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Within Arab world, promotion of Palestine to Frontier market status will be implemented in conjunction with the rescheduled annual review of the FTSE Frontier Index in September 2016.

Qatar stocks will be promoted from Frontier to Secondary Emerging next year while Saudi Arabia and Kuwait markets will join the Watch List for possible addition to Secondary Emerging market status, the global index provider FTSE Russell said in a statement.

Within Arab world, promotion of Palestine to Frontier market status will be implemented in conjunction with the rescheduled annual review of the FTSE Frontier Index in September 2016.

"Qatar will be removed from the Frontier index in September 2016. In recognition of the potential liquidity demands arising from its promotion, Qatar's inclusion as a Secondary Emerging market status will be effected in two tranches. The first tranche of 50 per cent will be implemented in conjunction with the semi-annual review of the FTSE Global Equity Index Series (GEIS) in September 2016 and the second 50 per cent tranche will be implemented in conjunction with the March 2017 semi-annual review," the statement explained.

Regarding Saudi Arabia, the London-based index provider said the market would join the Watch List for possible addition to Secondary Emerging market status based on the prospective opening of the market to international institutional investors by means of the Qualified Foreign Investor (QFI) licence scheme. FTSE Russell will engage with the market as it works towards meeting the requirements for Secondary Emerging status. "Our strong governance process is one of the key components of our offering as a leading global index provider. The Annual FTSE Country Classification Review demonstrates our commitment to promoting transparency and openness in the development and reconstitution of all our benchmarks," said Chris Woods, Chairman of the Governance Board at FTSE Russell.

Following the September 2015 annual review, FTSE confirmed  Greece will be demoted from Developed to Advanced Emerging due to the recent extended market closure, imposition of capital controls on domestic investors and continued economic instability; these are not characteristics associated with a stable Developed market. The demotion of Greece from Developed to Advanced Emerging status will be implemented in conjunction with the semi-annual review of the FTSE Global Equity Index Series (GEIS) in March 2016.