Dubai: The Dubai International Financial Centre (DIFC) hosted a seminar on Tuesday to discuss the current state of capital markets in the Middle East, North Africa and South Asia (Menasa) region.
The event was part of the Knowledge Series of seminars organised by DIFC to raise awareness about industry trends.
Speakers included officials from the DIFC Authority, the Dubai Fin-ancial Services Authority (DFSA) and leading financial institutions and legal companies operating in the DIFC.
Resilience
"Emerging markets in the Middle East, North Africa and South Asia have demonstrated their resilience to the impact of the global financial crisis," said Abdullah Mohammed Al Awar, chief executive officer of the DIFC Authority.
"Today, capital markets in many countries in the region are outperforming those in developed countries," he said. Another topic that was highlighted at the seminar was the region's debt markets, which have seen a strong resurgence following the crisis.
Right tools
Commenting on the state of the economy in the UAE, Mohammad Ali Yasin, chief executive of Shuaa Securities, said the economy is on the path to a slow recovery.
"It will not be a fast rebound, but what's important is that the government has the right tools and the right reserves to counter a lot of the negatives that they have seen," Ali Yasin said.
However, he said clear signs of that recovery will not appear until the second half of the year.
"I think with a plan and a budget, provided that oil prices stay above the $50 base, it will be enough for [the government] to reach its target, which is about a growth in GDP of anywhere between 2.5 and 3 per cent at a time when a lot of markets are talking about 0.5 and 0.6," he said.
