OPENING BELL News That Made Headlines
NBAD Securities emerges as top brokerage in UAE
NBAD Securities, a subsidiary of National Bank of Abu Dhabi (NBAD), closed the year 2015 as the number one broker in the combined ADX and DFM markets in terms of traded value, exceeding AED 40 billion. While overall UAE markets traded values dropped by over 60% last year compared to 2014, NBAD Securities managed to maintain its UAE market share of about 9.5%, due to a strategy of diversification and customised research services, a statement said. Last year, NBAD Securities
also executed the largest single transaction in ADX history with value exceeding AED1.6 billion. Three years ago, NBAD Securities undertook a plan to restructure its business, strengthen its team and diversify its revenue streams by attracting a larger portion of institutional clients. While institutions at that time represented less than 10% of the business as compared to 75% for high net-worth individuals, the bank’s brokerage subsidiary managed to increase the institutional share of the business to 33% and become a major revenue contributor.
Menacorp tops on DFM in 2015
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Menacorp has emerged as being the number one securities brokerage firm by trading value and market share for the full year 2015 on Dubai Financial Market, according to official data published by DFM. This marks the third consecutive year that the firm has taken the top spot in the DFM.
Global economy set to perform better than its angst meter implies, says S&P
longer-term trends,” said Paul Sheard, Chief Global Economist and Head of Global Economics and Research. “Of course, when an economic downturn does occur, it will be preceded at some point by the kind of market moves that have occurred so far this year,” he said.
“Recent market moves
It’s been a turbulent start to the year for the global financial markets, the dominant trend being sharply falling equity prices, bond yields, and commodity prices. Does the markets’ dyspeptic start to the year presage a global economic downturn? Standard & Poor’s (S&P) doubts it. “Short-term market movements — and we’re only talking about three weeks here — are largely ‘noise’ when it comes to inferring
probably overstate the likelihood of a slump in global growth this year,” said Sheard. “Major central bank moves in December may have disappointed or unnerved
markets, but monetary policy continues to provide a tailwind to economic expansion.” In the six and a half years or so since the global economy started to recover from the Great Recession that followed the global financial crisis, it has grown in real terms at an average of about three-and-a-half percent annually. We expect that trend to continue, penciling in 3.6% for global growth in 2016.,” S&P said.
Deloitte identifies key triggers and trends for Dubai property market in 2016
Given the volume of residential supply planned across Dubai over the next few years, a reform in mortgage regulations to permit non-resident loans (unrestricted) and a reduction in deposit requirements (for qualifying customers) could be an option to stimulate residential demand, Deloitte said in its second annual Real Estate Predictions Report for Dubai. The lifting of sanctions on Iran also presents potential opportunities for Dubai in 2016, Deloitte said. “The release of capital currently in Iran is likely to prompt an influx of investment
to safe haven markets from which Dubai may benefit, as well as the opportunity for Dubai to act as a gateway for business into Iran,” it said. Deloitte predicts that for 2016, lenders will continue to carefully scrutinize their real estate exposure, particularly for speculative development. Non-recourse structures are likely to be limited to projects and investments with quality tenants and long term, reliable rental flows with lenders requiring greater equity contributions (in addition to land) and other forms of security to support higher-risk lending.
www.wealth-monitor.com | February 2016
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