Gulf Investors are treading with caution after governments tightened up restrictions on social and commercial activity to curb the virus spread.
Dubai , Dubai
06 February 2021, 12:00 AM
28 February 2021, 12:00 AM
Gulf investors have become more cautious due to stricter GCC- wide restrictions.
Kuwait plans to ban foreign nationals from entering the country for two weeks starting February 7 amid a surge in infections, while Saudi Arabia further tightened up by suspending entertainment activities and dine-in services at restaurants. The kingdom had earlier banned nationals of 20 countries from visiting the country, and extended the restrictions for its citizens after running into short supply of vaccines.
Dubai Financial Market eased 0.9 per cent to 2,688 points with most sectors trading lower and blue-chip real estate stocks being weighed down the most.
Union Properties slipped 0.7 per cent to Dh 0.3 while Emaar Properties shed 1.8 per cent to trade at Dh3.9, as restricted regional and global mobility hits tourism chances and also lead to slower recovery for struggling property prices.
Dubai Investments' stock dropped 4.9 per cent to Dh1.6 after its full-year net profit plunged 47 per cent and revenues nearly 8 per cent. The firm reported profits of Dh347.9 million, down from Dh657.4 million, against revenues of Dh2.66 billion, down from Dh2.88 billion.