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Soaring Energy Prices Sends Gulf Stocks on a Relentless Tear
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Saudi banks and building materials favored by Daman Investments
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RIYADH: Saudi banks and building materials are among the top regional recovery play stocks picked by Daman Investments.
The Dubai-based asset manager sees such companies as Yanbu Cement and Saudi Ceramics as benefiting from a pickup in construction activity.
The Shareek privatization program is expected to drive lending growth for some of the Kingdom’s biggest banks, Ali El Adou, head of asset management at Daman Investments, told Bloomberg TV on Sunday.
The recovering economy may also benefit fuel retailers Aldrees and bookstore Jarir as the reopening of schools mean more books sales and fuel being consumed from schools runs.
Dubai: Dubai s benchmark stock index advanced the most among Gulf peers as real estate shares extended gains.
The Dubai Financial Market General Index rose as much as 1.3%, up for a fifth day in its longest winning streak since March. The sub-index tracking Dubai-based real estate shares climbed as much as 2.4% on Sunday, touching the highest level since November 2019. Those shares are trading higher amid a residential property price rally Morgan Stanley sees lasting for years.
Vaccinations are helping a lot the reopening theme from an investment case perspective, particularly in the United Arab Emirates and Saudi Arabia, Ali El Adou, head of asset management at Daman Investments in Dubai, said in an interview with Bloomberg TV. The UAE, a federation of seven sheikdoms including Dubai, has one of the highest inoculation rates globally.
(Bloomberg) Dubai’s benchmark stock index advanced the most among Gulf peers as real estate shares extended gains.The Dubai Financial Market General Index rose as much as 1.3%, up for a fifth day in its longest winning streak since March. The sub-index tracking Dubai-based real estate shares climbed as much as 2.4% on Sunday, touching the highest level since November 2019. Those shares are trading higher amid a residential property price rally Morgan Stanley sees lasting for years.Morgan Stanley Sees Dubai Property Rally Lasting for YearsVaccinations are “helping a lot the reopening theme from an investment case perspective,” particularly in the United Arab Emirates and Saudi Arabia, Ali El Adou, head of asset management at Daman Investments in Dubai, said in an interview with Bloomberg TV. The UAE, a federation of seven sheikdoms including Dubai, has one of the highest inoculation rates globally.“We’re still bullish, in terms of that theme, especia
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