麦加投资 مكه للاستثمار
Structural and economic reforms happening in the Middle East and North Africa (MENA) region, particularly in Saudi Arabia and Egypt, are expected to give a boost to the corporate earnings and equity valuations in the short to medium term, according to recent report from Emirates NBD Asset Management and Jupiter Asset Management.
The recent MSCI upgrade of Saudi Arabia is also expected to bring in additional foreign capital, boosting equity valuations. MSCI recently promoted Saudi Arabia to its emerging market index (in a two-step inclusion process will occur in May and August next year), representing a fillip to the country’s Vision 2030 plans to make its stocks more internationally tradable.
In 2018, anticipation of the now-confirmed MSCI upgrade for Saudi Arabia has driven the Tadawul All Shares Index (Tasi) up 15 per cent year to date, in stark contrast to the MSCI EM Index itself, which is down 2 per cent for the year. At a weighting of approximately 2.6 per cent and with 32 securities selected, the importance of the upgrade is likely to serve as a catalyst for the Saudi capital market.
在2018年，对沙特阿拉伯现已确认的MSCI升级的预期推动Tadawul All Shares Index（Tasi）今年迄今上涨15％，与MSCI新兴市场指数本身形成鲜明对比，该指数下跌2％。年。权重约为2.6％，选择了32种证券，升级的重要性可能成为沙特资本市场的催化剂。
“With a raft of socioeconomic changes taking place in Saudi Arabia — from women driving to the opening of the first cinemas — we are seeing huge opportunity for EM investors in 2018-19. While the country has been able to plug forex leakage with issuance of US dollar-denominated debt, a great deal more can be achieved through its stock market, especially after inclusion on the FTSE Russell and MSCI EM indices.
“随着沙特阿拉伯发生一系列社会经济变化 - 从女性开车到第一家电影院开幕 - 我们看到新兴市场投资者在2018 - 19年间有巨大的机会。虽然该国已经能够通过发行以美元计价的债务来弥补外汇泄漏，但通过其股票市场可以实现更多目标，特别是在纳入富时罗素和MSCI新兴市场指数之后。
Asset managers said Saudi market has been delivering strong returns last year, even amid political and economic uncertainties. “The Tadawul All Share Index is up by double digits year-to-date, and our own Saudi Arabia Equity Fund has exceeded 18 per cent returns, as investors have become increasingly bullish on the Kingdom,” said Bajwa.
According to estimates by Emirates NBD Asset management, even ahead of the MSCI upgrade, smart fund managers from the US, UK and Asia have already dipped into the Saudi market, with foreign inflows surpassing $3 billion by May 2018, which is equivalent to all inflows to the UAE and Qatar for the whole of 2014, when they were upgraded.
The Kingdom received total capital inflows of only $25 billion in 2017. Following the announcement, MSCI stated that the Aramco IPO can push Saudi’s weight to 4.4 per cent from 2.6 per cent, effectively leading to $70-79 billion (9.4 per cent to 10.6 per cent of GDP) of foreign inflows into the Kingdom.