There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
The Dubai Financial Market (DFM) Index surged 10.53 per cent to 3,343.56 points, while the Abu Dhabi Securities Market (ADX), ended up 6.92 per cent at 3,350.22 points on Monday.
The rises came close on the heels of a government decision to guarantee deposits and savings and a pledge to protect the country’s banking system from credit risk.
Monday’s rally was driven mainly by the real estate sector, which leapt 14.90 per cent, and the banking sector, which rose by 6.13 per cent in
Emaar shares jumped the most on record, up 15 per cent, to close at Dh5.90, National Bank of
Early on Monday, the UAE Finance Ministry said it would extend the guarantee on bank deposits for a period of three years.
The move would include deposits at foreign banks which have significant operations in the country.
The government on Sunday had also promised to provide guarantees on lending, including between banks operating in the country.
“This positive move by the government has instilled new confidence in investors and traders, and has provided the much-needed filip to the markets,” said Vyas Jayabhanu, head of Al Dhafra Financial Broker. “We witnessed certain buoyancy in the market after a very long time.
“From a market perspective, hopefully this rally will continue if the governments across the world continue giving good news and support,” said P. Krishnamurthy, CEO of Dubai International Securities.
“The liquidity tap has been opened up, and the lingering scepticism about the country’s financial system appears to be over following the government’s bold initiatives,” he said.
Analysts said the rally on the UAE bourses was broad-based. On the DFM, 90 per cent of the 33 traded scripts were in the green. On the ADX, 92 per cent of the 42 traded scripts traded higher.
Elsewhere in the Gulf region all markets, except
The Saudi market, the largest in the Arab world, soared 9.47 per cent on Monday to 6365.23. In
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
Salama Alfalacy is into realistic art featuring landscapes and wildlife, while Meera Jamal Al Midfa is setting new grounds in performance art and filmmaking
Dubai Police have asked drivers to be extra cautious
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
Dubai Police have asked drivers to be extra cautious
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
Dubai Police have asked drivers to be extra cautious
The country has set a new Guinness World Record by creating the largest falcon hood, beating the previous record of 1.65 metres