Dubai is becoming an increasingly attractive destination for investment advisory firms, driven by its large share of ultra-high net worth individuals (UHNWIs) and the projected influx of millionaires. Octave Asset Management (OAM) is one such firm that has established its presence in Dubai, offering a wide range of investment solutions. The UAE's strong economic growth and positive outlook make it a promising market for these firms [18b280ea].
OAM places a strong emphasis on transparency, accountability, and integrity in its client-centric approach. The firm advises investors to diversify their portfolios and prioritize value and fundamentals. With a goal of managing over $500 million in assets by 2024, OAM plans to expand its operations globally and introduce more solutions. It also aims to leverage its partnership with Octave Holdings & Investments to further enhance its offerings [18b280ea].
The presence of investment advisory firms like OAM in Dubai is expected to redefine the asset management industry and set new benchmarks for excellence. As Dubai continues to attract UHNWIs and foster economic growth, these firms play a crucial role in guiding investors and helping them navigate the market [18b280ea].
Agusto & Co has assigned an 'A' rating to Odu’a Investment Company Limited (OICL), with a stable outlook. The rating reflects OICL’s diversified portfolio of investments, the experience of its board and management team, and recent efforts to reposition the business. OICL has implemented strategic initiatives such as governance structure enhancements, asset optimization, and expansion of investments. The company has transferred the management of its investment properties to Wemabod Limited and signed a joint venture agreement to upgrade the Premier Hotel in Ibadan. OICL plans to leverage its property portfolio to develop new assets and create new businesses in sectors such as Oil and Gas, Power, ICT/Digital, Agriculture, Transportation and Logistics, and Healthcare [46d48bb1].
In Oman, the National Development Portfolio, managed by the Oman Investment Authority (OIA), achieved success in enhancing economic diversification efforts in 2023. The portfolio's assets increased to approximately OMR12.175 billion, with profits exceeding OMR1.200 billion and an investment return of 11.5%. OMR800 million of these profits bolstered the State's general budget. Capital investment spending on portfolio projects rose to OMR2.1 billion, surpassing the target of OMR1.9 billion. The portfolio companies completed six national projects with a combined investment value exceeding OMR4 billion. The OIA's strategy aims to contribute to the growth and development of the Omani economy by promoting targeted economic sectors through large projects across various governorates. Several OIA companies announced and inaugurated projects, including the OQ ammonia factory, the container terminal in Duqm Port, the electricity connection project, and the copper and gold project in Yanqul. Foreign direct investments exceeded OMR1 billion across free and economic zones. The OIA also supported small and medium enterprises (SMEs) and allocated a portion of its purchases and tenders to these businesses. Oman LNG Company signed binding clauses to export 10.4 million metric tonnes of liquefied natural gas annually after 2024. The Minerals Development Oman announced new discoveries of various minerals. The Omani Food Investment Holding Company expanded contract farming, began exporting camel milk to Saudi Arabia, and introduced its products to new markets. The 'ITHCA' Group and its subsidiaries expanded their local investments, including the expansion of the American company GSME's business in Oman [686ae160].
The Omani stock market concluded the week with a gain of 1.04 percent. The market's gains can be attributed to external factors such as developments around the US economy and oil market volatility. The financial sector was the top performer, with banking stocks leading the gains. The services index also showed robust growth, with standout performers including Abraj Energy Services and Renaissance Services. The industrial sector contributed positively to the market's overall performance. The market could benefit from the Financial Services Authority's new incentive program for the Omani capital market. The program aims to deepen the market and attract investments [71c7dd4a].