In June of each year, MSCI performs an annual review to declare whether any country up for evaluation will be reclassified to a different market level. MSCI also communicates whether any new countries will be reviewed for the upcoming year.

According to the press release, this years market classification review hadno changes from the previous year. Four countries will not be moved to a different market classification and each of them will stay on the list to be re-evaluated during the 2011 Annual Market Classification Review.

Both Korea and Taiwan were under review to be considered Developed Markets, however, both will remain as part of Emerging Markets. The exchange-traded fund that tracks Taiwan is iShares MSCI Taiwan Index (EWT: Profile, Quote, Advanced Chart, News).

In the same way, UAE and Qatar were under review to be considered Emerging Markets, but both will remain as part of Frontier Markets for at least another year.

The Abu Dhabi Securities Exchange (ADX) has set a two-day conference in October, devoted solely to ETFs and how they can benefit the United Arab Emirates (UAE) financial markets. According to CPI Financial, the conference will take place on October 19^th and 20^th and will be followed by two days of workshops. The chief executive for ADX, Tom Healy, provided his view on the importance of holding the conference by saying, “The ADX has been encouraging the establishment of more collective investment schemes in the UAE and ETFs are an excellent model for this market. Because there is very limited experience of ETFs locally, it is important for us to hear and learn from international experts.” CPI Financial reports that the conference will focus on helping investors understand ETFs with respect to Islamic principles. In addition, a portion of the agenda will be dedicated to a look at successful ETF listings and how investors can utilize these types of funds to diversify their portfolios. By the end of 2008, the UAE is expecting to have the regulations set for its first ETF on the ADX.

The newly introduced Dow Jones GCC Titans 40 Index now has a Van Eck ETF to track its performance. The ETF, known as Market Vectors-Gulf States Index ETF (MES), is designed to follow the Gulf Cooperation Council member states, according to Business Wire. MES is set to trade on the NYSE Arca exchange and is made up of 40 components that trade in five out of the six GCC member states of Bahrain, Kuwait, Oman, Qatar and United Arab Emirates (UAE). In a recent Market Watch article Jan van Eck, head of Van Eck Global, talks of the popularity of this region by saying, “The Gulf region is one of the world’s fastest growing and most sought after markets. The countries are seeking to diversify away from energy and to develop their financial markets.” To be eligible for the index, stocks must have at least $1 million of average daily trading volume. In an effort to maintain diversity, Market Watch points out that the weight of any stock is capped at 8% and there is a limit of 15 companies per country.

Investors now have a vehicle to track the performance of the Middle East region. WisdomTree has just debuted its newest ETF on the Nasdaq Stock Market, known as WisdomTree Middle East Dividend Fund (GULF). Business Wire reports that GULF will provide exposure to about 70 dividend-paying companies located in Bahrain, Egypt, Jordan, Kuwait, Morocco, Oman, Qatar and the United Arab Emirates. President of WisdomTree, Bruce Lavine, discusses his view of the new fund in the following Business Wire quote, "The growing economies of the Middle East region, while driven by increasing revenues from oil exports, are becoming more diversified. We estimate that equities trading in the Middle East region now make up nearly 2% of the world’s total market capitalization. Further, the equity returns in the Middle East have historically demonstrated a low correlation to the U.S., developed, and even Emerging Markets, and may be a source of portfolio diversification.”

The Dow Jones GCC Titans 40 Index has now been introduced, and Van Eck Global will issue the first ETF to follow the Gulf Cooperation Council member states. Market Watch reports that the new index is made up of 40 components that trade in five out of the six GCC member states of Bahrain, Kuwait, Oman, Qatar and United Arab Emirates (UAE). Jan van Eck, head of Van Eck Global, talks of the popularity of this region by saying, "The Gulf region is one of the world’s fastest growing and most sought after markets. The countries are seeking to diversify away from energy and to develop their financial markets.” To be eligible for the index, stocks must have at least $1 million of average daily trading volume. In an effort to maintain diversity, Market Watch points out that the weight of any stock is capped at 8% and there is a limit of 15 companies per country.