Finance World

Private wealth growth in the United Arab Emirates (UAE) witnessed a significant increase in 2016 (8.3 percent); it continued to lead GCC private wealth growth according to a new report by The Boston Consulting Group (BCG), Global Wealth 2017: Transforming the Client Experience, being released today. In the UAE, the growth of private wealth was driven primarily by equities. In 2016, the amount of wealth held in equities increased by 9.3 percent, in comparison to cash and deposits at 8.4 percent and bonds at 3.8 percent.

Broad-based weakness saw the Bloomberg Commodity Index challenge the lower end of the range that has persisted for the past 14 months. The index, which covers the performance of 22 major commodities split equally between energy, metals, and agriculture, remains challenged by bulging crude oil stocks, China's monetary tightening/growth slowdown, and a fading Trump trade. 

Risk jumped in the region last week as unprecedented geopolitical developments occurred rapidly. Despite these tensions, oil was down by 3.6% over the week, failing to sustain above USD 50 pb showing again that the main driver for oil remains the supply-demand picture even against what would normally be consider another significant trigger.

The System Integrators (SI) services market in the Middle East and Africa was valued at US$10.34 billion at the end of 2016, following a five-year growth spurt during which the market increased by a Compound Annual Growth Rate (CAGR) of 8.87%, posing huge opportunities to bring solutions to new sectors according to STME, the Middle East’s leading IT solutions provider and systems integrator.

In the first quarter of 2017, worldwide server revenue declined 4.5 percent year over year, while shipments fell 4.2 percent from the first quarter of 2016, according to Gartner, Inc.