DCEO of ABC Islamic Asset Management in London Richard G Thomas, the Property Investment Manager of Al-Bait UK Real Estate Fund commented ahead of his visit to Bahrain and to Dubai and Kuwait next week that this new Sharia compliant fund is well placed to take advantage of the big improvement in economic conditions forecast for the UK in recent persuasive statistical analysis.
The Funds’ selective purchases in the services and manufacturing sector are targeted to maximize such advantages.
UK statistics r and the OECD interim assessment show accelerating economic activity in the UK. OECD estimates indicate that although gross domestic product (GDP) growth in the rest of the eurozone is lack luster, the UK estimates are more than twice as healthy. The Times reported projections this year of 2.5 percent at the top end of the Chancellors forecast, as a fillip for Gordon Brown.
Commenting separately on the British pound investment units of Al-Bait, Thomas quoted the Wall Street Journal Europe who reported on September 4 that many analysts regard the US currency's recent peaks against the British Pound and Swiss Franc as a temporary rally in a fundamentally bear market. The current US recovery looks good for the dollar in the short term, but he repeated the comments of chief currency strategist at UBS London Monsoor Mohiuddin, that he expected the upward trend of the dollar to be reversed over the medium to long term, given the need for the dollar to depreciate substantially to help reduce the US current account deficit to sustainable levels. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
