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Angola’s capital city Luanda, has reclaimed the title as the world’s most expensive city for expatriates according to the latest cost of living survey by Mercer. Hong Kong, Tokyo, Zurich and Singapore fill the following four ranked spots.

   

Latest Insights

Egypt – Quiet Progress

Hot Topics – 18 June 2017

While a number of major geo-political events such as the ongoing investigation into Russian meddling of the US elections, sabre-rattling by North Korea, Brexit and the more recent Qatar dispute, continue to take-up much of the global media headlines and analysis, Egypt has quietly been making progress on the economic front since it floated the pound and signed up to an IMF program late last year.(...)

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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US Economy Takes the Shine off Equity Markets

Weekly Investment View – 18 June 2017

Equities continued to outperform most other asset classes last week, with the US stock market leading the others. The S&P500 closed up 0.1% over the week, slightly below Tuesday’s all-time closing high of 2,440.35. The NASDAQ Composite closed 0.9% lower over the week, however, reflecting broad weakness in technology stocks (…)

Claude-Henri Chavanon, Head of Products & Services - Wealth & Private Banking

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Interview – Emaar to list up to 30% of its UAE property business in Dubai

Al Arabiya TV – 7 june 2017

Mohammed Ali Yasin, the CEO of NBAD Securities
Comments on Emaar’s plan to list up to 30% of its UAE real-estate business in Dubai, which is expected to have a positive impact on Emaar’s share price in the market. Sales proceeds will be distributed as a special dividend to shareholders. Emaar Properties will keep around 70% of the UAE real-estate business.

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VAT in the GCC

Hot Topics – 1 June 2017

A quick primer on the VAT implementation in the GCC. There is of course much more information yet to come in terms of VAT – such as the granular details about how and when it will be implemented in each of the Gulf states. Please watch this space for further updates in this regard.

Alp Eke, Senior Economist
Omar Abdulhadi, Associate Director & Analyst

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Interview – GCC Markets Going Sideways

Bloomberg – 24 May 2017

Mohammed Ali Yasin, Chief Executive Officer of NBADS,
While many MENA investors are looking to benefit from the recent deals between Saudi Arabia and the United States, it is still early for them to position themselves, until we know the amounts that will flow into the Saudi economy. Capital markets in order to grow need liquidity to be pumped into them rather than out.
Most GCC indices have been witnessing negative movements for the last three months. A positive catalyst could be the next OPEC meeting in Vienna and an agreement extension to Q1 2018.

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Oman Markets Its Debut US$ Sukuk Issue

Hot Topics – 23 May 2017

Following on from its successful bond issue in March, the Sultanate of Oman is now back in the debt capital market – this time selling a debut 7-year sukuk transaction. NBAD’s Market Insights team has published its initial thoughts and relative value analysis in the attached document

Chavan Bhogaita
Managing Director and Global Head of Market Insights & Strategy

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Fixed Income 2017 – Being selective

The Bigger Picture – 10 May 2017

At the beginning of the year, NBAD’s latest Global Investment Outlook said that 2017 would be better than 2016 for risk investing. As a result, we favoured equities over fixed income in our overall asset allocation. While it is not the end for fixed income in asset allocation, we believe that careful name selection is the key to returns in bonds.

Alain Marckus, NBAD’s Director of Investment Strategy

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Daily Market News

Latest Global Market Reports

Words of War – The ‘Un’-doing Of North Korea

Hot Topics – 01 May 2017

In 1962 the world came the closest it’s yet been to a nuclear war, fortunately cool heads eventually prevailed both in the White House and Moscow as diplomacy overcame sabre-rattling and the rest of humanity breathed a huge sigh of relief. Now in 2017 are we facing another ‘missile crisis’ which, with very different personalities making decisions in Washington and Pyongyang compared to Kennedy and Khrushchev, has the potential to lead us down a road where diplomacy takes a back seat this time round?

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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Saudi King orders Cabinet reshuffle & restores allowances

Hot Topics – 24 April 2017

The King of Saudi Arabia, Salman bin Abdulaziz, issued a number of decrees this past weekend including a reversal of certain austerity measures and a minor cabinet reshuffle.

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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Other Regional and Sector Insights

It’s Inflation, Stupid

Weekly Fixed Income Comment – 19 June 2017

Like many of the best sayings, this one (about the economy, not inflation) was never said; well not in this exact form anyway.
We have focused on the economy a lot in the last six months, or more specifically on growth. And growth has been and is fine, from a cyclical perspective. However, last week was another reminder (...)

Ian Clarke, Head of Fixed Income Fund Management

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A volatile week

Weekly Equity Comment – 13 june 2017

It has been a turbulent week in Mena markets and in global markets the technology sector has begun to come under some pressure. We are monitoring both regional and global events and whilst we have reduced our exposure to Qatar significantly we are awaiting further clarity on global technology (...)

Saleem Khokhar, Head of Equities Fund Management

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