What is the asset class and geography you are focused on?
I cover the Middle East and North Africa (Mena) region, from Casablanca to Baghdad. The assets are fixed-income and equities. In terms of investment style, I do long-only and alternative as well.
What is the outlook for the month ahead?
I think it's quite positive. The main idea is now that markets have started to benefit from the strong revival that we have across GCC countries, which has been fuelled by very strong government budgets with all these expansionary policies. The second point is that valuations are still very attractive at these levels. Thirdly, the sentiment has improved, and for these retail-driven markets, its quite important.
What are the main risks (either upside or downside) to the outlook?
There is clearly one, which is a bit technical, but related to the opening of the Saudi market to direct foreign investments. We know Saudi Arabia is the largest market across the Mena region. It should have a big impact. That's the main upside risk. At the same time there is more downside risk. From an economics point of view, there could be a steep oil-price correction. After that you have some political risk related to Syria. If there is a contagion for the conflict. The potential worsening of the economic and political stability in Egypt could be worrying … The Iranian threat is the third downside risk. For sure it's related to the nuclear story. It has been here for a long time now, and we do not know what could be the solution for this issue.
What is the best investment at the moment?
That is a very good question. Most of the quality names have enjoyed a strong rally in the past six months. Now it is more interesting to have a top-down view versus stock picking. In 2012, the game was to be a good stock picker. In 2013, you need to have a good top down overview. Saudi and UAE should be the best markets, even if we have already seen a strong rally. From a sector point of view across the GCC market, consumer and real estate, and banks [but only in Saudi Arabia], should outperform and even in absolute terms it should be great. We should expect some very good returns.
What was the best investment you were ever involved in?
Addoha in Morocco. It is the largest real estate developer in the country. The story is soon after the company listed in 2006, we had accumulated the shares and made a few times our initial investments in less than one year.
What was the worst?
I didn't take a decision to exit the Egyptian market before the revolution in 2011. When the market reopened I suffered heavy losses. That was my worst investment decision.
halsayegh@thenational.ae
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
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COMPANY%20PROFILE%3A
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Syria squad
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Baby Driver
Director: Edgar Wright
Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James
Three and a half stars
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5