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Bank guarantee helps UAE

Catherine Deshayes

UAE Bank guarantee boosts Dubai stock market...

After the UAE Government decision to guarantee bank deposits and interbank lending, Gulf markets showed strong gains on Monday.

The Dubai index ended with its biggest one day gain ever, jumping 10.53 percent. The main index soared supported by banks and real estate stocks.

Analysts predicted the UAE decision to guarantee bank deposits would send a signal to worried investors that the Government would not let the financial crisis go untended.

Mohammed Yasin, Managing Director at Shuaa Securities said, "The UAE may attract the funds of people in other countries seeking stability."

Source: Select Property