The Middle East is well placed to diversify its economy away from oil and gas, with growth potential in numerous sectors such as solar power, tourism, finance, according to a new report by UBS, the world's largest global wealth manager.
Current fiscal measures deployed by Saudi Arabia should help ensure a sustainable economic future for the country in the medium term, said an industry expert.
The Kingdom has implemented several measures to protect fiscal balances
Oil is likely to recover to $55 per barrel in 12 months, following gains in the latter half of 2016, according to a new report by UBS Wealth Management's chief Investment Office (CIO).
However, weakness in the price of crude o
Growth in emerging markets during 2016 will remain subdued, but should improve to 4.3 per cent compared with 4.1 per cent this year, a report said, noting that they will be under pressure at a time of US interest rate hikes.
Dubai is one of only four cities in the world where the rent for an average unfurnished three-room apartment is more than $3,000 a month, according to a recent study.
The other cities include London at $3,350,
No longer is schmoozing over long lunches and fine wines enough; Swiss private bankers are turning to video games and virtual reality to attract a new generation of sceptical clients and see off digital rivals.
Technology is likel
UBS will pay $545 million to US authorities to end an investigation into alleged manipulation of currency rates, a settlement that will help the Swiss bank to move on after a series of trading scandals.
The amount was lower than e
There will be further short-term weakness in the price of crude oil, UBS Wealth Management's latest research has revealed.
But it indicates that gains in the latter half of the year will take the price to between $67-72 per ba
Twenty-five billionaires obtained their bachelor's degrees from the University of Pennsylvania, making it the top university in the world in terms of number of billionaire undergraduate alumni, according to this year’s Wealth-X and UBS
French investigating magistrates have proposed that UBS pay a fine of 4.88 billion euros ($6.14 billion) in an investigation into whether the Swiss bank helped wealthy French individuals dodge tax, according to a judicial source.