Dubai, UAE: Indosuez Wealth Management, the global wealth management arm of Crédit Agricole group, hosted its 2019 Middle East Investment Conference at the Mandarin Oriental Jumeira hotel in Dubai yesterday.  Senior Indosuez executives welcomed more than 120 guests, mostly comprising the bank’s regional Ultra High Net worth clients to the event which featured a distinguished panel of speakers from both inside and outside the bank.

This annual event brought industry experts together to address a range of important themes for investment decision makers in today’s economy, including the global outlook, regional reforms, and currency challenges. Moreover, the Conference boldly supported the importance of values, as evidenced in the debates regarding of tolerance, happiness, and climate change.  

François Farjallah, Global Head of the Middle East and Africa for Indosuez Wealth Management, welcoming the guests said: “According to the World Wealth Report of 2019, the Middle East is the only region in the world that witnessed a strong growth of wealth in 2018[1]. This trend looks set to continue in 2019 - particularly amongst the Ultra High Net Worth individuals in the Region. Indosuez Wealth Management Group’s strategy to invest and grow its presence in the Middle East is bearing its fruits, as more and more clients trust us with their assets and estate planning. Hosting events such as the Middle East Investment Conference gives us a valuable opportunity to reaffirm that social responsibility and human dimension are at the heart of our identity and commitments.”

Dr. Marie Owens Thomsen, Global Chief Economist, led the first session of the conference dedicated to the outlook regarding the global economy, followed by Davis Hall, Head of Forex and Precious Metals and Vincent Manuel, Group Chief Investment Officer. A local perspective was provided by Dr Florence Eid-Oakden, CEO and Chief Economist of Arabia Monitor.

Dr Marie Owens Thomsen commented on investment and climate change: “Fears in financial markets are currently focused on the risk of recession, the political and geopolitical risk of the United Kingdom's exit from the European Union, as well as the growing tensions around Iran, among others. Climate change is not yet perceived as a dominant risk by markets. The climate is more of a background noise than an alarm bell; rather considered as a hobby bordering on philanthropy than a healthy and necessary asset management approach to preserving capital.  

“Investors must assess the value at risk in their portfolios. According to UNEP, a temperature increase of 1.5°C, could put 13% of the value of portfolios at risk. The 500 largest asset managers in the world manage more than 81,000 billion dollars. They therefore face a potential loss of nearly $11 trillion, or more if temperatures climb higher still. Moreover, such aggregate figures mask significant variations across sectors. Now is the time to “weather-proof” investment portfolios.” added Dr Marie Owens Thomsen.

Dr Florence Eid-Oakden, CEO and Chief Economist of Arabia Monitor commented at the conference: “Everything between MENA and China is growing at double-digit rates: trade, foreign direct investment, tourist arrivals, projects and joint ventures. This is tremendously exciting for both MENA and China given the confluence of the Belt & Road Initiative (BRI) and MENA diversification imperatives. BRI in MENA is the new Double Digit Highway.” 

The conference concluded with Dr Julia Kim, Program Director of Gross National Happiness Centre, Bhutan discussing the importance of bringing Tolerance, Happiness and Sustainability into business and the financial world.

[1] 2019 World Wealth Report, Capgemini Financial Services

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