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Dubai is seen as the 'weakest link' within the GCC
An extract from the following Gulf news article:
It's the fourth straight session of declines for the Dubai Financial Market. Shares have lost more than 16 per cent since Sunday, when the trading week opened. Dubai market drops over 7 per cent on fears of global financial crisis Gulf News Report Last updated: November 11, 2008, 14:44 Dubai: Markets in Dubai and Abu Dhabi fell sharply on Tuesday with the Dubai index dropping more than 7 per cent, led by banking and property stocks. Incidentally, Dubai is bearing the brunt of the regional and global market weakness. "Even in days when other regional markets recover, Dubai has consistently underperformed and is also much weaker than its Abu Dhabi peer," says Khaled Masri, executive partner at Rasmala Investments. "The market perception is that Dubai is seen as the 'weakest link' within the GCC in this environment. This is due to the very high percentage of market capitalisation being represented by real estate related stocks and a perception within the market that Dubai and its companies have very high levels of leverage." Emaar Properties dropped 9.88 per cent and Deyaar tumbled 9.57 per cent. Among banks, Emirates NBD and Dubai Islamic Bank fell 4.85 per cent and 9.77per cent, respectively. In Qatar, the index fell 6.25 per cent while Kuwait's benchmark slipped 2.16 per cent. The Muscat bourse retreated 1.99 per cent and Bahrain shed 2.74 per cent. Source: http://www.gulfnews.com/business/Markets/10258773.html |
Re: Dubai is seen as the 'weakest link' within the GCC
Originally Posted by Duracell_Bunny
(Post 6961792)
An extract from the following Gulf news article:
It's the fourth straight session of declines for the Dubai Financial Market. Shares have lost more than 16 per cent since Sunday, when the trading week opened. Dubai market drops over 7 per cent on fears of global financial crisis Gulf News Report Last updated: November 11, 2008, 14:44 Dubai: Markets in Dubai and Abu Dhabi fell sharply on Tuesday with the Dubai index dropping more than 7 per cent, led by banking and property stocks. Incidentally, Dubai is bearing the brunt of the regional and global market weakness. "Even in days when other regional markets recover, Dubai has consistently underperformed and is also much weaker than its Abu Dhabi peer," says Khaled Masri, executive partner at Rasmala Investments. "The market perception is that Dubai is seen as the 'weakest link' within the GCC in this environment. This is due to the very high percentage of market capitalisation being represented by real estate related stocks and a perception within the market that Dubai and its companies have very high levels of leverage." Emaar Properties dropped 9.88 per cent and Deyaar tumbled 9.57 per cent. Among banks, Emirates NBD and Dubai Islamic Bank fell 4.85 per cent and 9.77per cent, respectively. In Qatar, the index fell 6.25 per cent while Kuwait's benchmark slipped 2.16 per cent. The Muscat bourse retreated 1.99 per cent and Bahrain shed 2.74 per cent. Source: http://www.gulfnews.com/business/Markets/10258773.html |
Re: Dubai is seen as the 'weakest link' within the GCC
Originally Posted by Duracell_Bunny
(Post 6961792)
An extract from the following Gulf news article:
It's the fourth straight session of declines for the Dubai Financial Market. Shares have lost more than 16 per cent since Sunday, when the trading week opened. Dubai market drops over 7 per cent on fears of global financial crisis Gulf News Report Last updated: November 11, 2008, 14:44 Dubai: Markets in Dubai and Abu Dhabi fell sharply on Tuesday with the Dubai index dropping more than 7 per cent, led by banking and property stocks. Incidentally, Dubai is bearing the brunt of the regional and global market weakness. "Even in days when other regional markets recover, Dubai has consistently underperformed and is also much weaker than its Abu Dhabi peer," says Khaled Masri, executive partner at Rasmala Investments. "The market perception is that Dubai is seen as the 'weakest link' within the GCC in this environment. This is due to the very high percentage of market capitalisation being represented by real estate related stocks and a perception within the market that Dubai and its companies have very high levels of leverage." Emaar Properties dropped 9.88 per cent and Deyaar tumbled 9.57 per cent. Among banks, Emirates NBD and Dubai Islamic Bank fell 4.85 per cent and 9.77per cent, respectively. In Qatar, the index fell 6.25 per cent while Kuwait's benchmark slipped 2.16 per cent. The Muscat bourse retreated 1.99 per cent and Bahrain shed 2.74 per cent. Source: http://www.gulfnews.com/business/Markets/10258773.html |
Re: Dubai is seen as the 'weakest link' within the GCC
Not surprising. For all this phenomenal growth in Dubai, it's still very much a one-industry town, with that industry being real estate.
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Re: Dubai is seen as the 'weakest link' within the GCC
Originally Posted by Ethos83
(Post 6975566)
Not surprising. For all this phenomenal growth in Dubai, it's still very much a one-industry town, with that industry being real estate.
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Re: Dubai is seen as the 'weakest link' within the GCC
Originally Posted by Ethos83
(Post 6975566)
Not surprising. For all this phenomenal growth in Dubai, it's still very much a one-industry town, with that industry being real estate.
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