Scottish Widows Investment Partnership has set up an asset management business in Saudi Arabia, aiming to attract mainly domestic institutional investors who are looking for opportunities in the kingdom and abroad.
The Riyadh-based joint venture with local partner Manar Financial Investment Co comes after hopes for the region’s low correlation with the rest of the world’s markets vanished.
But Peter Dorward, chief executive of Swip Saudi Asset Management, sees opportunities in spite of a tougher environment. “Saudi is the biggest economy in the region and has shown the strongest growth in the past three to four years, with 70 per cent of its population under 30. That suggests there will be a growth in savings [in the future,” he said.
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