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Mena region attracts record foreign-fund inflows in May
The Middle East and North Africa region witnessed the highest inflows of foreign funds in May over the past five years, according to a latest report by Deutsche Bank.
Last month, the region registered $655 million in funds, while on an aggregate basis, Mena markets posted around $2 billion of net inflows since the start of the year — also a record level — versus an outflow of $192 million during the same period in 2012.
Only the top three Gulf countries — the UAE, Saudi Arabia, and Qatar — attracted the total funds to the Mena region during the month.
“Mena markets continue to impress with their solid performance. Dubai has advanced by more than 47 per cent year-to-date, followed by Abu Dhabi at 39 per cent and Kuwait with 35 per cent. The recent upgrade in the emerging market index of the UAE and Qatar reflects the confidence of international investors and will further leverage the regions visibility to represent a potential $400-$450 million of incremental funds inflows for each country,” Aleksandar Stojanovski, research analyst at Deutsche Bank, said in a statement.
On the upgrade of the UAE’s capital markets’ status from frontier to emerging, BCG Middle East partner and managing director Markus Massi said: “The MSCI upgrade of the UAE from frontier to emerging market is an important milestone for the UAE stock markets and a recognition of the development the market has undergone during the last years. The upgrade has the potential to direct international institutional liquidity to the UAE markets. We believe that valuation levels should generally benefit from this move, which may trigger an increase in IPOs [initial public offerings].”
Of the $655 million for May, the Saudi Arabia led the rally with $308 million of inflows, followed by Qatar and Dubai with $131 million and $129 million, respectively. For Qatar, this is a hat-trick of inflows, which is a major reversal of the trend seen throughout 2011-12 when some $1.3 billion of foreign funds exited the country.
On a year-to-date basis — except for Egypt, which is down 14 per cent — all the other markets were up: Oman by 16 per cent, Qatar by 14 per cent, Bahrain by 13 per cent, Saudi Arabia by 11 per cent and Jordan by three per cent.
Deutsche Bank’s Mena portfolio is up by 22.3 per cent since its last revision in January 2013, and has outperformed the regional market by 1527 basis points. For other regional markets that Deutsche Bank tracks fund flow data, Kuwait had an inflow of $47 million and Abu Dhabi registered $40 million.
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