Goldman Sachs Group, which generated one-third of its profit from trading last year, is restarting Middle East and North Africa equity sales in Dubai, according to two sources.
The fifth-largest bank in the United States by assets is hiring Veer Ramlugon as part of the plans, one of the sources said, asking not to be identified because the matter is not public.
Mr Ramlugon, who declined to comment when contacted, previously worked in Middle East equity and equity-derivative sales at Bank of America Merrill Lynch in Dubai.
Goldman Sachs is joining banks from Renaissance Capital to Arqaam Capital in expanding coverage in the Middle East and Africa as local markets rally and economic growth surges.
Dubai’s benchmark index has advanced the most among 50 of the world’s largest equity gauges this year, with a gain of 23 per cent as the UAE’s real estate and banking industries recover.
The UAE will be raised to emerging market status from frontier status by the index provider MSCI in May, potentially paving the way for greater foreign investment.
Dubai, the Arab world's business hub, is gearing up to host the World Expo in 2020 with US$8 billion of infrastructure spending.
The cost of insuring Dubai’s debt against non-payment with credit-default swaps was quoted at 189 basis points at the end of last month, the least since the 187 reached last May, according to prices compiled by CMA.
Renaissance, the Russian investment bank controlled by the billionaire Mikhail Prokhorov, is planning to open an office in the city to take advantage of the rising demand for assets in the oil-rich region, while Dubai-based Arqaam will start trading African bonds and derivatives.
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
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Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.