First Abu Dhabi Bank (FAB), the UAE’s largest bank, has announced the latest score of its Wealth Sentiment Index (WSI), which reached an all-time high of 1038.28 in May, up 1.87 per cent from 1019.13 in April.

Hana Al Rostamani, group head of Personal Banking at First Abu Dhabi Bank (FAB), said: “The Wealth Sentiment Index reached an all-time high in May 2017, primarily driven by the positive economic outlook of Wealth Sentiment Index Council Members, alongside an increase in the number of tourist arrivals in the UAE. The dirham also remained stable against most foreign currencies. Other key factors included the movement of oil prices, which reached an all-time low in May, and rising inflation.”

According to WSI Council members, the most important factors affecting the UAE economy are the movement of oil prices, which are expected to increase, and tourism. The Index revealed that 60 per cent of WSI Council Members plan to invest more and are optimistic about the economy.

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.

The index score is based on insights from a panel of industry thought leaders, who form the Wealth Sentiment Index Council, which is composed of affluent individuals and industry experts (60 per cent). The research is based on three key areas: optimism within the UAE market, growth prospects in respective industries and personal investment choices. This research is combined with key market indicators, such as GDP, inflation, stock indices and commodity prices, alongside sectorial indicators including real estate, tourism and trade, which is weighted at 40 per cent. – TradeArabia News Service