erated to 22x =nto MSCI EM inclusion with 0ubai up +110% (vs +47% prey year). Qatar was =rading inline with historic avg @llx PE and rerated to 18x =SCI EM inclusion with Qatar up +60% (vs +9% prey year) 6. Saudi risk indicators at 2015 =re-crisis levels a Saudi Syr =DS is trading at 76 vs 40-210 3yr r