In November, star investor Mark Mobius announced that he would soon be withdrawing from the investment company he founded, Mobius Capital Partners. Instead of retiring, the emerging market expert has new plans – in his adopted home of Dubai.
• Mark Mobius resigns from Mobius Capital Partners
• New investment project planned in Dubai
• Mobius bullish on the Middle East
The investment company Mobius Capital Partners (MCP) will soon have to make do without its co-founder and namesake Mark Mobius. The investment company that runs the highly regarded, listed Mobius Investment Trust (MMIT) said in November that Mobius had informed MCP that it would be withdrawing from its partnership in the coming months.
“His contributions have proven pivotal to the company’s success, and his approach to investing in emerging markets since the 1980s remains firmly anchored in MCP’s investment philosophy,” said the accompanying press release. The management of Mobius Capital Partners and the fund continues to be the responsibility of the second founding partner Carlos Hardenberg, who has been working alongside the star investor for more than twenty years.
“I am proud of the strong performance of the investment team over the last five years, proving that a concentrated and differentiated portfolio of high quality stocks can deliver exceptional returns. As a shareholder of MMIT, I will follow the progress of the company and the team and will continue to be available to the board,” Mobius said in the statement.
Mobius is pursuing plans in Dubai
However, anyone who believes that the investor would now say goodbye to their well-deserved retirement is seriously mistaken. Instead, the emerging markets expert already has the next iron in the fire, as he recently revealed in an interview with Bloomberg.
The star investor is currently planning to build a new project in his adopted home of Dubai, but remained quite vague in this regard, citing ongoing negotiations. However, it will have something to do with investments and “it will be something very exciting with emerging markets,” said Mobius.
Dubai also popular with other financial experts
According to Bloomberg, the investor’s decision to set Dubai as the headquarters of his new investment company is probably due to the fact that the city in the United Arab Emirates has now become a preferred destination for asset managers, hedge fund traders and investment bankers. Finally, the location scores with a favorable time zone, especially for portfolio managers whose investments span the entire world. In addition, Dubai benefits from tax-free status, ease of doing business and has developed into an international travel hub, the news agency lists. It’s no surprise that Mobius has set up shop here for three years and is also optimistic about the Middle East in the long term. The star investor has already bought and sold several properties in Dubai and expects property prices in the city to increase in value by 15 percent annually over the next five years.
A region in transition
His confidence in the Middle East is not diminished by the terrorist Hamas attack on Israel, although Mobius expressed concern in the Bloomberg interview that an escalation of the conflict could impact the global economic outlook. The same applies to the ongoing war in Ukraine. Nevertheless, Mobius plans to expand its investments in the region to include financial services companies in the future and to buy up shares in family-run businesses if this is appropriate. The expert is certain that the transformation that is taking place in the United Arab Emirates will soon have an impact on other countries in the Middle East. The region is now preparing for a future beyond oil. Now it remains to be seen what specific intentions Mobius has in Dubai and what its future investment company will look like.
Editorial team finanzen.net