Adia cites long-term gains as equity and bond markets recover | The National

Adia cites long-term gains as equity and bond markets recover | The National:



"The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said its long-term returns in 2014 rose as global equity and bond markets inched up amid low interest rates and signs that the global economy is on the mend following years of lackluster growth.



Even though the UAE government relies heavily on revenue from oil sales to fund its budget and the local economy is expected to slow from last year, Adia said that looking forward it was optimistic that fortunes of the global economy as a whole would improve amid low oil prices and a strengthening US dollar. Crude oil, the engine of growth for Arabian Gulf countries, lost nearly half its value last year amid an increase of supply from North America and waning demand from emerging markets like China.



“The drop in oil prices will provide a boost to the economies of Europe, Japan, China, and other big net oil importers,” said Hamed bin Zayed Al Nahyan, Adia’s managing director."



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