UAE’s FAB bank Wealth Sentiment Index down 2.2% in August 2017
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest financial institutions, has announced the latest score of its Wealth Sentiment Index (WSI), which has decreased from 1040.66 in July, to 1017.37 in August 2017, reflecting a 2.2% change from the previous month. The August score reflects a range of factors, including a surge in oil prices and an increase in stock indices. At the same time, a fall in tourism due to climbing summer temperatures and a drop in loan growth has negatively impacted the WSI.
According to WSI Council members, the most important factors affecting the UAE economy are the movement of oil prices, and the political situation around the globe. The Index revealed that WSI Council Members remain optimistic about the UAE economy, however they are adopting a cautious approach when it comes to personal investments.
The Wealth Sentiment Index, the first-of-its-kind for the UAE and MENA region, was launched in partnership with research agency, IPSOS, and insurance provider, Generali, in January 2017, and established to measure the prevailing mood of affluent investors in the UAE market, from a personal and business point of view. It is an indicator of the overall sentiment of the market, based on existing fundamental and economic factors.
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