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Q3 To See A Substantial Rise In UAE Stock Values

Arabianmoney.net editor, Peter Cooper said that Dubai is ready to play a bigger role in regional economy in the wake of the current mode of change that is sweeping across the Arab world, presently touching countries such as Egypt, Libya, Bahrain and Oman. Cooper suggested that Manama, the capital of Bahrain has quickly reached a low after enjoying a high-rise building boom and an acceptance as a global investment destination. He said that this is clearly bad news for Bahrain as it struggles to keep its financial community from leaving as the close proximity to UAE means they do not have to go far to find a new home. “What is far more predictable is that a flight of financial capital and people from Bahrain, Egypt, Libya and several other regional investment zones will be attracted to a country like the UAE which has an established legal system and status in the Arab world as a safe haven. “Dubai represents a great business package. It offers a world-class infrastructure, stable governance and is in close proximity to key markets, with easy accessibility to the world. These are critical factors that will make Dubai the obvious choice for the global community looking to work in the region over next 12 months,” he said. Cooper noted that Dubai’s new opportunity comes in tandem with an equally good opportunity for investors holding the right asset mix. “The worst of times can be the best of times, and in this scenario I believe that Dubai has the opportunity for growth. Meanwhile, investors with the right asset basket are more likely to come through this unprecedented cycle on top.” He noted that the recent wave moving across the Middle East and North Africa also means rapidly changing investment conditions. “We don’t know what we will wake up to tomorrow, so any analysis or insight must be regarded as provisional. It is likely to be subject to some fundamental changes in the very near future, this could of course go either way,” Cooper observed. He suggested that markets could see a repeat of the relocation scenario of early 2000, when several high profile financial institutions earmarked Dubai. He noted that the Dubai International Financial Centre launched in 2002, accompanied by a legal framework using the English-language. The DIFC legal system is now proven to be modelled on international best practice. “The compelling proposition of the UAE and Dubai in particular has seen more than 300 financial institutions setting home in for the DIFC in the past decade. Since the onset of the global financial crisis, DIFC lost much of its clout but it has a ready infrastructure that is equipped to be a much larger global financial centre than it is today. Now could be its time for the next round of growth. “Now that is not to say that the UAE is without problems as a consequence of the social unrest in the region. The Dubai ports are major distribution hubs for the region and shipments will be reduced or cancelled, tourism and transit traffic at airports is already suffering. “On the other hand, the UAE is a major oil producer and the higher price of oil boosts these revenues very considerably,” he said. ArabianMoney suggests that readers put their radar of medium term investments back on UAE as summer end will be the time to start selectively buying UAE stocks. “Real estate stocks, investment banks and quality domestic UAE stocks will be the thing to buy, with a spike looking likely towards the third quarter,” Cooper concluded. The March edition of ArabianMoney is available from www.ArabianMoney.net.



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