International financial firms mulling a move to Global Marketplace Abu Dhabi need little reminding of the large concentration of institutional wealth based in the emirate.
Some of the world's largest sovereign wealth funds and several state pension funds are located in the capital, not least of which is the Abu Dhabi Investment Authority (Adia).
The precise size of the capital's sovereign wealth fund is unknown, but it is one of the world's biggest government investors and is routinely approached directly by the world's investment banks.
Abu Dhabi's government investment vehicles were increasingly looking overseas, creating opportunities for international firms that could advise them, said Rachel Ziemba, the director of emerging markets at Roubini Global Economics.
"We've already seen an increase in offshoots and spin-offs from big sovereign funds in Abu Dhabi," she said.
Gaining access to these mandates from these funds could create a lucrative incentive that the Government could offer in trying to attract international asset managers, Ms Ziemba added.
"One of the quid pro quos for gaining some of the local institutional wealth might be location in Abu Dhabi or at least a presence," she said. "You've seen that to some extent for government contracts."
But deep institutional wealth that targets local markets was still in shorter supply in the UAE than elsewhere, she added.
"This is still a region that doesn't have a lot of institutional players in local markets," she said. "We're probably seeing more globally focused funds being spun out because of concerns over lack of liquidity on local markets."
The Abu Dhabi Investment Council was spun out of Adia in 2006 to manage the Government's domestic portfolio of companies. It owns controlling stakes in National Bank of Abu Dhabi and Abu Dhabi Commercial Bank, and fully owns Al Hilal Bank and InvestAD. It also has a large global investment mandate.
The Emirates Investment Authority, the UAE's federal sovereign wealth fund, is smaller in size, but owns sizeable stakes in the telecommunications firms Etisalat and du and has been behind plans to merge the nation's stock exchanges.
Domestic pension funds represent a smaller pot of assets than in Europe or the United States, but funds such as the UAE General Pensions and Social Security Authority and the Abu Dhabi Retirement Pensions and Benefits Fund also hold a large proportion of their assets internationally.
ghunter@thenational.ae
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Zayed Sustainability Prize
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Company%20Profile
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Company%20profile%20
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Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
Key developments in maritime dispute
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Killing of Qassem Suleimani