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UAE Freezones Biz News Updates
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Exponential growth seen in GCC assets under management
Middle East investment market expected to more than double between 2012 and
2020
Dubai is set to reinforce its status as the region's leading financial hub
with new legislation and regulation expected to attract inward investment as
the GCC is forecast to see an exponential growth in assets under management
to nearly $111 billion by 2020, a new study reveals.
While fund managers in the UAE are expected to see their asset under
management (AUM) grow from $1.6 billion in 2016 to $18.9 billion in 2020,
fund managers across the GCC are expected to more than double their AUM from
$45.8 billion in 2016 to $110.9 billion in 2020, said the report DIFC Wealth
& Asset Management Report 2017: Mapping Opportunities in the Measa Region.
While greater financial sophistication of the region's financial markets
drive the rapid growth in fund assets in the GCC, the Middle East investment
market is expected to more than double between 2012 and 2020, with assets
rising to $1.5 trillion by 2020 from $600 billion in 2012 - 12 per cent at
an annualised rate, the report noted. The report explores the latest
investment opportunities in the region, while providing a five-year
projection for AUM in key Measa (Middle East Africa and South Asia)
countries.
At the end of 2016, total AUM by fund managers in the Measa's key financial
centres (India, South Africa, Nigeria, Egypt and the GCC countries) was
$436.5 billion. By 2020, the report projects total AUM to reach $678.9
billion.
"The DIFC has identified the wealth and asset management industry as having
huge potential for growth over the next five years, which is why we are
making a number of enhancements to our platform. From the DFSA's recently
updated collective fund regime to potential legislative changes on the
horizon, we believe Dubai and the DIFC can play a central role in attracting
assets to the region and preparing it for the future of the financial
services industry," said Arif Amiri, chief executive officer of the DIFC
Authority.
According to the report, Dubai, leading the Global Financial Centre Index in
the Measa region, has the aspiration to provide a bridge for capital flowing
to South Asia, Africa and the Middle East due to their central locations and
convenient time zones relative to Europe.
"While Bahrain has long been the jurisdiction of choice for many fund
managers operating within the GCC, growth slowed there in the wake of the
financial crisis. Political instability during the Arab Spring also hit
confidence and many fund managers who moved to Dubai at that time have
stayed despite a return to stability in Bahrain," it said. The report
pointed out that the UAE has several different regimes for fund managers but
most managers use one of the free zones, particularly the DIFC.
The report said Islamic asset management continues to grow, at a moderate
compound annual growth rate of 2.44 per cent since 2012 to reach $58.89
billion in AUM at the end of 2016. Shariah-compliant investments have strong
demographic demand but remain under-utilised.
"Representing just one per cent of global Islamic funds, Shariah-compliant
pension funds could be a key contributor to the Islamic fund management
industry in the years ahead," said the report.
The report also highlights the massive expansion of the middle class in
emerging markets. "This has created significant opportunities, with
financial sectors that were previously focused on exporting capital now
reinvesting that capital in those requiring finance at home. Financial
centres in the GCC have a particular opportunity because there are
opportunities for investment both regionally and across the wider African
and Asian regions."
The region is particularly attractive for fund managers in the alternative
investments sector. In contrast to the perception that investors from the
Middle East are heavily concentrated in real estate, these make up just
under 20 per cent of assets of high net worth individuals, among the lowest
of any region except Japan and North America, said the report.
September 20, 2017
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Courtesy Khaleej Times.
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