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UAE Economy Heads To Recovery
The prospects of a quick turnaround for the UAE economy is now becoming close to a reality and rally that the stock markets have been witnessing is one such indicator as the UAE financial markets on Sunday gained around Dh16 billion in market cap driven by upbeat sent
BY
Realty Plus
Published - Tuesday, 08 Dec, 2020
The prospects of a quick turnaround for the UAE economy is now becoming close to a reality and rally that the stock markets have been witnessing is one such indicator as the UAE financial markets on Sunday gained around Dh16 billion in market cap driven by upbeat sentiments.
The main indexes of Abu Dhabi and Dubai bourses were up 1.38 per cent and 2.57 per cent respectively, after 9,239 deals worth over Dh1 billion over 627 million shares. In the Abu Dhabi Securities Exchange, FAB rose to Dh12.90, and ADCB to Dh6.09. Taqa likewise increased to Dh1.54 and RAK Ceramics to Dh1.45.
Richard Wason, CEO, Lulu Financial Holdings, said: “The upswing recorded by UAE stocks is an indication of the confidence that investors have in the country’s resilience and the ability of its economy to withstand the shocks caused by the health crisis. The recent amendments in the company law and bankruptcy law, as well as the peace agreement, have together helped FDI into the country. With a slew of favorable policies and government support marking the country’s rapid return to normalcy, the UAE is positioned uniquely to witness one of the fastest economic recoveries globally, with the added advantage of creating new opportunities across sectors.”
Analysts worldwide expect the global economy to reach near pre-pandemic level by the second half of 2021. The UAE economy is also supported by a weakening US Dollar since it makes UAE assets cheaper for foreign investors. Consequently, real estate has been a top performer in the UAE markets. Banking shares are rallying on expectations of quick rebound in the economy.
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