Investing on the “Far Side of the Moon”: Capturing Capital Market Inclusion Opportunity across MEASA (Middle East–Africa–South Asia)

Robert A. Gillam and Russell Read

Chapter 27 in Handbook of Applied Investment Research, 2020, pp 725-741 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The MEASA region forms a crescent of countries beginning with Bangladesh and India in the East, continuing through the Middle East and West Africa, and terminating with the South African nations. This grouping of countries has a long history of cultural, economic, and political advantages and achievements. One need only consider the energy riches of the Middle East, the mineral, agricultural, and fishery resources of Africa, or the large and educated population of India to understand the potential for the region. The MEASA region covers 45% of the worlds population and is expected to be one of the most rapidly growing regions. Moreover, the MEASA region is approximately 18% of global GDP and is likely to grow at much faster than developed countries in the coming decade. Our study reports that the MEASA region stocks have produced exceptional returns and returns relative to risk compared to MSCI Emerging Markets stocks, Frontier Market stocks, and World Index stocks during the January 2003 to September 2017 time period. The situation today in the MEASA region countries seems like the situation in the BRICs countries in the early 2000s. As happened with the BRICs countries, the barriers to investing in the MEASA region are being removed as we write. Innovative investment advisors are set to offer mechanisms to access these markets. The rewards will go to those visionary investors who are able to first see the possibilities.

Keywords: Applied Investments; Financial Forecasting; Portfolio Theory; Investment Strategies; Fundamental and Economic Anomalies; Behaviour of Investors (search for similar items in EconPapers)
JEL-codes: G1 G11 G17 (search for similar items in EconPapers)
Date: 2020
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