Hedge funds in Mena: bigger than thought
As much as $10bn was invested in hedge funds focused on the Middle East and north Africa before the 2008 financial crash, says a report by Hedgefund.net, a US-based research house.
The downturn caused a dramatic outflow as investors took fright. Assets under management reached a low of under $4bn in the first quarter of 2009 and are now only slightly greater. Yet $4bn is much more than most estimates of hedge fund assets in the region. Continue reading »
UAE: here comes the (long, hot) summer
No one yet wants to predict the economic impact of the ongoing unrest that is gripping the Arab world. For the likes of Egypt, Tunisia and Bahrain, which are not big oil exporters, the mind boggles.
But elsewhere it is not all bad news. The seven emirates of the UAE – well, two of them – have been having a solid 2011. Whisper it quietly but Dubai, a sunny place for shady people, has been doing rather nicely. It is quite like the old days. Continue reading »
Saudi Arabia: Shia arrest spooks stocks
The arrest of a prominent Shia cleric and the prospect of demonstrations in Saudi Arabia, the world’s largest oil exporter, has spooked the local Tadawul stock exchange.
The Tadawul, the largest stock market in the Arab world by capitalisation, plunged 6.78 per cent to 5,538.72 on Tuesday, bringing its decline for the year to date to 16.34 per cent.
Reassurances from the finance ministry that a $35bn welfare spending boost announced last week by King Abdullah did nothing to calm investors’ nerves. The fear of political contagion, it seems, have gripped the kingdom. Continue reading »
Saudi Arabia and China: more than a hint of steel
Saudi Arabia only established diplomatic ties with China in 20 years ago but, now according to SABB bank, there are more than 70 Chinese companies operating in the Middle East’s largest economy. Among them are 62 construction groups employing close to 16,000 people.
Projects captured by Chinese contractors include an expansion of King Khalid University, the Mecca-Medina high-speed rail link, and a scheme to build 200 schools in the kingdom. But, according to Silk Road Economy, a blog, commercial relations between the two heavyweights may be about to get trickier. Continue reading »
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