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Wednesday, 19 April 2017

Promise of Saudi Reforms Attracts Qatari Money - Bloomberg

Promise of Saudi Reforms Attracts Qatari Money - Bloomberg:

"Saudi Arabia has attracted the attention of global investors and investment banks looking to benefit from the kingdom’s plans for economic transformation. It’s also drawing regional money. Amwal LLC, a Doha-based asset manager, is buying Saudi stocks in anticipation of the market’s inclusion in emerging-market benchmarks. The Qatari firm plans to boost the Saudi Arabian exposure in its four equity funds to as much as 60 percent by the end of the year, said Rami Jamal, a portfolio manager at Amwal, which oversees around 1 billion riyals ($275 million) in assets. That’s up from close to 30 percent in the beginning of 2017. “Take off for Saudi is this year,” Jamal said in an interview in Doha on April 13. “Saudi is still trading at slightly higher multiples than the region, but the growth potential is there and it is worth it. You are buying into the future.”"

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