$1.2 trillion Nuveen opens shop at Abu Dhabi Global Market
Nuveen is the second trillion-dollar investment firm to open shop this month at Abu Dhabi Global Market.
Prior to Nuveen, which manages $1.2 trillion in assets, Prudential Financial’s PGIM, with $1.3 trillion under management, also opened an office in the UAE capital in September.
Nuveen CEO William Huffman told The National, that his firm, which holds the assets of the U.S. teachers’ pension fund TIAA, offers the Middle East market “forward-looking opportunities including infrastructure, renewable energy and real estate technology.”
He said that “based on our conversations with investors, we believe… our reputation … aligns closely with the needs of clients in the region.”
New Zealand, UAE reach terms for signing free-trade pact
New Zealand and the UAE have reached a free-trade agreement after four months of negotiations.
The Comprehensive Economic Partnership Agreement will eliminate duties on as much as 99% of New Zealand’s exports to the Gulf state, according to Trade Minister Todd McClay.
“This will create new opportunities for New Zealand businesses in the dynamic UAE market, contributing to our ambitious target of doubling exports by value in 10 years,” McClay said in a statement issued on Thursday.
Trade between the two countries reached $814 million for the year ending June 2024, he said.
Egypt’s inflation picks up after $57 billion international bailout
Egypt’s inflation is picking up again after slowing for five months amid the $57 billion international bailout led by the International Monetary Fund and the UAE.
The consumer price index rose 2.1% in August, indicating the fastest inflation rate since February.
Prices had been stabilizing in Egypt despite recent food subsidy cuts and hikes in fuel and electricity.
The most recent CPI is scaling back expectations that Egypt’s central bank would cut the benchmark interest rate from its current all-time high of 27.25%, Bloomberg reports.
