The upward trend in oil prices that we witnessed in the Q2 has continued in Q3. The average price of Brent crude oil was $73.6 in Q3 vs. $68.8 in Q2. That strength has persisted in early October with the oil price well above $80/bbl. This of course bodes well for the...
The MENA region has been on a tear in 2021. Countries in the Middle East with a USD pegged currency benefited from the global low rate environment and by an ever growing pool of assets that flows from low yielding cash and fixed income instruments. The index heavy...
Not many would have predicted that the MENA markets would finish the year largely flat, knowing that the price of oil would stay below USD 40 a barrel for most of the year. Markets were supported by the currency pegs with the USD which have reduced funding rates and...
The MENA region rebounded in tandem with global markets during the second quarter with Saudi (+11%) pulling the region higher. However, the rebound was less sharp in the region and some peripheral markets (Morocco -1%, Oman +2%) failed to join in the rally. The...
The MENA region was dragged down with global markets and hardest hit was the UAE (-30%) and Kuwait (-28%) while the less liquid and more isolated markets such as Tunisia (-6%) and Oman (-19%) fared better. The UAE market took the heaviest beating on the back of a...
The MENA region had a good quarter, gaining over 4% as Kuwait (+12%) and Saudi (4%) drove the main index higher. However, relative to emerging markets, MENA continued to lag for the quarter and closed the year 2019 trailing the MSCI EM index, 19% vs 13%. The Saudi...
