The national carriers of Qatar and Saudi Arabia have announced the resumption of air travel between the two countries starting next week, just days after a deal was reached to end a years-long regional diplomatic dispute.
A Gulf Cooperation Council (GCC) summit on Tuesday declared an end to the bitter rift in which members Saudi Arabia, the United Arab Emirates, Bahrain – along with Egypt – blockaded Qatar since June 2017. The group severed diplomatic, trade and travel ties with Qatar, accusing it of supporting terrorism, an accusation Doha vehemently denied.
Kuwait and the United States had been mediating for reconciliation.
On the eve of the 41st GCC summit held in Saudi Arabia, the kingdom agreed to reopen its air, sea and land borders with Qatar – a major breakthrough in the Gulf crisis.
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(Reuters) - Stock markets in the United Arab Emirates rose in early trade on Sunday, starting 2021 on a positive note in line with the country’s economic forecast and eclipsing a recent record jump in COVID-19 cases.
FILE PHOTO: A man stands at the stock market, in Dubai, United Arab Emirates, November 5, 2020. REUTERS/Abdel Hadi Ramahi
The International Monetary Fund expects the country’s economy to swing back to growth of 1.3% this year from a 6.6% contraction in 2020.
The UAE recorded its fourth straight record number of daily coronavirus cases since the pandemic began, reporting 1,963 cases on Saturday
Dubai’s index gained 0.8%, boosted by real estate and banking shares. Emirates NBD increased 1.5%, while Emaar Properties led the gains at property stocks, rising 1.1%.
UAE stocks gain, Saudi slips on first trading day of 2021 Filed on January 3, 2021
Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand
Stock markets in the UAE closed higher on Sunday, starting 2021 on a positive note on hopes that the rollout of a coronavirus vaccine will lift economic activity, while Saudi Arabian shares fell on uncertainty about the outlook for oil prices this year.
The UAE on Saturday recorded a fourth straight record number of daily coronavirus cases, with 1,963 new infections.
Dubai and Abu Dhabi have begun rolling out Covid-19 vaccines, which BofA said in a note are particularly pertinent for the UAE given its exposure to trade and tourism.