Due to insufficient liquidity within the UAE, Orascom Construction (OC DU / ORAS EY) will be reclassified as having an Egypt nationality by FTSE, coinciding with the September review, which will be effective as of the close of 16 September. The move of OC’s nationality to Egypt means the stock will remain in FTSE EM, under FTSE Egypt.  With regards to passive inflows , it is hard to predict what FTSE trackers (who own cUSD8mn of OC on Nasdaq) will do. Many FTSE Egypt All Cap members have GDRs including COMI and HRHO, but FTSE trackers hold GDRs of only two names – GTHE (most of the position is in GDRs) and OTMT (some of the position is in GDRs). ORAS EY implied market cap on EGX is 36% higher due to Nasdaq’s discount, which means ORAS EY’s weight in EM should be 36% higher than OC DU, but we are unsure, which market cap will be used to calculate Orascom Construction’s weight in the EM benchmark. if Orascom Construnction’s weight will be calculated using the ORAS EY market cap then this could mean an additional cUSD2.8mn inflows. (FTSE, Mohamad Al Hajj)