Latest news with #M.R.Raghu
Zawya
30-04-2025
- Business
- Zawya
Marmore – Gold Employer Award from the CFA Society India
Kuwait: Marmore MENA Intelligence, the research arm of Kuwait Financial Centre 'Markaz', was felicitated by the CFA Society India as a 'Gold Employer' under their 'Employer Recognition Program' on 25th April 2025 in Mumbai, India. Mr. M.R. Raghu, CEO of Marmore MENA Intelligence and the Economic Advisor for Markaz received the award at the event. Marmore was among 20 organizations recognized for collaborating with the CFA Institute and CFA Society India, after an evaluation of over 400 employers in India. Marmore is privileged to receive this prestigious award from the CFA Society India for the second consecutive year, having been awarded Silver Employer last year. Candidates who have already obtained the CFA Charter or in the process of appearing for their CFA Level II & III exams are a part of the Marmore team. Marmore is committed to the upskilling of its employees with employees benefiting from regular training sessions, mentorship opportunities, and knowledge-sharing platforms designed to keep them aligned with industry developments. Through the upskilling program, employees are eligible for reimbursement of fees paid for all three levels of the CFA (US) examination. The program also offers five days of study leave per level to support employees in preparing for and appearing in the exams. Furthermore, employees who have successfully completed all three levels and are members of the CFA Society are entitled to reimbursement of the annual CFA charter fees. Commenting on the win, Mr. M.R. Raghu, said: 'We would like to thank the CFA Institute and the CFA Society India for recognizing Marmore's role and collaboration with the CFA society. Receiving this accolade, and for the second consecutive year, is a testament to Marmore's pivotal role in fostering young talent and driving career development. We remain dedicated to strengthening this partnership in the future, particularly in talent acquisition, training, and internships.' Career advancement is actively encouraged, with a clear preference for internal talent development and leadership roles frequently filled from within. Marmore maintains a well-structured rewards and recognition framework that acknowledges individual and team achievements, reinforcing a culture of excellence and appreciation. Marmore fosters a positive and enriching work culture that places strong emphasis on continuous learning and professional development. The team of analysts engage with a diverse range of intellectually stimulating management consulting projects spread across key verticals, including capital markets, economic research, and industry analysis, enabling them to broaden their expertise and build a solution-oriented mindset. The organization strives to provide a collaborative environment that values open communication, cross-functional teamwork, and a strong sense of community, while also supporting a healthy work-life balance. About Kuwait Financial Centre 'Markaz' Established in 1974, Kuwait Financial Centre K.P.S.C 'Markaz' is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.41 billion (USD 4.57 billion) as of 31 December 2024. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors' horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz. For further information, please contact: Sondos Saad Corporate Communications DepartmentKuwai t Financial Centre K.P.S.C. "Markaz" Email: Ssaad@
Muscat Daily
05-02-2025
- Business
- Muscat Daily
GCC MACRO & MARKETS
By M.R. Raghu, CEO of Marmore MENA Intelligence January 2025 clearly belonged to Kuwait, as the Kuwait All Share Index rose by 5.7%, compared to the S&P GCC Composite Index, which increased by 3.0%. Several factors are driving Kuwait's markets, including optimism surrounding the new government and its focus on project spending. There has also been some movement at the stock-specific level, notably involving Gulf Bank's proposed merger with Boubyan Bank, which was subsequently cancelled. Kuwait's banking system, like those of Saudi Arabia or Qatar, hosts only a handful of banks, dominated by Kuwait Finance House (KFH) and the National Bank of Kuwait (NBK). Among the stocks listed in Kuwait, these two account for 46% of the total market capitalisation. This creates a highly fragmented structure, where other banks can achieve reasonable scale only through mergers. This trend is likely to be observed in the other markets mentioned above as businesses evolve. Merger considerations will also revolve around Islamic banking, which has proven to be more profitable with the increasing market size. When mid-sized and smaller banks merge, it will shrink the overall number of players to just a few (from a handful). Saudi Arabia has also made a strong start to 2025, with a month-to-date (MTD) and year-to-date (YTD) gain of 3.1%, followed by Abu Dhabi at 1.8% and Dubai at 0.4%. In my earlier report, I argued for better storytelling of the GCC to Emerging Market (EM) fund managers to attract active managers to the region. There are various ways to do this, and one approach is to showcase the metrics of GCC stocks present in the MSCI EM index and compare them to non-GCC stocks within the same index. For example, liquidity, as measured by the stock turnover ratio for non-GCC stocks in the EM index, was 1.26, compared to 0.61 for GCC stocks (present in the EM index). Some countries within the EM index, such as China, enjoy a turnover ratio of 4.5! It is true that liquidity improves once investor interest increases, but it can also play out counterintuitively, where investor interest can be contingent on liquidity being available in traded stocks. GCC stocks perform better from a dividend yield perspective, with GCC stocks in the EM index enjoying a dividend yield of 3.36%, while the same for non-GCC EM stocks stood at 2.69%. Interestingly, India has a dividend yield of only 1.14%, while Brazil tops the list with 5.17%. On the return parameter, the overall return-on-equity (RoE) of GCC stocks, at 16.42%, is marginally higher than 15.71% for non-GCC stocks. Trump has formally assumed office, and the Middle East is watching on many fronts, including geopolitics, investments, and oil prices. Trump is advocating for lower oil prices (currently trading at $76.8 per barrel) and higher inward investments from the GCC, especially Saudi Arabia. Both of these factors are negative for the region. Saudi Arabia has pledged $600bn of investment in the US over the next few years, while Trump is pushing for $1tn! Trump's lack of interest in climate change and renewables may benefit the fossil fuel industry, but he is also encouraging US oil producers to increase output in an effort to reduce oil prices. If this trajectory holds, the region may need to brace for more fiscal deficits, likely resulting in higher sovereign bond issuances. S&P Global expects global sukuk issuances to reach about $190bn to $200bn in 2025, with foreign currency-denominated issuances contributing roughly $70bn to $80bn. The GCC is projected to account for the lion's share of these issuances. Given Trump's trade rhetoric, which is likely to keep the US dollar strong, the yields offered by GCC issuances could be attractive to foreign investors looking to avoid emerging market currency risks. Most GCC countries' currencies are pegged to the US dollar. Finally, a word about the ongoing DeepSeek saga and its likely impact on energy demand. I have written a longer piece on DeepSeek in my other newsletter, which focuses on the global economy. However, in this newsletter, I would like to assess the impact of the DeepSeek saga from an energy demand perspective. Energy use by AI-based applications has become a significant driver of energy demand, as AI initiatives are highly energy-intensive (like Bitcoin mining). Data centres that employ thousands of computers with high-end chips must run models on a vast scale and 'train' the models to perform their intended tasks. In this process, the estimated energy consumption can be as large as the energy use of an entire city! Hence, we can see that energy consumption is a key assumption in this AI landscape. However, DeepSeek has questioned that assumption, claiming to have developed a foundational AI model that uses a fraction of the energy. If that is the case, the actual energy use for developing AI models may not be as high as previously assumed. This would affect a range of industries, including utilities, power plant operators, uranium producers, natural gas pipeline operators, cooling system operators, and nuclear power. It could also be argued that higher efficiency will lead to greater AI model usage, which may ultimately be energy accretive.
