Saudi Budget 2021 Commentary: ‘Local policies are only part of the story’

DUBAI: Rahim Daya, Head of Barclays Private Bank, Middle East, told Arab News that local policies are only part of the Saudi Budget 2021 story.

“Today’s Saudi Budget announcement showcases how 2020 events have affected both domestic and global economic activity, and significantly impacted oil markets. Most of our clients tend to think globally and have a foot across different geographies and sectors, so local policies are only part of the story,” he said. 

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“As in any market condition, we encourage clients to be invested, stay invested and diversify. From an investments perspective, access to global equities markets will continue to be key as equities should continue to deliver attractive returns over the medium and long term.

“In the Middle East, we have also seen continued demand in UK and French real estate and expect that to continue, demonstrating that clients are predominantly more impacted by the global outlook, as they continue to operate through our global corridors across different markets and jurisdictions,” he added.