MENA managers to boost Egypt funds, say Saudi Arabia and UAE most vulnerable: Reuters poll - Reuters:
Middle Eastern fund managers plan to increase investments in Egypt in the current quarter, according to a Reuters poll, and say Saudi Arabia and the United Arab Emirates are most vulnerable to tumbling oil prices and the coronavirus pandemic.
The region, which is mostly under lockdown as it deals with the outbreak, is home to many oil producers, who have seen the price of their main resource tumble as they spend to help support their economies.
“Overall we expect the combination of COVID-19 and low oil prices to weigh on regional GDP growth, stress some of the weak corporate balance sheets and filter into earnings downgrades over the next few quarters,” said Mohamed Eljamal of Waha Capital.
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