Investors upbeat on UAE economy

ABU DHABI — The mood of affluent investors in the UAE market has improved as compared to the last year, according to the First Abu Dhabi Bank’s index measuring impression of wealth holders.

The index rose by 1.87 percent to 1038.28 points from 1019.13 points in April 2016, reflecting the positive mood prevailing toward country’s business environment.

The index serves as an indicator of the overall sentiments of the market, from a personal and business point of view, based on existing fundamental and economic factors.

The index was an all-time high in May 2017 in a direct result of the upbeat sentiments on the market and the increasing tourist arrivals, as well as the UAE Dirham appreciation versus most of world currencies, said Hana Al Rostamani, group head of Personal Banking at FAB.

However, the index has been impacted by other major factors including fluctuating oil prices, which significantly dropped in May.

Despite weak oil prices, 60 percent of the index board member are planning to augment their investments and hold optimistic view about the country’s economic growth, she noted.

Source: Emirates News Agency