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Investment Insights into the MENA Region
Dalia Shafik, Head of Equities of Beltone Financial, a sponsor company at the marcus evans Global Investors Summit 2015, on the trends and risks of investing in the MENA region.
LONDON, Sep 04, 2015 - (ACN Newswire) - "We believe that on a global front volatility is the name of the game. Given this kind of backdrop the MENA region offers a unique playground," says Dalia Shafik, Head of Equities, Beltone Financial.
Belton Financial is a sponsor company at the marcus evans Global Investors Summit 2015 in Montreux, Switzerland, 5 - 7 October.
- What exciting news does the MENA region have for investors?
The United Arab Emirates and Qatar have qualified for emerging markets status and the announcement has been made by MSCI that Saudi Arabia will be qualified in 2017 to 2018, which will completely change the landscape of the region since Saudi Arabia is the largest market in the region. Saudi Arabia has opened up its market to foreign investors which is a major achievement that we have been waiting for, for years.
- From an investor's perspective, which country has progressed the most since the Arab Spring?
Increasing attention has been given to Egypt, which we expected since Egypt has had an incredible comeback from a bleak political and economical situation. We are currently witnessing the last step in the political transformation with the parliament elections scheduled to take place later this year. The Egyptian government, for the first time in 50 years has and is implementing short, medium and long term goals.
The decline in oil prices has benefitted Egypt greatly; therefore the government has confirmed their expenditure plans that include the expediting of infrastructure projects. Infrastructure companies working with the government are paid in advance, in dollars and are given fuel allocations.
On the economic transformation we have already seen a turnaround in Gross Domestic Product (GDP) growth rate after recording four years of two percent GDP growth after the January 2011 revolution. We are expecting a GDP growth rate exceeding five percent ending the fiscal year 2016.
Concerns regarding the risk of potential devaluation of the Egyptian pound have been overplayed. Even with the two to three percent devaluation this year, the growth rates of the corporate sector in the market is significantly higher, at an average growth rate of 20-30 percent this year, and another 40-50 percent next year. These growth rates downplay any currency concerns. Thus we believe Egypt is the alpha market in the MENA region.
- What are some of the risks involved in investing in the MENA region?
Like any other emerging market, the MENA region has geopolitical risks. If the political risk increases in a country, we are equipped to reduce our allocations significantly or exit the market completely.
A current example is the increasing political risk in Turkey. Political risks have been materializing since 2013, so we were a bit cautious in 2014 and because they have persisted this year our concerns have been solidified. The Turkish lira has lost 25 percent of its value year-to-date which completely trumps the market's consensus earnings growth of 18 percent in 2015. As a result, we have shied away from Turkey because any gains we can make on investment stocks can be completely lost when the currency devalues. We believe Egypt will be the alpha market in the MENA region.
About the Global Investors Summit 2015
The Global Investors Summit is the ultimate meeting point, bringing leading investors from around the globe with international fund managers and consultants in an intimate and focused environment. Taking place at the Fairmont Le Montreux Palace, Montreux, Switzerland, 5 - 7 October 2015, the Summit includes presentation on monitoring macro movements, replacing underperforming investments, strategies in higher risk asset classes and revisiting risk management strategies.
For more information please send an email to press@marcusevanscy.com or visit the event website at http://globalinvestors.marcusevans-summits.com/DaliaShafikInterview
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Please note that the Summit is a closed business event and the number of participants strictly limited.
About Beltone Financial
Beltone Financial Holding is a regional financial services group established in 2002 offering asset management, investment banking, private equity, securities brokerage, custody, and research services. Beltone Asset Management specializes in managing assets across a wide spectrum of products including local and regional equity, money market and fixed income products in addition to end of service saving plans. Beltone Asset Management is the largest asset manager in Egypt and one of the largest in MENA with AUMs of around $4 billion. www.beltonefinancial.com.
Contact:Luzdary Hammad,
Press Manager, marcus evans, Summits Division
Tel: +357 22 849 385
Email: press@marcusevanscy.com
Source: marcus evans Summits
Sectors: Daily Finance, Daily News
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