Author : Jaidev
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Some of the biggest realtors in the Gulf region showed positive gains, with Emaar jumping 15 per cent and Abu Dhabi-based Sorouh climbing 9 per cent |
Real estate stocks showed an upward trend in the UAE perked up by the government's decision to guarantee all bank deposits. Some of the biggest realtors in the Gulf region showed positive gains, with Emaar jumping 15 per cent, Abu Dhabi-based Sorouh up 9 per cent and Dubai's Deyaar climbing 14 percent. Abu Dhabi's leading property developer Aldar rose to 9.5 per cent.
Nassib Ghobril, head of economic research at Lebanese Byblos bank said: "Irrespective of the strength of firms in the Middle East there has been a crisis of confidence recently. Authorities have been restoring this confidence and making reassurances that the system is still sound by injecting liquidity and guaranteeing deposits."
UAE government's initiative, guaranteeing all bank deposits and savings has allayed all concern regarding global credit crunch. Three weeks ago the UAE central bank ploughed in $35 billion into the banking sector to lubricate the money markets, which have suffered liquidity problems.
Source : Arabian Business.com
