The study looked at stock markets in the Middle East and North Africa to see if they provide good opportunities for diversification. They found that markets in Egypt and Saudi Arabia are somewhat separate from developed markets like the USA and UK, which could help diversify a global investment portfolio. Additionally, markets in Bahrain, Jordan, and Morocco are not closely connected to either developed or regional emerging markets, offering potential diversification benefits to international investors. These findings can help investors create better portfolios and assist policymakers in making economic decisions.