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UAE preferred market in Middle East & North Africa: US bank

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Bank of America-Merrill Lynch said that the UAE equities are trading at attractive levels after the sharp correction during the summer, offering good long-term potential. “Whilst we have a neutral view on the market, the UAE nonetheless remains our preferred market in Mena (excluding Kuwait) given its healthy growth outlook (15% CAGR 2014-16), consistent earnings delivery, robust macro outlook (less dominated by oil prices than neighbours) and the strongest earnings momentum (lowest earnings downgrades) amongst the GCC countries,” said Jean-Michel Saliba, Mena Economist at the US bank.

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