By: Mahmoud Gamal
Dubai – Mubasher: The Emirati stocks are one of the best in the region and the world due to the Cabinet’s recent decisions, analysts told Mubasher.
Last week, the UAE Cabinet, headed by vice president and ruler of Dubai Mohammed bin Rashid Al Maktoum, announced a new long-term visa to some international investors and talented professionals, allowing 100% foreign ownership in companies.
By the end of Monday’s trading session, the Dubai Financial Market (DFM) dipped 0.07% to 2,929.97 points, while the Abu Dhabi Securities Exchange (ADX) edged up 0.23% to 4,547.34 points.
The UAE stock markets are volatile during the Muslim holy month of Ramadan, which is well-known for its calm trading sessions, CEO of Mindcraft Consulting Fady El Ghattis said.
The Cabinet’s latest adjustments will indirectly boost foreign portfolios to invest in the Emirati stocks, mainly blue-chip stocks, topped by Emaar Properties, El Ghattis noted.
Most of the UAE stocks are currently traded on below their book value, implying that new investment opportunities are available in the markets, he emphasised.
Some Arab and non-Arab investors in the local bourses are still holding onto their financial positions without making use of random selling, he indicated, pointing out that it is a positive sign despite calm trading.
The UAE stocks are expected to attract foreign investors and to introduce new foreign liquidity to the country, particularly to the real estate and banks sectors, he commented.
El Ghattis remarked that stocks are still not affected significantly by the recently announced catalysts, including the economic regulations regarding foreign full-ownership in companies and the new long-term visa.
Translated by: Mai Ezz El-Din
