UAE stock markets gain after days of pain

Dubai: UAE stock markets, after haemorrhaging for four days, finally heaved a sigh of relief on Thursday recovering some just a day after the UAE central banks followed the world's other national bankers to cut borrowing costs.

And going into the weekend, before the market opens on Sunday, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, is boosting investor sentiment with a statement of confidence.

He reassured local and foreign investors that the UAE's economy and financial and banking establishments are strong, adding that the UAE's economic history reflects the soundness of the leadership's vision and the safety of its legislations, which guarantee protection for the investors.

“The current increase in property demand is the proof,'' Shaikh Mohammad said at Dubai's Cityscape exhibition.

“We always launch creative initiatives in all finance, education, technology, media and other fields, and then attract investments from all over the world and at all levels,'' Shaikh Mohammad said.

“This proves the success and distinction of our initiatives as well as their attraction of Arab and international cadres, which in turn need services, such as health, education, housing, telecommunications and other factors of modern life.

“This makes it a must for us as a government and for national companies to implement more investment and development projects,'' he said.

On Thursday, Dubai and Abu Dhabi followed much of the Asian markets, which recovered to gain or to post lower losses after being routed on Wednesday. Dubai edged up 3.67 per cent; Abu Dhabi was marginally up by less than one per cent.