Asian markets mostly rose on Tuesday following a record-breaking lead from Wall Street as investors cheered the passage of a huge US stimulus bill, which has helped temper fears about surging coronavirus infections and a new, fast-spreading strain of the disease.

With Donald Trump’s decision to finally sign off on the $900 billion rescue package and a post-Brexit trade deal now agreed, the mood on trading floors is a little lighter heading into the new year.

News that more vaccines could be rolled out soon was also providing a lift, even as governments around the world are forced to impose lockdowns and other strict, economically painful measures to contain surging Covid-19 cases.

“Where we are right now in the equity market is somewhat of a sweet spot,” Michael Cuggino, at Permanent Portfolio Family of Funds, told Bloomberg TV. “We’ve got stimulus, likely more on the way.

“You’ve got great comps on earnings going into next year with respect to equities, and you have a pent-up demand situation as the economy both in the US and globally comes out of Covid.”

Trump had held off signing the stimulus package for almost a week saying it did not provide enough cash to Americans and calling for handouts to be jacked up to $2,000 from the $600 amount offered in the initial bill.

Democrats agreed more was needed for people and on Monday the House of Representatives approved a motion to increase the payments, though it will likely meet resistance from Republicans in the Senate.

President-elect Joe Biden, asked by a reporter Monday if he favoured raising the payouts to $2,000, replied, “Yes.”

All three main indexes ended at record highs, as did Germany’s DAX, and most of Asia followed suit.

Tokyo and Wellington piled on more than one percent each, while Hong Kong, Sydney, Singapore, Manila and Jakarta also enjoyed healthy gains. Shanghai barely moved, and Seoul and Taipei were slightly lower.

The cash handouts will “provide that immediate key consumption bridge through the first quarter until the vaccines become more widely distributed”, said Axi strategist Stephen Innes.

“The stipends will arrive quickly and are spent rapidly, providing the US economy with immediate retail sales spending bonanza boost. This splurge could be multiplied by three if the Senate agrees to rubber-stamp support for increased Covid cheques.”

Tokyo – Nikkei 225: UP 1.6 percent at 27,292.37 (break)

Hong Kong – Hang Seng: UP 0.8 percent at 26,528.34

Shanghai – Composite: FLAT percent at 3,398.16

Pound/dollar: UP at $1.3475 from $1.3451 at 2245 GMT

Euro/pound: UP at 90.80 pence from 90.71 pence

Euro/dollar: UP at $1.2235 from $1.2213

Dollar/yen: UP at 103.80 yen from 103.76 yen

West Texas Intermediate: UP 0.7 percent at $47.96 per barrel

Brent North Sea Crude: UP 0.7 percent at $51.20 per barrel

New York – Dow: UP 0.7 percent at 30,403.97 (close)

London – FTSE 100: UP 0.1 percent at 6,502.11 (close)

Source:https://www.khaleejtimes.com/business/markets/most-asia-markets-advance-after-wall-street-sets-new-records

Dubai Startup Hub, an initiative of Dubai Chamber of Commerce and Industry, recorded a 236 per cent year-over-year surge in membership during the first half of 2020, as accelerated digital transformation led many startups in Dubai and abroad to capitalise on emerging opportunities and bring new solutions to the emirate

Dubai Startup Hub membership reached 1,568 in H1-2020, compared to 466 in the same period last year, while a 13 percent in average monthly growth was observed. Meanwhile, 1,200 entrepreneurs benefitted from Dubai Startup Hub’s programmes and 23 webinars, bringing the total number of beneficiaries to over 8,200.

UAE nationals accounted for a quarter of all Dubai Startup Hub beneficiaries in first half of 2020, while 30 Emirati entrepreneurs are now one step closer to launching their businesses after graduating from the first-ever Emirati Development Programme earlier this year.

In light of Covid-19’s impact on the business landscape, Dubai Startup Hub realigned its offerings and resources to meet the evolving needs of startups in Dubai, while organising virtual events that addressed matters of importance to startups and SMEs such as funding, banking, global expansion, market research and data and digital innovation.

From a global perspective, Dubai Startup Hub collaborated with more than 70 business incubators in countries across the world during Q1 and Q2, including India, USA, UK, Russia, Hungary, Germany and China, and received more than 50 percent of international startup applications for its core programmes.

Among new members, Dubai Startup Hub attracted a large volume of high-potential startups specialising in fintech, healthtech, education, e-commerce, sustainability, wellness and supply chain that emerged in response to changing market conditions, signalling a resurgence in entrepreneurial activity.

In addition, Dubai Startup Hub witnessed growing interest and record participation among international startups, and within the Indian, Chinese and African markets in particular. In an effort to meet this growing demand, Dubi Startup Hub aligned its efforts with Dubai Chamber’s international offices to attract high-potential businesses to the Dubai market.

Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, said Dubai Startup Hub’s performance and achievements reflects the strong entrepreneurial spirit that exists in the UAE, as well as the crucial role that startups are playing in bringing unique business concepts that fill market gaps.

Despite new challenges posed by Covid-19, he noted that the pandemic has created an opportunity for technology startups, in particular, that have demonstrated greater resilience as they capitalised on new market opportunities and benefitted from the various programmes, initiatives and support offered under Dubai Startup Hub, which continues to drive Dubai Chamber’s entrepreneurship strategy.

Going forward, startups and SMEs will have a major role to play building the UAE’s post-Covid-19 economy and developing new industries, he explained, as this segment of the business community serves as an engine driving innovation and supporting the country’s transition to a digitally-driven economy.

Established by Dubai Chamber in 2016, Dubai Startup Hub is the first initiative of its kind in the Middle East and North Africa region. The initiative is designed to emphasise the value of public and private sector collaboration and embodies the aim of encouraging innovation and entrepreneurship as a main driver of the economy of Dubai and the UAE.

Source:https://www.khaleejtimes.com/business/local/dubai-startup-hub-records-236-surge-in-membership-during-h1

The studies, released on the eve of UN World Cities Day, projected strong, positive and faster growth prospects for the emirate and also rated the city among the world’s top 10 to live in 2021.

While commenting on its city governance and real estate in a post-Covid-19 world, global real estate consultancy JLL said Dubai’s “tight governance arrangements create very strong coordination and clarity around responsibilities, a predictable investment system and the calibre of leadership to drive long-term agenda.”

It said the emirate is quick, capable and productive in responding to opportunities.

“Powers over land use and transport also mean they are far better equipped to enter into sustained partnerships with investors and developers,” it added.

“Business reforms are also supporting the city’s innovation ecosystem. Dubai’s global corridor capability remains stable,” it said.

Professor Greg Clark, author of the reports and global head of future cities and new industries at HSBC, said Middle East, North Africa and Turkey (Menat) is home to bustling cosmopolitan cities with extraordinary histories, and these five in particular are primed to set the standard as future global hubs.

“Their next chapter of growth will depend on how effectively they can work together as a network, and on the individual ability of their economies to drive climate and sustainability-oriented innovation, reinvented trade flows, and the pursuit of human health and happiness,” he said.

“The overarching aim of Dubai’s series of long-term plans is to accelerate the transition towards the innovation economy, more renewable sources of energy and low carbon transport options. A number of more specialised long-term plans support an overarching charter that sets out the government’s vision for the future of Dubai,” HSBC said in its city report.

Resonance Consultancy has also announced the world’s 100 top-performing cities in its annual World’s Best Cities Report, ranking Dubai at sixth, ahead of Singapore, Barcelona, Los Angeles and Madrid.

The study said Dubai’s outdoors clinched the emirate sixth position in overall ranking.

“The city offers outdoor experiences that ranks fifth-most in quality, and it hit the top 10 for both safety and weather, both at No. 8. All the better to chase thrills among Dubai’s plentiful extreme sport offerings. There’s skydiving over the city’s more fanciful developments, the Palm Islands and World Islands. There’s dune bashing in the desert, a high-octane way to experience the environment around the city. And Dubai has even pioneered the sport of sandboarding, which is exactly what it sounds like,” said Chris Fair, president and CEO of Resonance Consultancy.

“Dubai is a city of superlatives: you can ride the elevator to the top of the world’s tallest building for a bird’s-eye view, bet on the ponies at the world’s richest horse race and pose for photos in front of the world’s tallest choreographed fountains. These experiences are not by accident: the city reinvented itself yet again throughout the 2010s, growing from a sterile playground for a handful of ultra-rich Emiratis to an international tourism and business destination. That has helped to attract the second-highest proportion of foreign-born citizens of any city worldwide, and they’re a sharp crowd, ranking No. 16 for Educational Attainment globally,” it added.

Source:https://www.khaleejtimes.com/business/local/special-dubai-primed-to-be-global-business-hub

According to a new Investor Sentiment study by UBS, while 87 per cent of investors in the UAE consider adjustments to their portfolios prior to the US election, globally only 72 per cent of investors are pondering such a shift.

Among those surveyed, 83 per cent consider the UAE as an attractive region for investment opportunities followed by the US (68 per cent) and Europe (68 per cent).

Most respondents based in the UAE would consider investing in 5G networks, hedge funds and a green recovery over the next six months

While 78 of UAE investors plan to make further changes based on the result, 68 per cent are optimistic about their region’s stocks on a short-term basis over the next six months, the survey results suggest.

The survey has polled more than 4,000 investors and business owners across 14 markets globally.

Investors prioritise yield in their portfolios with 61 per cent aiming to get more yield in the next six months and 30 per cent looking to reduce the level of risk in their portfolio.

Tom Naratil, president of UBS Americas and co-president of UBS Global Wealth Management, said in the pandemic that clients needed advice more than ever, and the ongoing market volatility and political uncertainty reinforced that need. This survey reiterates that investors are looking for advice, and the US election is a unique opportunity for wealth managers to reach out to their clients and provide them with guidance during an uncertain time.”

Iqbal Khan, co-president of UBS Global Wealth Management, said amid uncertainty over the US election and Covid-19, investors appear to be more positive on their own region than on the world at large. In the period surrounding the election, we believe they should diversify globally and avoid falling prey to their own home bias.”

“The US elections are a global event with repercussions across the globe, including in the Middle East. UAE investors are watching closely and the vast majority consider portfolio changes both ahead and after the elections, depending on results. Clearly there is strong demand for investment advice,” said Ali Janoudi, head of Middle East and Africa at UBS Global Wealth Management.

Globally, 66 per cent of investors are considering allocations to the healthcare sector over the next six months, while 62 per cent are considering 5G networks and 56 per cent are considering investments in a green recovery.