Key Takeaways from the 19th Annual One-On-One Conference Opening Session Exploring MENA’s Investment – Part Two
EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), inaugurated the 19th Annual EFG Hermes One-on-One Conference on April 7th, 2024. The signature event, which is this year hosting 220 companies from 12 countries and welcoming 675 institutional investors and fund managers representing 252 global institutions, stands as the world’s largest investment forum dedicated to MENA. The conference will run until April 10th, 2024, at the JW Marriott Hotel Marina
Highlights from the opening session included
• A keynote speech by EFG Holding’s Group Chief Executive Officer, Mr. Karim Awad
• A panel discussion titled Egypt’s Economic Reset? An Inside View with Mr. Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt, moderated by Mr. Ziad Daoud, Chief Emerging Markets Economist at Bloomberg
• A panel discussion in partnership with DFM entitled The Role of Capital Markets in Advancing the UAE’s Long-Term Vision: Opportunities and Challenges with Mr. Hamed Ali, CEO of Dubai Financial Market (DFM) and Nasdaq Dubai; Mr. Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC) at the Dubai Department of Economy and Tourism (DET) moderated by Ms. Ramia Farrage, Senior Presenter and Producer at Forbes Middle East
Key Takeaways from the UAE Panel Discussion
Panelists
• Mr. Hamed Ali, CEO of Dubai Financial Market and Nasdaq Dubai
• Mr. Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC) at the Dubai Department of Economy and Tourism (DET)
Moderated by Ms. Ramia Farrage, Senior Presenter and Producer at Forbes Middle East
• DFM outperformed the region, with a 27.1% index gain, maintaining its lead for the second consecutive year. Dubai hosted the region’s largest tech IPO and raised AED 45bn from 10 IPOs over the past two years, with oversubscription demand of AED 1.2 trillion
• Hamed: “We could’ve done more; we should’ve done more
• EFG Hermes won the top broker spot in terms of volume
• 85% of new investors in DFM last year were from outside the UAE, with international investors contributing 50% of traded volume
• Demand for IPOs has been soaring, often fully subscribed within seconds — indicating a critical need for more allocation and diversified listing options
• Capital markets are positioned as tools to unlock liquidity, provide growth capital, and offer exit opportunities
• Shift from just blue-chip listings to supporting family businesses, tech startups, and growth companies
• Two out of the 10 recent IPOs were family businesses — a major shift from three years ago. Dubai’s strategy is to entice private-sector-led listings across equity, debt, and private markets
• D33 plan drives Dubai’s transformation into a global growth hub with eight sectors, each contributing at least 5% to GDP
• Beyond traditional sectors like logistics, tourism, and finance, new growth engines include virtual assets, healthtech, proptech, and advanced manufacturing
• Real estate and infrastructure remain major components, forming 30% of DFM’s market cap
• Authorities are actively engaging with companies on IPO execution and long-term growth trajectories, sometimes over 5–6 years
• The market approach now focuses on balancing growth capital needs with investor appetite and offering multiple market entry routes — from IPOs to private and growth markets
• Dubai now stands as #3 globally when it comes to visitor attractions
• Any efficient market today focuses on improving investor accessibility, allowing investors to come in and out efficiently
Key takeaways from the 2025 EFG Hermes Live Research Poll
• A majority (46%) expect the Fed to cut rates twice by 25bps in 2025, with 26% expecting one cut—signaling a strong market consensus around a more accommodative Fed next year
• 83% expect 2025 to be a correction year for the S&P 500, reflecting continued confidence in the US equity market
• A slight majority (58%) believe the US-led trade war will escalate further, though a sizable 42% remain cautious
• 48% forecast oil prices to average around USD 70/barrel in 2025, while 38% see it closer to USD 60 or less. Only 6% expect it to be as high as USD 90
• Dubai real estate: 40% believe prices will be higher, while 34% expect them to be unchanged
• Saudi Arabia leads the pack with 39%, seeing it as the best-performing MENA market in USD terms, followed by Dubai (22%) and Egypt (18%)
• Regarding best-performing sector, banks and financials are favored (28%), followed by real estate (22%), with healthcare and utilities tied at 12%
• A strong majority (79%) believe gold prices will continue rising in 2025
• UAE (41%) narrowly leads Saudi Arabia (39%) as the market expected to deliver the best long-term property returns
• Geopolitics (53%) is seen as the biggest risk, followed by oil prices (41%)—while reform fatigue (6%) is viewed as less of a concern
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