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Dubai and Abu Dhabi will consolidate, not compete

Thursday, May 17, 2018


Economic consolidation in the UAE.


Abu Dhabi is implementing a new round of mergers across sovereign investment vehicles. This is part of a process that began some years ago, initially in Dubai. The trend has economic and political drivers, and includes fiscal restraints and the shift to a more aggressive foreign policy strategy.


  • Abu Dhabi’s new, larger investment fund could increase support for the smaller emirates and regional neighbours.
  • Privatisation is likely to increase at a slow and steady pace in the UAE.
  • Authorities may encourage corporate and quasi-sovereign issuance aimed to revive local capital markets.
  • Capital markets’ competition in the search for yield with their regional peers will intensify.

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