Dubai: Even as global markets react positively to vaccine-related news, investor sentiment in the GCC remains cautiously optimistic of how quick economies in the region can recover to pre-pandemic levels, view analysts at global asset manager Aberdeen Standard Investments.
GCC equity markets underperformed their global peers and witnessed mixed performances across individual stock exchanges in the region for the most part of 2020, but was largely observed recovering during the fourth quarter.
The MSCI GCC index reported a yearly decline for the first time in five years, hurt predominantly by the entire region imposing COVID-19 restrictions with an expected 2.7 per cent decline in GDP rates for the GCC region, as per the International Monetary Fund (IMF).
Wealth buffers to mitigate 21% surge in GCC debts in 2021 Filed on January 6, 2021
The lingering economic effects of the pandemic also mean that citizen employment rates are unlikely to recover soon given high targets for citizen employment in private sector industries
The subdued outlook for oil prices will limit GCC governments’ room to provide fiscal support, preventing growth from returning to end-2019 levels before late 2022
Debt burdens of the GCC governments will rise on average by around 21 percentage points of GDP over 2019-21 compared with 14 per cent for advanced economies in general, but the region’s sovereign wealth fund buffers will mitigate the impact of the debt pile-up, Moody s Moody s Investors Service said.
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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%.
GCC Bond Issuance Exceeds $47 Billion in 11 Months albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
GCC bond issuance hits $47.5bn in 11 months
KUWAIT, December 30, 2020 GCC governments issued $47.5 billion in bonds in up to November in 2020, with $35.4 billion during the first half (H1) of the year, a report said. Sukuks issued by the governments stood at $28.7 billion and was almost equally split during the first half the second half of the year. Last year, bond issuances by governments in the region aggregated to $48.8 billion while sukuks issued were at $34.3 billion, said Kamco Invest in its “GCC Fixed Income Market Update”. On the other hand, corporate issuances have also been active with $46.2 billion in bond issuances this year until November-2020, whereas sukuk issuances stood at $19.9 billion. This compares to last year’s $45.3 billion bonds and 14.8 billion in sukuks.