67 UAE residents rely on Web for investment tips: Survey
Date
10/12/2015 11:48:40 PM
Majority of UAE residents make their own investment decisions without the help of financial advisors and trust Internet and newspapers more before making up their mind for investment according to latest research.
The world's leading online trading company IG which recently made the Middle East foray by opening up its office in DIFC conducted the research comprises of feedback from over 1000 UAE residents. Also read: 88% of affluent UAE residents have credit obligations
The latest research from the trading firm a member of the UK's FTSE 250 with a market cap of $3.96 billion said about 52 per cent of the UAE residents make their own investment decisions.
It further noted that 67 per cent of the residents used Internet while 37 per cent of them prefer newspaper as the top source for receiving investment information.
A further 32 per cent make investment decisions based on collaborative approach with family friends and colleagues and only 16 per cent seek advice from professional financial advisors.
Kypros Zoumidou senior executive officer IG UAE and head of the Dubai office said this research is a clear indication that residents in the UAE are keen to learn more about investing in the financial markets.
"The variety and choice of market on offer can be overwhelming so we have created the best support package for our growing client base in the region. I would encourage anyone who is considering investing in the financial markets to do as much research and training as possible before they get started" he said.
The research follows the official opening of IG's UAE office in Dubai's DIFC marking the firm's entry into the Middle East following successful regulatory approval from Dubai Financial Services Authority (DFSA) in June 2015.
IG Limited (Dubai Office) is part of IG Group Holdings and has offices in 17 countries and over 136100 active clients worldwide. It has a net annual trading revenue of $666.53 million. It offers investors in the UAE access to over 10000 markets providing a unique set of derivatives trading services including trading contracts for difference (CFDs) and foreign exchange.
According to the study Arab expats in particular feel more confident about making investment decisions themselves (67 per cent) followed by Asian expats (48 per cent) Western expats (45 per cent) and Emiratis (44 per cent).
The study also revealed that nearly two-thirds (64 per cent) said they would be interested in learning more on how they could potentially boost their investment portfolio by trading the financial markets.
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