Following up on our MSCI November Semi-Annual Index Review (SAIR) analysis we published on 8 Sept. We continue to see only two possible changes for MENA within MSCI EM : 1) existing constituent DFM UH fails free float market cap requirements for existing constituents within MSCI UAE Standard Index by 11% ; should it stay below the threshold we expect DFM UH to be deleted leading to passive outflows of cUSD41mn ; and 2) DXBE UH is a small cap name that should migrate to the MSCI UAE Standard Index (and therefore MSCI EM) should its Mcap be 50% above MSCI UAE’s Mcap segment cut-off at the price cut-off date. DXBE current Mcap is c1% below the migration threshold. A migration for DXBE should result in cUSD82mn passive inflows. It is worth noting that the price cutoff date for the November SAIR is any of the last 10 business days of October, i.e. starting the close of 18 October 2016. (MSCI, Mohamad Al Hajj)