GCC may become international centre for asset management

DUBAI - GCC may become an international centre for asset management in the next decade, pointed Nasser Al Shaali, CEO of the DIFC Authority at a seminar organised by the Dubai International Financial Centre (DIFC) on Wednesday.

By (By a staff reporter)

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Published: Thu 28 Aug 2008, 11:39 PM

Last updated: Sun 5 Apr 2015, 12:00 PM

Nasser Al Shaali, CEO, DIFC Authority at a seminar.In a press statement issued here, DIFC stated, 'emerging opportunities for the regional funds industry presented an exciting outlook for the sector over the next few years.'

Senior DIFC and Dubai Financial Services Authority (DFSA) officials joined international legal experts and top investment bankers to discuss the changing regulatory and market landscape for the funds industry in the region.

Further Al Shaali, said: 'The asset and funds management industry is still young but due to the vast wealth concentration in the region, we can expect the GCC to become an international centre for asset management in the next decade. Managed funds, and in particular Shariah compliant funds, are attracting a wave of new, more sophisticated investors.'

Speaking about the role of Dubai in fostering the growth of the regional industry, Al Shaali said: 'As international interest in the MENA region continues to grow, Dubai's aspirations of becoming a centre for global trade is fast becoming a reality. Regional wealth is being reinvested in the Middle East and the role of fund management has become more prominent. In just four years, DIFC has succeeded in attracting some of the leading and most respected names in the global banking industry.'

Dr Nasser Saidi, Chief Economist of DIFC pointed to the new developments that are throwing open vast new opportunities for fund management providers in the GCC region. 'The Middle East is predicted to be the fastest growing region for high net-worth individual (HNWI) assets. With mutual fund penetration rates at very low levels across the GCC, there are tremendous opportunities for growth,' he said.

Structural and policy developments including increased infrastructure investment, economic diversification and new openness combined with the planned GCC monetary union are contributing significantly to the development of the funds industry, he said

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