Mubasher: Global Index and research giant MSCI upgraded the MSCI Kuwait Indexes from frontier to emerging market, according to Kuwait’s Capital Market Authority (CMA).

The upgrade followed Boursa Kuwait’s introduction of omnibus account structures and national investor number (NIN) cross trades made available for international institutional investors, as required by MSCI on June 2019, the CMA said in an early Thursday statement.

Those conditions were successfully fulfilled via Kuwaiti authorities’ decision No. 151 of 2019 on amending executive by-laws of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and Law No. 152 of 2019.

With the latest upgrade, Kuwaiti market is now classified as emerging market at the world’s three index providers, along with the S&P and FTSE Russell.

The world’s biggest index provider, formerly known as Morgan Stanley Capital International & MSCI Barra, included the MSCI Kuwait index in the Emerging Market Index in one phase during the May 2020 semi-annual index review.