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Operator: Good day, and welcome to the Noah Holdings Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
A growing number of wealth managers in Asia are setting up offices in Dubai, capitalising on warming diplomatic ties between China and the Middle East and betting on a surge in demand from clients for geographical diversification. Dubai, a major financial hub in the Gulf region, is emerging as a preferred wealth hub for many entrepreneurs and rich families in Asia, mainly China, as they look to take advantage of favourable policies and expand their businesses, wealth managers said.
The Middle East has grown increasingly important to Beijing as its ties with Washington have soured amid disagreements on a range of issues.
Operator: Good day and welcome to Noah Holdings Third Quarter 2023 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions].
This under-the-radar stock offers a 'big safety margin,' said the firm, which upgraded the stock to buy from neutral.