The expanded scope, diversification and geography of the rebranded regional funds will offer new and exciting opportunities to institutional and retail investors, said a statement.
"Mena markets have performed strongly over the past few years and have registered double digit gains in 2014. Based on the strong underlying fundamentals we believe Mena will continue to perform through 2020 and beyond. The rise in oil price over the past decade as well as a deliberate diversification to non-hydrocarbon revenue streams have helped to make many economies in the region among the richest and fastest growing across the globe.
"Moreover, consistent and large budget surpluses have allowed many GCC countries to pay down debt and build large currency reserves. The expansion of economic activity has been impressive and points to robust and strong GDP growth for the next decade."
The adjustment applies to
"Going forward we see better liquidity and stronger depth in Mena. In addition, increased foreign ownership limits and improving transparency will no doubt boost additional flow of funds from foreign, regional, institutional and retail investors both active passive," said Haddad.
"Adding Mena equities to a global portfolio provides a good source of diversification. From
"Mena markets currently trade at a price-to-earnings (PE) ratio of 15, and price-to-book of two while offering attractive growth potential and good dividend yield," said Khokhar.
"The Mena region provides an exciting opportunity to invest in high growth assets while diversifying risk of global or single country exposure." -
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