Abu Dhabi / WAM
Abu Dhabi Islamic Bank (ADIB) presented its outlook on the regional and global investment climate to its top private banking clients at a number of events in Abu Dhabi, Dubai and Al Ain. Senior ADIB executives from ADIBâ€™s Private Banking arm explained to clients how to manage wealth effectively in times of economic and political volatility.
Mohammed Azab, Head of Private Banking, and Shahzad Ali, Head of Investment Advisory (Private Banking), presented the outlook to 100 clients in Al Ain, Abu Dhabi and Dubai. The outlook covered the current state of play in the global and regional economy as well as its expected impact on the major investible asset classes – equity, Sukuk, currencies, commodities and real-estate â€“ particularly, in the current low interest rate environment.
The seminar was attended by a cross section of ADIBâ€™s private banking customer groups. Following the seminar clients were advised on matters of particular interest to them, such as the investment outlook in securities, the Sukuk markets performance, what to expect in the current year and how to manage their portfolios to weather the current market challenges.
A recent report from Boston Consulting Group found that private wealth in the UAE is projected to grow at a compound annual growth rate of 10.7 per cent and reach an estimated $1 trillion by 2019. The report also found that the growth of talent in the UAE, along with the burgeoning opportunities for investment, is another reason for why private wealth is more likely to stay onshore in the future.