MSCI Inc. announced that it will upgrade the MSCI Kuwait indexes to emerging markets status as part of its May 2020 semiannual index review after the Kuwaiti equity market succeeded in meeting necessary requirements.

"Kuwait's addition adds further diversification to the MSCI Emerging Markets Index with an estimated weight of 0.69%," said Sebastien Lieblich, global head of index solutions and chairman of the MSCI Equity Index Committee.

MSCI will issue more details about implementation and a set of provisional indexes up to Jan. 31, 2020.

"We welcome the latest market accessibility enhancements introduced by the Kuwaiti authorities that now allow international institutional investor to benefit from omnibus account structures and same NIN cross trade capabilities," Lieblich said.