Arab Today, arab today shuaa asset management overseas
Last Updated : GMT 18:57:27
Arab Today, arab today
Arab Today, arab today

Shuaa Asset Management overseas

Arab Today, arab today

Arab Today, arab today Shuaa Asset Management overseas

Dubai - Arabstoday

huaa Capital, the investment bank of Dubai, has said that its asset management unit overseas is more than Dhs1 billion.The unit increased assets under management from Dhs672 million to over Dhs1 billion during the last year, the company said in a statement on Sunday. The Asset Management offers fund management and discretionary portfolio management services. It serves the financial needs of institutional, corporate and government clients as well as high net worth individuals worldwide.The Firm has the longest investment track record in the Middle East, dating backto1999. Shuaa Asset Management had the best performing MENA Fund in its investment category in 2010 and continues to outperform its peers in 2011.Global markets have remained under-pressure because of weak economic data continuing to signal a weaker recovery than expected amidst a backdrop of drama surrounding the US debt ceiling increase. As we expected, the ceiling was increased at the last minute, but not before rattling global financial markets considerably and further highlighting the substantial role of governments in today’s markets.Although the weaker economic data has been more sustained than we originally expected, we remain of the view that the current recovery is young and the Fed, along with its international counterparts, will remain particularly supportive of continued growth at this stage.We also expect growth in Emerging Economies, especially China to stay strong for the year and while we continue to care fully monito rthe global economic and political landscape, thus far we maintain our constructive outlook on MENA equities.MENA markets have thus prove dresilient to the current driving global markets.  Major reasons include the solid and unchanged economic situation. This is also clearly evident in the strong earnings seas on thus far, highlighting the increased activity and improved profitability amongst regional companies.Further, summer has also kept investors sidelined; this bodes well for post Ramadan markets when investors return to their active state.Lastly, the catalyst for the UAE and Qatar markets i.e. the inclusion by MSCI into Emerging Markets indices remains on the cards towards the end of the year; as if once, Russell recently upgraded the UAE intoi ts Emerging Markets classification. The robust fundamentals, the tactical opportunities over the short to medium term as well as the catalysts on the horizon, firmly support our bullish view on MENA equities into year end. Given the lack of volumes and clear direction in our markets in July,we have maintained as lightly higher cash level, a move that continues to contribute positively to performance. From / Gulf News

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