The majority of professional investors in the Middle East consider digital assets to be a major part of the investment landscape, according to a global survey by Laser Digital, the cryptocurrency arm of Japanese bank Nomura.
About 93 per cent of the Middle East respondents consider digital assets as an opportunity to diversify investment, alongside traditional asset classes such as fixed income, cash, equities and commodities.
The survey “reveals that the majority of institutional investors surveyed saw a clear role for digital assets in the investment management landscape, and the benefits they can bring, such as greater diversification of portfolios,” Jez Mohideen, chief executive of Laser Digital, said.
“For many, their outlook for major digital assets such as Bitcoin and Ethereum is positive.”
Interest in the digital asset industry eased towards the end of last year after a global crisis that resulted in the collapse of one of the world's biggest cryptocurrency exchanges by trade value, FTX, and several others.
This eroded investor confidence globally as some questioned regulations, transparency and the future of digital assets as a whole.
However, financial services regulators in the region and globally are developing a framework to maintain a balanced oversight of the cryptocurrency industry and digital asset space.
The digital asset market is currently recording strong growth, with major cryptocurrencies Bitcoin and Ethereum up by as much as 69 per cent from January to April. The global market capitalisation of cryptocurrencies has climbed to about $1.2 trillion, having started this year at below $800 billion, according to Laser Digital.
Nomura's Laser Digital said it commissioned an independent global survey with professional investors who collectively manage about $4.956 trillion in assets at pension funds, wealth management firms, family offices, hedge funds, investment funds, insurance asset management and sovereign wealth funds.
They work in Europe, the Middle East, the US, China, Hong Kong, Singapore, South Africa and Brazil covering the major financial centres with various approaches to the digital assets sector.
Of these, 30 survey responses were from professional investors in the Middle East who collectively manage $207.75 billion.
Nine out of 10 of these regional investors want to see digital assets combined with other traditional asset classes to produce “all-weather” income strategies to address the risk of inflation and risk of fiat currencies such as gold or silver losing their value.
Six in seven of the Middle East respondents are positive about the digital asset class generally, and Bitcoin and Ethereum particularly, over the next 12 months, the survey showed.
About 56 per cent see Bitcoin and Ethereum as “providing a foundation of the Web 3.0 economy”, representing a long-lasting source of investment opportunities. However, 27 per cent believe they are highly speculative assets.
Web3 is the emerging third generation of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.
Beyond Bitcoin and Ethereum, 83 per cent of those questioned see value in being exposed to other carefully chosen cryptocurrencies. Only 17 per cent did not see the value in expanding into other cryptocurrencies.
More than three-quarters of the regional investors say that they or their clients are currently considering investing in digital assets, the survey showed.
Some 43 per cent say their and/or their clients’ total percentage exposure to digital assets will be between 5 per cent and 10 per cent over the next three years.
However, 87 per cent of the 30 Middle East respondents highlighted the importance of having a large traditional financial institution backing any digital asset fund or investment vehicle before they or their clients consider allocating it money.
Currently, they have a wide range of maximum allocations to digital assets under their risk boundaries, with 37 per cent of those surveyed saying they can invest up to 4 per cent, while 27 per cent can invest up to 5 per cent in these assets.
Sector challenges
Looking at the challenges of digital asset investments, 94 per cent of investors in the Middle East said there are legal or regulatory restrictions applicable to them that could prevent their fund or clients from investing in a product that has exposure to digital assets.
Most would have to make regulatory filings or notifications as a result of holding or investing in financial instruments focused on digital assets, the survey showed.
Nine in 10 respondents cited this as an issue, while 10 per cent were confident they would not need to make regulatory filings or notifications.
“Many of our survey respondents acknowledged that there are legal and regulatory restrictions that could prevent them from investing in digital assets, and these need to be addressed by the industry in co-operation with regulatory authorities,” Mr Mohideen said.
Global outlook
Globally, 82 per cent of professional investors surveyed in 21 countries are positive about the digital asset class in general, and Bitcoin and Ethereum in particular, over the next 12 months. Just 3 per cent of respondents are negative about the outlook for the sector, while 15 per cent are neutral.
“The strong start to the year in the digital asset space with Bitcoin turning out to the best-performing asset class in the first quarter of 2023 might be dismissed as another burst of optimism. Crypto sceptics might be entitled to point at the previous year and the well-documented difficulties in the sector,” the report said.
However, the study shows “the sector has more than just a few months of optimism to rely on,” it said.
The optimism extends beyond the year ahead with 45 per cent saying their and/or their clients’ total percentage exposure to digital assets will be between 5 per cent and 10 per cent over the next three years, indicating a “sustained and growing appetite for investment,” the report said.
This is because the crisis in the industry has prompted major global regulators to take a more “proactive approach” in addressing some of the issues facing the digital asset sector, putting more robust infrastructure and rules in place, it said.
“Digital assets may still to some extent be highly speculative and making predictions about future prices may still be challenging but professional investors appear to be committed for the short and longer term,” it said.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Specs
Engine: 51.5kW electric motor
Range: 400km
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
COMPANY%20PROFILE
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The specs
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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THE%20SPECS
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What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
UAE SQUAD
Ali Khaseif, Mohammed Al Shamsi, Fahad Al Dhanhani, Khalid Essa, Bandar Al Ahbabi, Salem Rashid, Shaheen Abdulrahman, Khalifa Al Hammadi, Mohammed Al Attas, Walid Abbas, Hassan Al Mahrami, Mahmoud Khamis, Alhassan Saleh, Ali Salmeen, Yahia Nader, Abdullah Ramadan, Majed Hassan, Abdullah Al Naqbi, Fabio De Lima, Khalil Al Hammadi, Khalfan Mubarak, Tahnoun Al Zaabi, Muhammed Jumah, Yahya Al Ghassani, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Lowest Test scores
26 - New Zealand v England at Auckland, March 1955
30 - South Africa v England at Port Elizabeth, Feb 1896
30 - South Africa v England at Birmingham, June 1924
35 - South Africa v England at Cape Town, April 1899
36 - South Africa v Australia at Melbourne, Feb. 1932
36 - Australia v England at Birmingham, May 1902
36 - India v Australia at Adelaide, Dec. 2020
38 - Ireland v England at Lord's, July 2019
42 - New Zealand v Australia in Wellington, March 1946
42 - Australia v England in Sydney, Feb. 1888
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Teaching in coronavirus times
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence