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As much as 53% of Middle East fund managers expect to raise equity allocations to UAE in next 3 months while none expected to cut them despite the fall in crude oil prices, as per the findings of a monthly Reuters survey.
The survey of 15 leading investment firms, conducted over the past 10 days, shows fund managers cited expectations that Dubai, with close trading ties to Iran, would benefit from the lifting of international economic sanctions against Tehran in coming months, as well as the peg of the UAE dirham to the US dollar, which insulates foreign funds from the currency risk faced in many emerging markets.
Some fund managers said the start of the reporting season for Q3 corporate earnings in late October could be the trigger for such allocations.
Within the Gulf, the second most favoured stock market is Saudi Arabia, but by a much smaller margin.