Fourth Quarter | 2023

In this year-end commentary, we turn our gaze to how the Gulf equity markets have evolved since our last assessment in 2019. Much has changed, but the GCC is still underrepresented in key emerging market indices. We examine four key factors to support this argument - listings, foreign ownership limits, free floats, and index changes in country composition - and explain why we think the GCC’s underrepresentation will diminish.