MSCI is expected to announce by end of this week (end of Sep.) the decision of the ongoing consultation for the potential reclassification of Nigeria to standalone from MSCI FM. FTSE said in Sep. that clients have seen continued significant delays in the repatriation of USD from Nigeria compared to other frontier markets. If Nigeria is cut from FM, MENA’s FM weight would rise from 37.8% now to 45.6% by May 2017, as Pakistan will be upgraded to EM. This could result in some money being reallocated to MENA countries within MSCI FM, especially Kuwait. For more details please see our 4 Sept. note  “‘Up or out’ trend seen in frontier markets could force flows into MENA”. (MSCI, Mohamad Al Hajj)