International equity index firm S&P Dow Jones Indices had reached a decision to upgrade Qatar and the UAE to emerging markets status from frontier market status. This upgrade would be put in place by September 2014 according to its company website.

The firm cited Qatar's efforts to increase foreign ownership limitations for its stock market. The level though is still below what most emerging markets would have alongside the reforms the government undertook as to its trading facilities as well as settlement systems.

The foreign ownership limit in the United Arab Emirates is at 49% has been deemed satisfactory. There is also an expectation, according to S&P Dow Jones, that this level would be increased in the coming years. 

As for other markets which will retain emerging markets status are Morocco and Egypt while frontier status would be retained Bahrain, Kuwait and Oman. Saudi Arabia would be classified as a 'standalone market', according to the firm.