Sign in
Goodbye, Hong Kong + Singapore. Hello, Dubai: More Asian wealth managers are looking to set up shop in Dubai as wealthy individuals, particularly from China, seek to capitalize on business-friendly policies and high growth prospects, Reuters reports. Among 76 Asia Pacific family offices surveyed by Campden Wealth and Raffles Family Office, just 1% currently put their money in the Middle East, but 7% are thinking of investing more in the region due to favorable tax policies, strong post-covid economies, neutral political stances and souring China-US ties. Dubai’s recently launched Family Wealth Center also provides further incentives for investors, as well as its golden visa option.
Who’s coming? Chinese wealth manager Noah Holdings, with around USD 23 bn in assets, aims to secure a Dubai license by the end of the year. Farro Capital from Singapore also recently set up shop in Dubai, and Hong Kong’s Tsang Group plans further expansion into Abu Dhabi and Riyadh following its 2022 Dubai launch. Hong Kong’s Landmark Family Office, led by CEO Cameron Harvey, is gearing up to open an office in Dubai to assist clients from China, Southeast Asia, and Australia.
MEANWHILE- Asian markets are solidly in the green this morning after yesterday’s selldown. Japan’s Nikkei leads the pack, up a bit more than 1.3% at dispatch time. Notably, even the KRX’s Kospi is up this morning despite index heavyweight Samsung warning that operating profit for 4Q could be down as much as 35%. Futures suggest European benchmarks should open in the green later this morning, while this afternoon Wall Street is on track to start the day in the red.
|
ADX |
9,712 |
+0.5% (YTD: +1.4%) |
|
|
DFM |
4,089 |
0.0% (YTD: +0.7%) |
|
|
Nasdaq Dubai UAE20 |
3,851 |
+1.0% (YTD: +0.2%) |
|
|
USD : AED CBUAE |
Buy 3.67 |
Sell 3.67 |
|
|
EIBOR |
5.1% o/n |
5.1% 1 yr |
|
|
TASI |
12,252 |
-0.3% (YTD: +2.4%) |
|
|
EGX30 |
25,345 |
0.0% (YTD: +1.8%) |
|
|
S&P 500 |
4,7642 |
1.4% (YTD: -0.1%) |
|
|
FTSE 100 |
7,694 |
+0.1% (YTD: -0.5%) |
|
|
Euro Stoxx 50 |
4,485 |
+0.5% (YTD: -0.8%) |
|
|
Brent crude |
USD 76.24 |
+0.2% |
|
|
Natural gas (Nymex) |
USD 70.79 |
+0.03% |
|
|
Gold |
USD 2,040.40 |
+0.34% |
|
|
BTC |
USD 46,807.11 |
+6.9% (YTD: +5.7%) |
THE CLOSING BELL-
The ADX rose 0.5% yesterday on turnover of AED 1.15 bn. The index is up 1.4% YTD.
In the green: National Bank of Umm Al Qaiwain (+10.9%), Easy Lease Motorcycle Rental (+7.7%) and First Abu Dhabi Bank (+4.0%).
In the red: Sudatel Telecommunications Group (-5.4%), E7 Group (-4.5%) and Commercial Bank International (-4.2%).
The DFM remained flat yesterday on turnover of AED 304.24 bn. The index is up 0.7% YTD.
