UAE markets slipped on Tuesday, with investor little swayed to buy ahead of second-quarter earnings, while banks were steady despite three international lenders withdrawing from debt restructuring talks with Dubai Group.
The UAE sentiment is seen negative and banks are likely to be hit after Royal Bank of Scotland and two other banks abandoned talks on restructuring Dubai Group's $10 billion debt and threatened legal action, said experts on Tuesday.
Consumer prices in the UAE rose 0.4 per cent month-on-month in September, the fastest pace in three months, mainly because of higher food and education costs, data from the National Bureau of Statistics showed on Tuesday.
The statistics of
The United Arab Emirates' economic growth is expected to accelerate to up to 3.2 per cent this year and no further major restructuring of Dubai debt is seen, the Gulf country's economy minister said on Saturday.
The UAE economy is
Dubai's recent debt deal for its flagship conglomerate, Dubai World, removes a key hurdle for international investors eyeing investments in the region, a Deutsche Bank executive said on Monday.
'It (the Dubai World debt deal) remov
European shares rose to their highest in more than 17 months on Thursday, with banks gaining ahead of a European Union meeting to aid Greece while plans by Dubai to support its debt-laden firms provided relief.
By 0942 GMT, the pan-Europea
Consumer prices in the UAE declined 0.16 per cent on annual basis in February, slightly less than a decrease of 0.32 per cent in January, data from the National Bureau of Statistics showed on Tuesday.
The consumer price index slipped to 11
Dubai's debt restructuring proposal will determine the fate of UAE equity markets as the ailing emirate seeks support from Abu Dhabi, with markets poised to rally if the deal includes guarantees, analysts said.
Dubai's index has be
The United Arab Emirates' economy is likely to see growth of 0 to 1 per cent this year as the impact of Dubai's debt restructuring continues to be a drag on its performance, an IMF official said on Tuesday.
"In 2010, we expect that overall
Abu Dhabi's index made its largest gain for more than eight months on Sunday and most other Gulf Arab markets also advanced as speculators bet Dubai's immediate debt problems would be resolved.
Telecoms stocks helped Egypt surge 6.