there had been 2,255 anti-Semitic incidents reported in 2021, a rise of 34 per cent from the previous year.

The report detailed the convictions of a number of people for anti-Semitic crimes, including one man who was jailed for setting up a neo-Nazi group which had encouraged “the eradication of Jewish people” and another who had posted anti-Semitic homemade videos on social media.

TECH SPECS: APPLE IPHONE 14 PLUS

Display: 6.1" Super Retina XDR OLED, 2778 x 1284, 458ppi, HDR, True Tone, P3, 1200 nits

Processor: A15 Bionic, 6-core CPU, 5-core GPU, 16-core Neural Engine 

Memory: 6GB

Capacity: 128/256/512GB

Platform: iOS 16

Main camera: Dual 12MP main (f/1.5) + 12MP ultra-wide (f/2.4); 2x optical, 5x digital; Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting

Main camera video: 4K @ 24/25/3060fps, full-HD @ 25/30/60fps, HD @ 30fps; HD slo-mo @ 120/240fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR

Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4; Animoji, Memoji; Portrait Lighting

Front camera video: 4K @ 24/25/3060fps, full-HD @ 25/30/60fps, HD slo-mo @ 120fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR

Battery: 4323 mAh, up to 26h video, 20h streaming video, 100h audio; fast charge to 50% in 30m; MagSafe, Qi wireless charging

Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay)

Biometrics: Face ID

I/O: Lightning

Cards: Dual eSIM / eSIM + SIM (US models use eSIMs only)

Colours: Blue, midnight, purple, starlight, Product Red

In the box: iPhone 14, USB-C-to-Lightning cable, one Apple sticker

Price: Dh3,799 / Dh4,199 / Dh5,049

The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

57 Seconds

Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

COMPANY PROFILE

Company name: Supy
Started: 2021
Founders: Dani El-Zein, Yazeed bin Busayyis, Ibrahim Bou Ncoula
Based: Dubai
Industry: Food and beverage, tech, hospitality software, Saas
Funding size: Bootstrapped for six months; pre-seed round of $1.5 million; seed round of $8 million
Investors: Beco Capital, Cotu Ventures, Valia Ventures and Global Ventures


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