Stock markets in the GCC have had a rough few weeks, following the recent drop in oil prices. Dubai’s index tumbled 9.2 per cent in December, while Saudi Arabia’s Tadawul also saw its year-to-date gains almost wiped out last month.
However, despite the drastic impact that the oil slump had on the region’s bourses, Dubai’s index still ended 2014 12 per cent higher, while Qatar saw a gain of 18.4 per cent.
Excluding December, the year 2014 was a landmark one for the region’s bourses – UAE and Qatar were both upgraded from frontier markets to emerging markets by index compilers MSCI and S&P Dow Jones Indices.
“It is a statement about the way those markets have started to develop,” said Alexander Matturri, CEO of S&P Dow Jones Indices, in an exclusive interview with Gulf Business.
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