Banks are turning to institutions to generate fresh revenues as retail investors shy away from playing the local markets, says a top official at Abu Dhabi's biggest bank.
The volumes of traded shares on the Dubai Financial Market are scraping past 80 million, compared with highs that touched 900 million before the Dubai World crisis took hold. On the Abu Dhabi Securities Exchange, volumes have settled at about 50 million.
'What we want is long-term investors who recognise long-term opportunities here and are willing to back this market for the next five years,' Alan Durrant, the chief investment officer of National Bank of Abu Dhabi (NBAD) said yesterday. 'If people are largely trading between each other, that's a zero-sum game.'"
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