EFG-Hermes Holding SAE recommended equities in Saudi Arabia, citing a decline in provisioning and a possible easing of foreign investment restrictions in the Arabian Peninsula’s biggest stock exchange.
The bank also favors Qatar and Egypt among markets in the Middle East and North Africa region.
A possible upgrade of markets in Qatar and the United Arab Emirates to emerging markets status at MSCI Inc. would also help boost shares, the investment bank said in a note posted on its website today.
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