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GCC equity markets broadly positive in August, UAE indices top
September 2, 2021--Key large-cap sectors boosted MSCI GCC index, says Kamco Invest
Most GCC equity markets, barring Oman, reported gains during August, according to the GCC Markets Monthly.
The MSCI GCC index posted gains for the tenth consecutive month during the month backed by gains in key large-cap sectors. The index closed at a seven-year high level on 17 August but as investors booked profits, the index receded towards the end of the month to close at 708.48 points, registering a monthly gain of 4.3 percent. This further pushed year-to-date (YTD) gains to 28.6 percent for the aggregate GCC index.
Source: zawya.com
Outlook: UAE stock markets to remain positive, barring virus resurgence
August 30, 2021--Corporate results starting to improve, says Chimera
Stock markets in the UAE will continue to perform well, provided there is no resurgence of coronavirus cases, Abu Dhabi-based asset management firm Chimera Capital said in a bourse filing to the Dubai Financial Market (DFM) on Monday.
The alliance will create a full-service enterprise offering for institutional investors in the region. It will provide MENA investors with extensive reach into more than 100 markets around the world, an unrivalled product range servicing all major listed and unlisted asset classes, delivered by in-country client service teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt.
Source: State Street Corporation
IMF Executive Board Concludes 2021 Article IV Consultation with Saudi Arabia
As the lockdown eased and the economy recovered in the second half of 2020, the government withdrew or increasingly targeted the temporary fiscal and employment support. SAMA's borrower support has been retained.
The economy is recovering well. The non-oil recovery that started in the second half of 2020 is expected to continue with non-oil growth projected at 4.3 percent this year. While central government fiscal consolidation will be a drag on growth, it is expected to be offset by higher Public Investment Fund investment and strong private demand. Real oil GDP growth is projected at -0.4 percent in 2021 as production is assumed to remain in line with the OPEC+ agreement and overall real GDP is expected to grow by 2.4 percent. Over the medium-term, growth is expected to accelerate as the economic reform agenda begins to pay dividends.
Source: IMF
July 8, 2021--July 8, 2021--The Saudi economy entered the COVID-19-pandemic with strong policy buffers and reform momentum. The authorities responded quickly and decisively to the crisis with a range of fiscal, financial, and employment support programs that helped cushion the impact of the pandemic on the private sector.
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