KUWAIT: Capital markets will gain from MSCI inclusion and a new debt law

GULF COUNTRIES - Report 12 Jul 2019 by Rory Fyfe and Justin Alexander

Kuwait’s upgrade to MSCI emerging market status was enabled by reforms to professionalize the market and attract foreign investors. The impact of these changes, which drove earlier upgrades from FTSE Russell and S&P Dow Jones, has been positive in terms of inflows and performance, which should continue. The bond market will benefit from a new debt law, which has been held up in parliament, but we now expect it will be passed this summer, opening the door for new and longer-term sovereign or quasi-sovereign issuance.

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