Arqaam Capital is pleased to invite you to its 10th Annual MENA Investor Conference.

We are finally back to in-person conference!

We are hosting the conference in the center of one of the most vibrant financial and trading hub in MENA. The conference will be linking 50+ MENA corporates with regional & international investors around 1x1 meetings and small group meetings.

The GCC continues to be a haven, while global growth is slowing due to a mix of several shocks including a 40-year high inflation that is reducing household purchasing power, tighter financial conditions, a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns, and further negative spillovers from the war in Ukraine. As such, the MENA’s weight in the Emerging Market index has increased to 7.6%. We see considerable tailwind from further FOL hikes in Qatar, UAE, and KSA, which could increase the weight to 10% in the near term.

We see further upside to the region as higher policy rates support the outlook for the GCC banks, with a partial or full pass-through of US policy rates lifting margins, while bad debts continue to come down due to the solid economic growth. Further support is coming from (off)budget spending, as GCC countries continue to invest in their oil sectors and economic diversification as the world remains dependent on fossil fuels in the next decade. The localization of agriculture and manufacturing, growing e-commerce, digitalization, greater 5G penetration, privatization in crucial sectors, enhanced insurance coverage, and modernization in institutional frameworks continue to support the outlook.

We are looking forward to seeing you all.

Wafic Nsouli

Head Capital Markets