Name: Sachin Mohindra
Job: Portfolio manager, InvestAD
Years in portfolio management: 20
Based: Abu Dhabi
What is the asset class and geography you are focused on?
I manage long-only active equity portfolios and funds in the Mena [Middle East and North Africa] geography with a special focus on the GCC. I am strongly committed to bottom-up stock picking through fundamental research.
What is your outlook for the coming months? What should investors look for?
I am positive on the equity markets in our region, especially from a medium-term perspective. I feel that GCC countries will not only continue to remain an oasis of economic stability in the emerging and frontier market universe, given their twin surpluses, but also deliver encouraging equity market returns as a number of companies deliver encouraging earnings growth over the next two years. Even after the rally in 2013, the GCC markets offer a number of interesting opportunities and I believe that investors focused on careful stock selection within each of the GCC markets should be able to generate attractive returns in 2014. A number of listed companies are direct beneficiaries of the continuing growth in UAE’s non-oil economy, the robust consumption demand across the region and the economic recovery in key developed and emerging markets and are available at attractive growth-adjusted valuations. The UAE’s successful bid to host the Expo 2020, the upcoming MSCI upgrade of UAE and Qatar, and the large scale of projects across the region have resulted in positive investor sentiment and an increase in trading volumes.
What are the main risks, either upside or downside, to the outlook?
Saudi Arabia currently does not allow direct investment in its equity markets by non-GCC foreign investors, but significant upside could come if the Saudi Capital Market Authority opens up its equity markets for direct access. A further acceleration of project implementation across the region and a continuation of the economic recovery seen in key developed and emerging markets would also prove beneficial. Downside risks would include any slowdown in the global economy, a prolonged slump in oil prices and an escalation of the political turmoil in the GCC’s periphery.
What was the best investment you were ever involved in?
While I could highlight a number of decisions from the past, in 2013 I was an early investor in relatively less-followed stocks in the UAE such as Waha Capital, Dubai Investment Company, Dubai Islamic Bank, as well as in a number of Saudi consumer companies such as Al Tayyar and Saudi Catering. Some of these stock picks generated total returns in excess of 100 per cent and were clearly my best investment decisions in recent times.
What was the worst?
While 2013 was generally very positive for our investments, I regret not having a larger exposure to some consumer stocks in Saudi Arabia. In hindsight, we probably should have rotated out of some of our banking sector exposure in that market.
mkassem@thenational.ae
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
UAE currency: the story behind the money in your pockets
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
