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CIO key takeaways from our trip to Riyadh, Doha, Dubai, and Abu Dhabi

Regional Outlook
This insight is about
Investment
Inflation
GCC
China

CIO key takeaways from our trip to Riyadh, Doha, Dubai, and Abu Dhabi

by Georgios Leontaris, CFA, CIO, Switzerland and EMEA, HSBC Global Private Banking and Wealth, Willem Sels, Global CIO, HSBC Global Private Banking and Wealth and Cheuk Wan Fan, CIO, Asia, HSBC Global Private Banking and Wealth
Mar 6, 2023

  • We spent the week of 20th February in the Middle East, meeting approximately 150 clients and prospects. This included our flagship Investment Outlook event in Dubai and was followed by a series of 1-1 meetings in Riyadh, Doha, Dubai, and Abu Dhabi
  • Through our discussions, optimism about the GCC region was evident, thanks to elevated energy prices, large-scale investment programs, improved tourism numbers and structural reforms. We received several queries about investments in the Middle East, given the elevated yields of GCC bonds and Sukuks, and the ongoing pipeline of IPOs in the region
  • The biggest client concern is related to the stickiness of global inflation and whether that could trigger more rate hikes that might weigh on equity markets after the strong returns witnessed until mid-February. Discussions also focussed on fixed income, including questions on where to position along the curve, given the recent market moves. Alternative investments remained a key investment focus for clients as a source of diversification to traditional assets
  • The relative resilience of China and Asia (as a whole) was acknowledged in the vast majority of our meetings, and we had the opportunity to elaborate on our views regarding specific markets and sectors. Clients asked to what extent the geopolitical risks are priced in and whether the timing remains apt to position in China’s reopening rally. Some clients agreed with us that the risk-reward of China and Asia opportunities looks compelling, whereas others were keener to hear about our recommendations on European exporters, commodities and other developed market companies as an alternative way to position for China’s growth recovery amid geopolitical uncertainties
  • Our macroeconomic and investment views for the GCC region were recently presented in our EMEA Perspectives outlining the GCC’s unique position to benefit from the energy diversification trend across the West, which bolsters the region’s economic and fiscal stance. In this publication, we provide additional context on our experience on the ground, as well as the key discussions with local investors surrounding the investment opportunities and underlying risks

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