Day Two: Dubai and Abu Dhabi
It wasn’t until the following morning that I realized how incredibly hot it was: 43C. Try wearing a full suit and toting a laptop in that heat. I decided to forgo the blazer until we were about to enter our meeting but soon realized that the sleeveless look is simply not favored for women in this part of the world. You don’t have to cover your head, but full business attire is a must here.
Even though we were within walking distance of the Dubai International Financial Center, the cluster of ultra-modern skyscrapers that house the city’s business side, we still arranged for a car. This was the easiest way to make sure we were on time and not too sweaty. We also wanted a car to take us to Abu Dhabi, which is a 90-minute drive from Dubai’s city center, that afternoon.
High and lows of the local buy side
While still investing the bulk of their oil profits locally, Arab investors are increasingly showing an appetite for foreign equity. The Institute of International Finance estimates that between the beginning of 2004 and the end of 2005, the foreign asset holdings of the Gulf Cooperation Council states increased by $150bn.
The Bahrain-based Arapita fund, for example, has put a third of its worldwide investments in European equities, investing a total of around €7bn ($9.6), according to CNBC European Business.
Dubai and Abu Dhabi are home to several multi-billion-dollar funds currently scouting for investments abroad. Dubai International Capital, a government-owned fund with €4.5bn under management, recently took a 3% stake in DaimlerChrysler and has expressed an interest in buying into European aerospace group EADS. And Abu Dhab-based Mabadala Development recently bought up 5% of Italian car maker Ferrari.
As with any equity market, the best way to reach these funds is through a local sell-side contact who can test the waters before committing your CEO to a visit.
This is an alphabetical list of well-known international institutions in the city, as well as local investment funds. Current assets under management were not available in order to rank these firms.
Abraaj Capital
Barclays International
Calyon
Carlyle Group (private equity)
Citigroup
Commercial Bank of Dubai
Credit Suisse
Deutsche Bank
Dubai Islamic Bank
Emirates Bank Internationa
Franklin Templeton Investments
Goldman Sachs
HSBC
Invesco Asset Management
JP Morgan
Julius Baer
Lehman Brothers
Mellon Global Investments
Merrill Lynch
Morgan Stanley
National Bank of Dubai
Prudential
Standard Chartered
Sumitomo Mitsui
UBS
