Fidelity says while the EMEA region is dominated by the energy and financial sectors, a burgeoning generation of consumers are finding new uses for their rising incomes including financial advice, cars, second homes, tourism, western food and private education.
Fidelity EMEA fund manager Nick Price says Russia, the Middle East and sub-Saharan Africa are seeing the emergence of a middle class, which is evident in purchasing trends across a range of diverse goods and services.
He says: “I expect the sectors to broaden further over the coming years. As countries in the region experience surging consumer growth, increased infrastructure spending, improved utilities and improved corporate governance, the structure of the markets will change. I fully expect the energy sector to lose some of its dominance while other sectors increase their market share.”