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Fields of green
ENAR

by Thomas Schellen
Dubai World Trade Center

Although the MSCI EM and EFM indices implied a bad month for emerging and frontier markets, with losses of 7.6 percent and 7.4 percent respectively for September, and although both indices were barely above water for the nine months ending on September 30, this tristesse did not reflect the performance of Arab markets in the first three quarters of 2014. With year-to-date index gains ranging from 4.8 percent in Kuwait to 53 percent in Dubai, the first nine months of 2014 showed green arrows for all Arab markets, despite geopolitical specters, regional security concerns, local corrections and confusions caused by lack of transparency and governance. The third quarter concluded with concerns over terrorism and increasing violence. Most securities markets in the five Arab countries that enrolled in President Barack Obama’s new aerial campaign against the Islamic State of Iraq and Syria (ISIS) moved lower in week 39 as coalition aircraft

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