Infograph: How have Saudi, Egyptian and UAE funds performed? | ZAWYA MENA Edition:
The funds market in the Middle East and North Africa has been through turbulent times since the financial crisis, but there are still more than than 1,000 funds domiciled in regional markets, with just over 375 of these housed in the GCC, and 266 of these in Saudi Arabia, according to Eikon data.
Although this still makes the region a relative minnow globally, with the European Fund and Asset Management Association counting 131,994 funds globally at the end of 2018 (of which over 58,000 were domiciled in Europe, 37,551 in the Americas and 34,342 in the Asia-Pacific region), the MENA region is one where concerted efforts are being made to grow a funds industry in various territories as part of wider capital market reforms in the region as governments look to diversify away from oil revenues.
Speaking at a recent event organised by funds administrator Ocorian looking at the funds ecosystem in the Dubai International Financial Centre, Philip Dowsett, a partner at law firm Morgan, Lewis said that there was “a real mix” of fund types being established, with many being created with a view to attracting investors from the GCC.
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