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Mideast markets face selling pressure: expert

Published: 30/11/2009 05:00

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While Asian and Western markets were hit badly by an announcement of state firm Dubai World, expert said Middle East markets are expected to post losses during the first week of December.

The wind blows dust as a man sits near a mosque behind Sheikh Zayed Road in Dubai, November 29, 2009. (Xinhua/Reuters Photo)

As the four-day Islamic feast of Eid al-Adha will last till Sunday, markets in the Gulf countries will reopen Monday.

Last Wednesday, Dubai World and its subsidiary Nakheel said they will ask creditors for a six-month debt standstill, until May30 of 2010.

“We expect major selling pressure at the Dubai Financial Market(DFM),” Fahd Iqbal, vice president of equity research at the Arab investment bank EFG Hermes in Dubai, told Xinhua Saturday.

Nakheel has an outstanding sukuk (Islamic bond), whose par value is 3.52 billion U.S. dollars that expires on Dec. 14.

Dubai’s oil-rich neighbor Abu Dhabi is expected to bail out Dubai in order to avoid its default, which could affect the entire country.

According to Iqbal, foreign investors’ confidence in Dubai is “deeply affected.”

“But we expect actions in the coming weeks by the UAE central bank and more detailed information as, due to Eid, official statements have been brief, anonymous and rare,” he said, “We heard rumors that the UAE central bank prepares a major announcement,” he added.

Earlier, the official news agency WAM reported that the UAE central bank said it stands behind the country’s banking sector.

The central bank has issued a notice to the UAE’s banks and branches of foreign banks operating in the country, making available to them a special additional liquidity facility linked to their current accounts at the central bank, at the rate of 50 basis points above the three-month Emirates Interbank Offered Rate(EIBOR), an interest rate charged by banks in the country for interbank transactions, the report said.

VietNamNet/Xinhuanet

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