Find the UAE-based singer's original songs on Spotify and Apple Music
entertainment58 minutes ago
“Negative economic and corporate news flow will present a headwind for stocks throughout 2009, setting a grim mood, especially during the first half of the year,” the Dubai-based investment bank said in a research note.
“But a sluggish economic recovery towards the second half of the year will allow the UAE markets to record gains of around 21 per cent in 2009.”
Shuaa said UAE markets were likely to exhibit lower correlation with global markets this year as most foreign investors had already exited. Meanwhile, local government bodies could invest in equities, which “could provide the stimulus for a sustained market rally”.
“Local governments, having accumulated massive reserves from the previous oil boom, have announced that they will use their resources to stimulate the local economies, and some might even invest in local equity markets,” Shuaa said. But factors including a real estate correction in
Shuaa Capital expects economic growth in the UAE to slow to 2.4 per cent this year from 4.9 per cent in 2008.
Profits of UAE banks and property firms are set to come under pressure as a result of the downturn.
Banks, for instance, face weaker investment returns, lower fee and commission income and the prospect of a growing num ber of loan defaults, Shuaa said, adding it expected deposit growth of about 8 per cent and loan growth of about 3 per cent.
Find the UAE-based singer's original songs on Spotify and Apple Music
entertainment58 minutes ago
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