Off the wire
• 1st LD: Syrian army captures key IS stronghold south of Damascus  • Urgent: Syrian army captures key IS stronghold south of Damascus  • Portuguese gov't seeks to placate aggrieved Banif investors  • EU's Mogherini sweeps aside Pompeo's tough speech on Iran  • Foreign exchange rate of Euro to other currencies  • Confucius Institutes Athens conference aims to deepen China-Europe ties  • Roundup: Populists, rightwingers back law professor Giuseppe Conte as Italy's next PM  • Latvian banks lose nonresident deposits worth 3 bln euros over past year  • China willing to cooperate with other countries to reduce health injustice: minister  • People of fishing port in Northern Ireland toast Prince Harry, Meghan Markle as their baron, baroness  
You are here: 　

UAE stock markets rise after relaxed visa, ownership rules

Xinhua,May 22, 2018 Adjust font size:

DUBAI, May 21 (Xinhua) -- Stock indices of United Arab Emirates (UAE) markets in Dubai and Abu Dhabi rose on Monday after the government's Sunday announcement to grant investors and professionals a long-term visa for up to 10 years.

The Dubai Financial Market (DFM) General Index closed 0.97 percent higher at 2,947.08 on Monday, with 22 having shares advanced, and 14 declined. The ADX General Index in Abu Dhabi increased by 0.73 percent to reach 4,458.33.

Dubai's market bellwether Emaar Properties, developer of the world's tallest tower Burj Khalifa (828 meters), was one of the most actively traded securities, gaining 2.92 percent on the DFM.

The UAE cabinet in Abu Dhabi on Sunday announced to grant top investors and professionals a long-term visa for up to 10 years, state news agency WAM reported.

The cabinet also approved 100 percent ownership of businesses by foreign investors by year-end, the report said.

UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum said "the UAE will remain a global incubator for exceptional talents and a permanent destination for international investors."

Fathi Ben Grira, the CEO of UAE financial services and brokerage firm Menacorp, told Xinhua by e-Mail that "both markets reacted positively as investors anticipate the positive impact of such measures in the real economy."

In response to the impact on different UAE industry sectors, the expert said "we will have a mixed solution: some sectors (deemed nonstrategic) will see their foreign ownership limit removed (retail, hospitality, real estate to some extent) while others (banks, telecommunication, oil) will still require a majority owned by UAE nationals."

The UAE, a major oil supplier, witnessed a decline in economic growth in 2017 in the wake of the multi-year oil slump.

The International Monetary Fund (IMF) said earlier in April the UAE real GDP grew in 2017 by an estimated 0.5 percent, down from three percent in 2016.

For 2018, the IMF expects two percent growth, while the Washington-based global financial stability institution urged the UAE government to implement economic reforms in order to attract foreign investments and talents. Enditem

 

Related News & Photos