JPMorgan Says UAE Is Too Rich to Be an Emerging Market

JPMorgan Chase & Co. said it will remove the United Arab Emirates from its emerging-market bond indexes by June after the Middle Eastern nation exceeded the bank’s measures of wealth for three successive years.

The UAE, which accounts for 4.1% of the JPMorgan’s global diversified EM bond universe, will make its exit in four equal decrements beginning March 31, the New York-based bank said in a statement. The country will also fully leave the euro-denominated bond grouping — where it has a 1% weight — on March 31.