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Middle East and Africa: Gulf overspill

Surplus liquidity from the Gulf is finding its way into the Middle East and Africa, finds Paul Allen.

This article appears courtesy of Global Investor.

Market growth will continue to be a feature of the Middle Eastern markets in 2007, according to Arindam Das, senior vice president, Middle East with HSBC Securities Services.

"In Jordan, we are witnessing growing interest from our international clients, as the markets have undergone a correction that has made valuations more attractive, coupled with the fact that some of the surplus liquidity in the Gulf is finding its way into the Middle East and North Africa region", he says.

"Increasing activity in the capital markets, be it IPOs leading to new listings, or greater integration with the Gulf markets – such as the link set up recently between the Jordan Stock Exchange and Abu Dhabi Stock Market, and the influx of Gulf capital into Jordan – will add to the depth and breadth of the stock market, as well as increase institutional participation in the market," says Das.

In addition, the country's privatisation programme will help in bolstering further activity in the investment banking and capital markets space, which custodian are watching with keen interest.


Meanwhile, Egypt already attracts significant interest from foreign institutional investors, and this is expected to continue through 2007, according to Das.

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