Real estate shares enjoy huge increases

by Alex Delmar Morgan Monday, 13 October 2008

Property stocks in the UAE rallied on Monday, buoyed by the government’s decision to guarantee all bank deposits.

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Some of the biggest developers in the Middle East all showed positive gains today, with Emaar jumping 15 per cent, Abu-Dhabi based Sorouh up 9 percent and Dubai’s Deyaar climbing 14 percent. Abu Dhabi's largest developer Aldar also rose 9.5 percent.
Nassib Ghobril, head of economic research at Lebanese Byblos bank told Arabian Business: “Irrespective of the strength of firms in the Middle East there has been a crisis of confidence recently.

"Authorities have been restoring this confidence and making reassurances that the system is still sound by injecting liquidity and guaranteeing deposits.”

Credit crunch related concerns in the last two weeks have spooked investors in the Gulf, triggering a sharp sell off of real estate stocks.

But on Sunday, the UAE government moved to calm nerves, guaranteeing all bank deposits and savings.

Three weeks ago the UAE central bank injected $35 billion into the banking sector to lubricate the money markets, which have suffered liquidity problems.



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