Veteran investor Mark Mobius said he would consider investing in Greece since its downgrade to emerging market status, and also praised the euro as a "resounding success".
Mobius, who chairs the Franklin Templeton Emerging Markets Group with $53 billion in assets under management, said the group was interested in Greece, but that no decision had been made yet. The indebted euro zone country was downgraded to emerging markets status by index compiler MSCI last summer, which came into effect this Wednesday.
"We're going to have to look at the banks very closely…a lot of these prices have already gone up," Mobius told CNBC, speaking from the sidelines of the Global Islamic Economy Summit in Dubai this week.
(Read more: Greece's emerging market status: Good news really?)
"I told all the Greeks they have been upgraded to emerging markets... They are beginning to grasp the reform agenda," he added with a laugh.
Mobius also praised the euro, and said he firmly believed the common currency was on a solid footing, despite the region's lingering debt problems. He foresaw more reforms to privatize state-owned enterprises in the region, a process that would take time due to recurring labor unrest.
"I never believed that the euro zone will break apart," he said. "The euro currency has been a resounding success. But the problem in Europe is the role of government in these countries is much too large."
(Read more: Markets headedhigher, Mark Mobius says)
Mobius added that the Federal Reserve's eventual tapering off of its bond purchases would not derail price valuations in emerging markets, although the ramifications were difficult to gauge as it would depend on the response of other central banks. He remained confident that the U.S. bull run — which saw the benchmark Dow Jones Industrial Average rally to a record close of 16,097.33 on Wednesday — still had legs.
However, he retained his real excitement for frontier markets (a subset of less developed emerging markets), picking Nigeria, Kenya and Ghana as his top three in Africa. Nigeria is currently Franklin Templeton's largest allocation in its frontier markets fund, worth 12.86 percent.
(Read more: The world's best performing frontier markets)
"The great thing about frontier markets is the variety is so great…the lack of correlation between these markets is incredible," said Mobius.
— By CNBC's Yousef Gamal El-Din. Follow him on Twitter: @youseftv