In this issue of AIR, we are pleased to present materials on economic developments across sectors of the Middle East with a focus on the UAE. We focus on near term performance, 2022-2024, but also address additional major projects post 2024 including the rail and logistic linkages across the GCC and MENA linking to additional countries.

In 2022, the UAE achieved its highest FDI inflows in history, reaching AED 84 billion. In infrastructure we discuss the launch of freight, the pending launch of passenger service and longer-term links to Oman, and also discuss the opening of the new air terminal, the opening of the UAE’s 3rd largest desalination plant, climbing the rankings in regional and global health care, plans to increase the size of the rapidly growing digital economy, and the launch of four major tourism businesses.

In our green energy section, we update 2022-2024 progress on solar, hydropower and waste to energy - two of these represent the world’s largest by segment.

In 2022, the ADX was the best-performing market in the GCC for a 2^nd consecutive year with an increase of 61.4% in its market cap, led by an IPO boom. DFM was up nearly 20% YTD in July 2023, far surpassing MSCI World Index’s 12.6% increase YTD.  We also note studies by Goldman and Morgan Stanley on global reweighting to come to this region. According to the EY MENA M&A Insights 2022 report, the MENA region saw unprecedented M&A deal volumes with 754 announced deals, a 13% volume increase over 2021; aggregate amounts were US$82.5 billion.

The UAE also saw 4 of MENA’s largest announced M&A deals. As the Venture Capital global investment community has learned, the UAE has done an outstanding job of building a world class VC ecosystem. M&A/consolidation started in 2022 and increased throughout 2023 - attracting capital from investors across many geographies – particularly in fintech, e-commerce and healthtech.  

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This issue of AIR's Vietnam research has been written to focus on near term gains Vietnam has accomplished over the past two years and over the coming two years. While we address longer term growth plans (post 2025), we focus on the near term.

It is designed to provide detailed data –sometimes from bottom up,, on energy transition and infrastructure as well as capital flows in FDI (and including below/outside of official FDI) , Private Equity  (PE) and Venture Capital (VC), to readers already familiar with Vietnam. Our specific focus is on Governments, rating agencies, corporates and institutional investors – specifically on information they cannot obtain from major investment banks or rating agencies.

In general, they illustrate a very positive set of results: there is still work required in completing major long term infrastructure projects, further developing its financial markets and the challenge of raising US$135 billion to fund energy transition from coal and hydro to renewable by 2030- but Vietnam, based on its recent track record, is well positioned to achieve many of these goals.

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Much has been written about Indonesia’s 2022 successes- record inbound FDI and highest GDP growth since 2013, driven by booming commodity prices (thermal coal, palm oil and nickel) combined with a rebound in household consumption following lifting of COVID 19. While 2023 and 2024 GPD is expected to slow for a number of reasons, by 2030 Indonesia, which is already the largest economy in Southeast Asia is on track to become the world's 7th-largest economy, overtaking Germany and the United Kingdom.

Therefore, we focus this paper analysis on specific areas of current and near term future growth: 

• Mapping US$50+ billion in 2022-2023 inbound investment from East Asia, GCC and G7, focused on infrastructure, renewable energy, NEVs and semiconductors;
• Digitisation/VC- we use the 2022 version of the Google, Temasek and Bain study as an base to track inbound 2022 VC investments which showed continued strong activity in fintech and e-commerce, 
• Infrastructure projects (near term) –Jakarta-Bandung HSR (2023 launch) and Trans-Java Toll road (completion 2024); 

• IPOs/equities – Globally, 2022 IPO markets were well below 2021 levels. That said, Indonesia’s IDX was up 4%, while USA, China and Japan showed sharp declines. There were similar declines in IPOs. Indonesia led ASEAN in volume; however several of the early 2022 IPOs encountered significant headwinds later in the year; 

• Renewable energy- In 2021, Indonesia's renewables energy mix was 13.83%; hydropower 7.9%, geothermal 5.6%, and other forms 0.33%. Indonesia must reach 23% by 2025 to reach its climate objective. We discuss 2022 hydropower projects launched with Japan and China to help attain these goals.

We also track the 2022 progress of two major Indonesian projects which are innovative, and thus more challenging to fund in today’s markets; INA – a different sort of Sovereign Wealth Fund (SWF) and Nusantara – a new capital city which we see as hugely aspirational.

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Our latest issue of Asian Investment Research (AIR) is a unique, in-depth report into Malaysia’s key economic and investment environment, complete with detailed project tracking through mid-2022, as well as sector growth and opportunity prospect analysis for financial and corporate investors alike.

It contains unique data unavailable elsewhere and provides a current and in-depth look into Malaysia’s accelerating investment environment. Based on activity over the past two years, we provide specific in-country M&A; deal data and analysis for dozens of capital market, PE and VC investments made across key top performing, and emerging sectors.

Sectors in focus include financial services, health services, manufacturing, mining, construction and others; Core infrastructure projects, including data centers, telecoms, ports and logistics; while we also review Malaysia’s rising and breakout sectors in renewable energy, EV, digital, biofuels, and more.

This vital intelligence report will be of interest to all banks, investment funds, and corporate businesses looking to invest into Malaysia and the ASEAN and RCEP free trade regions.

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The latest issue of AIR is a unique study into the trade and investment statistics and policies that China and the United Kingdom has chosen to adopt when it comes to their Asia policy.

Featuring the latest updates on their respective trade with all eleven ASEAN nations (Timor-Leste is set to join next year), we explore the differences in thinking and policy that drive British and Chinese investment and trade into the region. These differences are substantial and provide much that UK plc can learn from.

The issue also features updates on the latest positions as regards the United Kingdom's application to join the CPTPP, discusses the UK position as an ASEAN observer nation, and provides the latest technical trade agreements and tariff reductions as affect British involvement in Indonesia, Singapore, Thailand, and Vietnam.

This is a complimentary issue.

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Bangladesh, within its recent economic development progress, has been an emerging Asian star. During the period 2017-2019, its economy grew at 7.8%, and managed 2.4% in the 2020 Covid pandemic, one of the very few countries worldwide to show growth during this time.

However, recent issues have also shown some development to be erratic, and FDI inflows and outflows to be variable. In this specific country issue of AIR, we examine where key opportunities and bottlenecks are, as well as discussing Bangladesh's potential as a supply chain addition to the 'China Plus One' concept as well as being a bridge between ASEAN and SAARC. This is essential research for any Asian executives and investors seeking a deeper understanding into South and South-East Asian region.

This issue is available on a pay-what-you-want basis. The recommended purchase price to cover the costs of production of this issue is US$100.

Our ability to produce further issues depends upon our readers responsibility in making appropriate purchases.

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The Russian invasion of Ukraine has taken many analysts by surprise and together with massive, imposed sanctions has profound implications for global supply chains and commodity prices. The conflict is ushering in a new type of global economic warfare. In this special issue of AIR, we examine how the conflict was fiscally prepared and planned for by both Russia, the East, and the West, and what the geopolitical implications are likely to be.

We examine the lead up to conflict in terms of Russia's macro-economics, foreign investment, its relations with China, Iran, Turkey, Saudi Arabia, the UAE, Central Asia, the Eurasian Economic Union, India, Pakistan, ASEAN, Japan and South Korea and illustrate how Ukraine is a component part of a far wider geopolitical struggle between the East and West.

We look also to the future to assess what is in store for global markets and economies, the impact on the US dollar, and supply chains after the 21st century's first major conflict.

Proceeds from this issue will be donated to Ukrainian children's charities. Please click your selected amount tomorrow to purchase this important geopolitical report.

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The new RCEP Free Trade Agreement has had a significant impact on foreign investment into Asia in the last quarter of 2021. Tracking where the money has been heading is an excellent way to find new investment trends and where the best and fastest returns are likely to be found. In our upcoming Q4 report, Asia Investment Research looks at where capital has been flowing from the United States, EU, and UK into China and Asia - the volumes, companies, and the projects involved.

We also examine the latest news about Singapore SPACS and Crypto, and include Asian investment flows featuring Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Laos, Malaysia, Oman, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Turkey, & Vietnam.

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We showcase six unique case studies of China's SOE mixed hybrid reforms, four which involved public markets and two major domestic mergers. These will likely result in internationally significant IPOs. We examine this new trend and show how new Chinese corporate thinking is gradually changing red chips to blue chips - and where the investment opportunities exist.

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In this issue of Asia Investment Research we examine six case studies of Chinese businesses investing in strategic new tech equity partnerships overseas, and the above average - and fast - returns on these investments that have occurred in all cases.

We discuss how foreign businesses can position themselves to attract Chinese investors, the primary industry sectors of interest, and due diligence issues to consider when looking to attract Chinese investors.

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Tracking where the money is heading is an excellent way to find new investment trends and where the best and fastest returns are likely to be found. In our latest report, Asia Investment Research looks at where capital is flowing from the United States, EU, and UK into China and Asia - the volumes, companies, and the projects involved.

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