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October 26, 2015 |10:15 | Dubai
By Sunil Kumar Singh
The bearishness in crude oil prices will not be having any major impact on the UAE’s growth prospects, said a senior official of Nikko Asset Management, one of Asia’s premier asset managers.
“We don’t believe crude oil is going to have a major negative impact on the growth outlook of the UAE, and the region in general, given the diversified economy of the UAE,” Peter Sartori, Head of Asian Equities, Nikko Asset Management, told Wealth Monitor by email. “We have great hopes for the region. In the case of the UAE for instance, the growth between now and 2020 is going to be significant, though we have to be watchful on the crude oil price trends,” he added.
In the beginning of this month, Nikko Asset Management had launched a Luxemburg-domiciled Asia ex-Japan Equity UCITS fund that allows Middle Eastern investors to tap into investment opportunities in Asian markets. The fund will aim for long-term capital growth by investing in a portfolio of 40-60 mid- to large-cap stocks issued by companies in the Asia ex-Japan region, primarily in India and China. The firm is also hopeful to launch a Middle East-focused fund in the long-term. Until now, it has served Middle Eastern investors not through funds but through segregated mandates.