The oil price rout has taken its toll on the economies of the United Arab Emirates (UAE), including the banking sector, but the chief financial officer of the National Bank of Abu Dhabi (NBAD) believes there were still good investment opportunities in the region.
"At the moment I see good relative value in paper, so in the fixed-income side, and I think there is a lot of cash sitting in people's balance sheets at the moment. I think there are relative value opportunities to invest in very, very safe risk in this environment at very attractive prices so my sense is that when the fundamentals return, you will see cash flowing back into the economy and into those investments."
However, Burdett thought that on the equity side, "the picture is less clear." "I think it's the same old story, you've got very good companies with very good track records and I think they'll the ones that will benefit. Investment will come back, it's just a matter of time. I'm more bullish than most I think."