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Dow Jones has teamed up with the Dubai International Financial Center (DIFC) and the Dubai-based investment bank Shuaa Capital to create a regional blue-chip index of leading firms. The index, which is scheduled for launch in first-quarter 2004, will be based on the stock prices of 50 of the Arab world's local companies, a Dow Jones spokeswoman told Stratfor on Oct. 8.
The new Dow Jones-DIFC Arabia Titans 50 Index certainly will benefit the listed companies. The association with Dow Jones also will add a reassuring level of legitimacy for Western investors searching for the next emerging market and make these firms more attractive as destinations for both foreign and domestic investment. The index also will raise regional standards of corporate transparency, since companies listed will be held to Western rules and regulations. Any companies that aspire to join the index (should any listed companies fall off), hoping to reap the benefits of increased legitimacy and potential investment, will adjust their levels of transparency accordingly.
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