Skip to content Skip to Search
Skip navigation

BNY Mellon reports 245% rise in net flows into GCC equities

People, Person, Man BNY Mellon
BNY Mellon CEO Robin Vince told AGBI there was a sense of "opportunity and excitement" across the GCC
  • BNY Mellon clients have invested $1.2bn in the GCC since 2019
  • The bank intends to expand its presence in the Gulf
  • BNY Mellon prefers to work with partners in the region

BNY Mellon clients’ net investments in GCC shares rocketed by 245 percent from 2019 through to the end of 2022, America’s oldest bank told AGBI.

Over this three-year period, the bank’s clients have poured $1.2 billion into Gulf equities, “outpacing emerging developed markets and the Eurozone significantly”.

The New York-headquartered bank did not supply yearly data for year-on-year comparisons.

GCC FX volumes through the bank have increased from March 2022 to date by 8 percent. “Flows into the region reflect positive sentiment, while emerging market flows have been flat.”

“You can feel the sense of opportunity and excitement for the development of the region,” said Robin Vince, who was speaking during his first visit to the region since being appointed CEO six months ago.

He revealed that the bank intends to further expand its footprint across the GCC, which extends back nearly a century.

“There’s still interest in participating in investments, particularly in the United States, where there continues to be a lot of interest in participating in the overall American economy.”

In 2022, companies based in the Middle East raised $21.9 billion through IPOs, more than half the total for the wider Emea region, which also includes Europe and Africa, Dealogic data shows.

That momentum has continued into 2023. At the start of March, Adnoc raised $2.5 billion from the initial public offering of its gas business, recording the largest-ever listing on the Abu Dhabi Securities Exchange (ADX).

Earlier this week, analytics firm Presight, part of Abu Dhabi’s artificial intelligence outfit G42, announced plans to float on the ADX. And on Thursday UAE exchange house Al Ansari said it planned to list 10 percent of the company on the Dubai Financial Market.

“The growth of local capital markets is more of a conversation today than it probably would have been 20 years ago,” said Vince.

In December 2021 a partnership was struck between BNY Mellon and SNB Capital in Saudi Arabia to “help build a robust, market-leading and inclusive capital markets ecosystem”.

And in July last year BNY Mellon announced a strategic alliance with Emirates NBD, Dubai’s largest lender, aimed at accelerating the growth of the UAE’s capital markets, increasing investor interest through digitisation.

We’re happy to partner with a local champion in order to help them and us be able to distribute those platforms and products locally in a market,” Vince added.

Latest articles

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

The Khazna facility will raise utility Ewec’s total installed solar PV capacity to 5.5 gigawatts

Developers sought for Abu Dhabi’s Khazna solar plant

Emirates Water and Electricity Company (Ewec) is seeking developers to build a 1,500 megawatt solar power facility in Abu Dhabi as the emirate ramps up its green energy drive. The utility has issued a request for proposals to qualified companies that have expressed interest in developing the Khazna Solar Photovoltaic project. A total of 27 […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]