Pictet says Mena good bet for investors

Oil wealth, population growth and economic reforms make countries in the Middle East and North Africa (Mena) a sure bet for investors seeking returns in frontier markets, Pictet Asset Management said.

The company's recently launched equity fund will focus on real estate and construction investments, said Oliver Bell, Pictet's head of emerging markets. The fund aims to raise $1 billion (Dh3.6bn) for investments in Saudi Arabia, Kuwait, Bahrain, Qatar, the UAE as well as Morocco and Tunisia.

"The population of the region is about 300 million, 50 per cent under the age of 25… that in itself is driving liberalisation and change because you have got governments needing to reform to provide jobs," Oliver Bell said yesterday.