Blackrock cuts exposure to UAE stocks
Abu Dhabi, February 22, 2014
Blackrock Frontiers Investment Trust, part of major global asset manager Blackrock, cut its exposure to UAE stock markets last month because of signs the markets were overheating, it said.
"We have noted the positive sentiment surrounding both Abu Dhabi and Dubai but are now beginning to (see) signs of speculative excess that warrants caution," Blackrock Frontiers said in an update on its porfolio.
During January the fund "substantially reduced" its exposure to the UAE, it said.
The fund had total assets of 220 million British pounds ($365 million) at the end of last month. Its 10 largest equity investments include Emaar Properties, which accounts for 2.8 per cent of gross assets, and London-listed UAE firm NMC Health, with 2.7 per cent.
Blackrock has about $4.3 trillion of assets globally.-Reuters