(MENAFN– Al-Anbaa)
Marmore MENA Intelligence, a wholly owned subsidiary of Kuwait Financial Center Company “Markaz”, concluded its participation in the Middle East and North Africa Investment Conference, which was held in Abu Dhabi on November 24, 2022. Global, the participation of more than 300 global personalities.
MR Raghu, CEO of Marmore, participated in the conference through a panel discussion titled “Middle East and North Africa Outlook 2023”, where he provided insights on the development of Gulf stock exchanges, their role in supporting economic diversification and development, and opportunities to bring foreign investment to the region through fixed income. stocks and alternative investments.
Raghu spoke in the discussion session moderated by Hussain Sayed, the certified financial analyst and presenter of programs on CNBC Arabia, where he discussed the numbers that paint a positive outlook for the regional stock markets, including the completion of 27 initial public offerings in the Gulf countries during 2022, with a value of 14.5 billion. Dollars, and more than $7 billion in foreign capital invested in Middle Eastern stock exchanges in March 2022, according to Franklin Templeton data.
Raghu also explained the difference between attracting family businesses and state-owned companies to the IPO, pointing out that the latter are more accessible and carry more gains for the market, and he identified important geopolitical events and macroeconomic shifts that could continue to affect the GCC markets, indicating that The war between Russia and Ukraine, tight monetary policies, high inflation rates, and growing fears of recession are among the main causes of changes in global markets, while the GCC countries continue their journey of transition from oil-dependent economies.
Raghu added that with the rise in oil prices, the outlook for the broader GCC region remains strong according to the calculations of the GDP and the balance of the public budget. Raghu points out that the public sector will play a major role in this transformation.
He added that the great development witnessed by the Gulf financial markets over the past years led to an increase in listings, liquidity rates, products and evaluation.
He also indicated that the various reforms undertaken by those markets are expected to attract more foreign inflows. Raghu said that the share of the GCC countries in the MSCI Emerging Markets Index (MSCI EM) is likely to rise in the coming years as a result of these factors.
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