The UAE and Qatari stock exchanges will find out later today (2300 GMT) if they will be “promoted” from index compiler MSCI’s “frontier” market index to the “global emerging market” index. The upgrade would be welcome news to both markets, although they would have a relatively small impact on the emerging market index which is heavily weighted toward BRIC nations and South Korea. There are doubts that Qatar will make it this time around because of its 25% limit on foreign ownership. The “global emerging market” index requires “significant” foreign ownership. There are doubts about Dubai as well, though the Dubai exchange, currently trading near 2004, extended gains on speculation about a MSCI upgrade.