Investor confidence returns as real estate market rebounds and tourism booms; institutional volume up, Mubasher posts year-on-year volume growth of 56 per cent (UAE), 47 per cent (KSA), 156 per cent (Bahrain), 334 per cent (Egypt) and 536 per cent in Europe.
The ongoing recovery is being led by the Dubai Financial Market, said Mubasher, where share trading volumes soared to 600 million shares a day - a 1,000 per cent increase on weak periods last year. Meanwhile, the continuing boom of the tourism sector, added to the returning confidence in real estate, saw the market reach three-year highs.
Amr Elalfy, Global Head of Research at Mubasher Financial Services, pointed out, “In sharp contrast to the gloomy outlook elsewhere in global markets, Dubai has seen concrete evidence of a rise in investor confidence - as shown by gains in real estate, credit and equities. The recovery of property prices is particularly encouraging, considering the heavy losses this sector incurred in the correction.”
Further underlining the view that the region’s economy is in healthier shape, a rise in year-on-year institutional trading volumes was recorded by Mubasher, one of the region’s leading brokerage firms. In the UAE, 2012 volumes were 56 per cent higher than 2011 figures. The firm’s highest percentage growth in the region was recorded in Egypt, up 334 per cent. This upward trend is also reflected in Saudi Arabia, where volumes rose 47 per cent, Bahrain up 156 per cent and Kuwait up 14 per cent. Volumes in Europe soared by 536 per cent.
Read more: http://www.cpifinancial.net/news/post/18603/2013-outlook-for-mena-markets-cautiously-optimistic-says-mubasher
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