Investors are cautiously optimistic

First Gulf Bank, FGB, has announced the first score of its Wealth Sentiment Index, which stands at 1017.41 for January 2017. The index score indicates cautious optimism amongst UAE investors, with crude oil prices firming up and the UAE tourism sector remaining healthy with increasing room occupancy, alongside an increase in the Purchasing Managers’ Index (PMI).

The score was announced during a ceremony attended by FGB CEO, Andr? Sayegh, Head of the Consumer Banking Group, Hana Al Rostamani and Global Head of Wealth Management and Affluent Banking, Mufazzal Kajiji, at the FGB Business Park in Abu Dhabi.

The index score is based on insights from a panel of industry thought leaders, who form the FGB Wealth Sentiment Index Council, which is composed of affluent individuals and industry experts (60 percent). The research is based on three key areas: optimism within the UAE market, growth prospects in respective industries and personal investment choices. This research is combined with key market indicators, such as GDP, inflation, stock indices and commodity prices, alongside sectorial indicators including real estate, tourism and trade, which is weighted at 40 percent.

The launch of the index, the first-of-its-kind for the UAE and MENA region, was announced during the bank’s fourth annual Investment Conference in November 2016, and was established to measure the prevailing mood of affluent investors in the UAE market, from a personal and business point of view. It is an indicator of the overall sentiment of the market, based on existing fundamental and economic factors.

Andr? Sayegh, CEO of FGB, said: "The Wealth practice is vital and integral to our bank and will continue to make up an important part of our business as we move into the new bank. We are proud to have come a long way in our Wealth Offerings, creating an index that provides an important reference for investors and wealth customers, and the UAE’s investment community. Our achievement reflects our strength and leading position, and the ability of a local bank to offer unique and innovative wealth services and is a building block in our journey to provide one of the best wealth offerings available in the UAE market."

Hana Al Rostamani, Head of the Consumer Banking Group at FGB, said: "We’re very proud to have officially launched FGB’s new Wealth Sentiment Index with the announcement of our first monthly score. The score for January 2017 indicates a cautiously optimistic outlook amongst investors and the business community, in light of continued growth across the UAE’s tourism and manufacturing sectors, and with oil prices expected to rise this year. Providing insights into the viewpoints of industry leaders and evolving market conditions, the Wealth Sentiment Index is a valuable tool which we’re pleased to have brought to the UAE and MENA region for the first time, marking another important FGB milestone."