Listed Infrastructure – Structural growth opportunities in Asia

June 7, 2023 | 9 min read

Bing Han, CFA

Analyst, Listed Infrastructure

At-a-glance

Rapid economic development and evolving demographic trends create structural growth opportunities for energy, transportation, and communications infrastructure.
Asia’s evolution into a growing source of consumer demand complements its traditional role as a manufacturing center, with intra-regional trade on the rise.
Renewable and natural gas infrastructure buildouts in Asia, as well as innovation coming out of the region, anchor the ongoing global energy transition.

Rapid economic growth is driving demand for new infrastructure

Population growth, urbanization, exports, and wealth accumulation have made Asia home to some of the fastest growing economies in the world. The regional economy is poised to grow 4-5% over 2023-2025, led by China and India, compared to 1-2% in developed markets¹. Aided by capital inflow from overseas, these dynamics translate into attractive growth potential for listed infrastructure companies.

Energy demand in Asia is growing 4% per year, supported by rising standards of living that have more than tripled per capita energy consumption since 2000. Following this path, China now represents approximately one-third of global electricity consumption, boosting Asia’s share from around a quarter in 2000 to an estimated half by 2025, according to the International Energy Association (IEA). On the supply side, China plans to increase wind and solar power generation from approximately one-fifth of the national generation mix to 70% by 2050, requiring an 8x increase in capacity². To support the national decarbonization agenda, some large state-controlled power providers aim to more than triple their installed renewable capacity over the next few years. City gas projects complement renewables development in meeting China’s growing energy needs. Leading gas distributors are growing normalized retail volumes by more than 10% annually, supported by new gas connections and rising industrial and commercial activity³.

EXHIBIT 1: Comparisons of per capita air traffic and energy consumption in China and the U.S.
Growth prior to the COVID pandemic

Bar chart comparisons of per capita air traffic and energy consumption in China and the U.S. from 1980-2019

Source: World Bank, U.S. Energy Information Administration, 2020. MmBtu = Metric Million British Thermal Unit.

Growing populations, rising incomes, and increased mobility drive growth for airports, toll roads, and rail transportation. Unsurprisingly, Asia was already home to 12 of the world's 25 largest airports in 2019, and is expected to remain one of the fastest growing regions for passenger growth globally for the next two decades, alongside the Middle East (Airports Council International). As the world’s largest source of tourists, China’s aviation hubs benefit from structural growth in outbound travel. Alongside traffic growth are tailwinds for non-aeronautical businesses, specifically duty-free retail concessions with relatively attractive revenue share rates. Over half of the Asian population is now part of the global consumer class, defined by daily spending of $12 or more⁴. In China, per capita gross domestic product (GDP) has grown 5-10% per year over the preceding decades and is likely to continue growing at the lower end of the range in a normalized travel environment⁵. Over time, per passenger spend has the potential to catch up to developed market peers, which are at 2-3x the level of major Chinese airports under normal conditions.

Communications infrastructure operators also benefit from the widespread adoption of mobile video and rapid data consumption growth. Along with 5G deployment, these factors complement continuing geographic saturation and network densification in driving new tower buildout and colocation of cell equipment. Meanwhile, tenancy ratios of emerging markets tower companies (1.6-1.9x) are low vs. developed markets peers in the U.S. (2-2.5x)⁶, suggesting significant upside to profitability over time if the gap is too narrow. Uneven digital capabilities signal the need for sizable infrastructure investments in slower-moving areas. For example, in Indonesia, mobile connectivity lags that of its Southeast Asian peers; data consumption per connection is approximately one-third that of Thailand and Malaysia, while tower penetration is less than half vs. peers⁴. This dynamic should stimulate robust network buildout, densification, and upgrades in Indonesia, supporting a long runway for tower buildout and colocations.

Connectivity and interdependence are driving greater regional influence than ever before

The notion of Asia as a single region is an oversimplification. Covering about 3/5 of the world’s population, Asia is a heterogeneous ecosystem spanning diverse cultures and countries of varying scales and stages of economic development. Advanced nations such as Japan, South Korea, Australia, and New Zealand are characterized by high levels of urbanization and GDP per capita. They are generally providers of capital, technology, and demand for goods and services. Meanwhile, emerging markets, including Indonesia, Thailand, and the Philippines, are net suppliers of labor. Then there is China, the world's second largest economy, accounting for one-third of global growth over the past decade, and India, an emerging powerhouse - both large enough and sufficiently unique to define their own categories.

Exports have historically been a key driver of regional development, propelling some countries to high-income status. Low-cost manufacturing advantages make Asia a production hub for the world; regional developments can have outsized impacts on global supply chains. Even as China shifts away from labor-intensive manufacturing, other countries such as Vietnam are picking up share.

According to Brookings Institute research, sources of demand have also been shifting, with emerging East Asia growing more than 6% per year on average over the past decade. This segment now accounts for 17% of global trade, and with a trade-to-GDP ratio of 105%, they engage in more cross-border trade of the goods they produce than other emerging markets in Latin America and Africa. The evolving Asian landscape creates significant opportunities for regional companies serving cross-border demand (e.g., ports and airports). Intra-regional trade in Asia comprises 2/5 of total trade, the highest share since 1990, with China as both the largest trading partner and the largest source of final demand for the region, surpassing the U.S. and the EU. From 2000 to 2020, the fraction of export value generated by emerging Asian economies met by demand within the region has grown from 12% to 31%⁷.

EXHIBIT 2: Sources of final demand for emerging East Asia exports

Stacked bar graph showing sources of final demand for emerging East Asia exports from 2000-2020

Source: OECD Inter-Country Input-Output Tables, Brookings Institution. Note: East Asia EM (ex. China) includes Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand, and Vietnam, 2023.

The impacts felt around the world from China’s zero-COVID policy, in place during 2020-2022, is a reminder of Asia’s critical role in the global economy. Sporadic lockdowns disrupted global supply chains as consequent price inflation hurt consumers, while a closed border stunted international travel and tourism. For instance, Thailand, which derives 12% of its GDP from tourism and more than a quarter of tourist receipts from Chinese visitors, saw a significant hit to its GDP. In the absence of high-spending Chinese visitors, many international airports across Asia were unprofitable8. With China’s reopening beginning in 2023 comes a brighter outlook for global enterprise.

A cleaner world depends on energy infrastructure development in Asia

Asia generates almost half of global carbon emissions given the region’s significant reliance on coal-fired power generation. China, India, Japan, Korea, Indonesia, and Australia are among the world’s largest coal consuming nations. At the same time, the region harbors distinctive geographical and manufacturing advantages that are helping renewables to be cost competitive with fossil fuels. Onshore wind and solar projects have already reached grid parity in China, India, and Australia. A diminishing mix of coal power generation and lower energy costs point to attractive opportunities for listed infrastructure companies to create positive environmental and social impacts in the region.

EXHIBIT 3: Power generation mix in Asian countries

Stacked bar graph showing power generation mix in Asian countries as of 2020

Source: International Energy Agency, 2020.

Asia has around 45% share of global installed renewable capacity, much of it across China, India, and Australia. Despite this, wind and solar accounted for only 10% of total power generation vs. 29% in Germany and 25% in the UK⁹, indicating significant growth potential going forward. Across the region, more than 15 countries have established emission reduction targets. China, which derives approximately 60% of its electricity from coal, has committed to net zero by 2060. Carbon neutrality roadmaps broadly call for substantial renewable capacity buildout and expansion projects have already begun, with capacity additions projected to reach 2 terawatts (TW) during 2021-30¹⁰. Zooming out, under its Net Zero 2050 scenario, the Network for Greening the Financial System estimates that an average of $9.2 trillion per year will need to be spent on physical assets for energy and land-use systems through 2050, more than a third of which are in Asia.

We also expect natural gas will play an important role in Asia’s energy transition. With significantly lower carbon intensity than coal, gas is critical to meeting baseload demand, stabilizing electric grids and ultimately supporting renewables adoption by smoothing out fluctuations in intermittent power generation. Switching from coal to gas becomes imperative for reducing urban pollution while enabling home heating and cooking, industrial production, and commercial activity. In our view, China will invest more than any country in natural gas infrastructure as Beijing aims to move past peak emissions by 2030. We expect gas consumption in China to grow for at least another decade, following a long track record of resilient expansion (i.e., 10% demand compound annual growth rate (CAGR) over the preceding decade even with COVID-related disruptions) and given further gas penetration via new connections. According to Global Energy Monitor, Asia-Pacific (APAC) has more than $350 billion of projects under way to expand liquified natural gas (LNG) terminals, gas power plants and pipelines, etc. - triple the estimated investment in Europe.

Of course, technological advancements are necessary to further reduce fossil fuel dependence, and countries like Japan and Australia are leading the way in developing and commercializing new technologies such as hydrogen and carbon capture and storage. According to McKinsey, grey hydrogen, hydrogen that is produced with natural gas generation, accounts for almost all hydrogen production today given cost constraints. Green hydrogen, which is produced using renewable power, is projected to see meaningful cost declines from US$4-6/kg to under US$1.5 by 2050. Asia has various cost advantages for producing green hydrogen, including abundant low-cost renewable power and robust manufacturing capabilities for the hydrogen supply chain. As such, the region is expected to be both a large producer and a large consumer of hydrogen, with supply and demand hubs varying across the region. Land-constrained countries such as Japan and South Korea will rely heavily on hydrogen consumption to decarbonize. Meanwhile, Australia is positioned as an export hub given the country’s plentiful space for low-cost renewable power generation. China and India, projected to account for more than half of Asia's 2050 hydrogen demand, can be largely self-sufficient¹¹.

Final thoughts

Asia continues to outpace most developed markets in economic growth, as the region evolves into both a significant producer and consumer of global goods and services. Significant incremental investments in energy, transportation, and communications infrastructure are required to support structural trends in power consumption, decarbonization, mobility, and digitalization across the region. Asia also has a critical role to play in supporting the global energy transition. Investing in listed infrastructure represents an opportunity for investors to capture attractive financial returns, while also supporting key contributions to sustainable development.

¹ Goldman Sachs, November 12, 2022. “Asia Views: 2023 Outlook: Inflation Peaks and Growth Troughs.”
² IEA, March 2023.
³ Principal Asset Management Listed Infrastructure team estimates, October 2023.
⁴ Brookings Institute, March 20, 2023. “Asia’s trade at a turning point.”
⁵ World Bank, May 2023.
⁶ Principal Asset Management Listed Infrastructure team estimates, October 2023.
⁷ Brookings Institute, March 2023. "Asia's trade at a turning point"
⁸ Reuters, November 2022, "Tourism revival likely boosted Thailand's GDP growth in Q3"
⁹ World Energy & Climate Statistics – Yearbook 2022. Enerdata.
¹⁰ J.P. Morgan, January 2022. “APAC clean energy ecosystem: A multi-decade-long uptrend.”
¹¹ McKinsey, September 14, 2022. “Green Growth: Capturing Asia’s $5 trillion green business opportunity.”

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No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

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"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information. What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (Ireland) Limited, 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland. Principal Global Investors (Ireland) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click “Accept.”

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Principal Investor Management (DIFC) Limited and the other member firms of Principal (collectively, the “Firms”) do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client’s investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor’s investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for “Professional Clients” as defined in the Conduct of Business of the Dubai Financial Services Authority’s Rulebook. If you are not a “Professional Client”, you may not access this website and you should select the “Decline” link below.

By selecting the “Accept” button below, and entering this website, you agree to these terms and confirm and represent that you are a “Professional Client”.