UAE investor confidence boosted by Dubai World proposal: bank

08:27, April 21, 2010      

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Investor sentiment towards Dubai and the United Arab Emirates (UAE) in general has been boosted significantly as a result of state-owned conglomerate Dubai World's restructuring proposal, a local business journal reported Tuesday, citing the latest data released by investment bank Shuaa Capital.

The Dubai-based finance firm's Investor Sentiment Report of the Gulf Cooperation Council (GCC) had its second-biggest gain on record, driven almost entirely by a positive change in attitudes towards the UAE, Arabian Business said on its website.

Shuaa's UAE Investor Confidence Index recorded a jump of 36 points, according to the report.

It said all GCC countries -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE -- are now above the 100-point thresholds, which represents positive sentiment.

"The increase in investor confidence towards the UAE clearly indicates that the cloud of uncertainty hanging over the investment community has now been removed," Shuaa CEO Sameer Al Ansari was quoted as saying.

"The outcome of Dubai World's restructuring proposal has had a very positive impact on the investment community, both regionally and internationally," he added.

Last November, Dubai World sent shockwaves across financial markets when it said it would not be able to repay its debts on time and asked for a six-month freeze on debt payments.

The Dubai government said in March that it would offer 9.5 billion U.S. dollars in aid to the troubled conglomerate as part of a restructuring plan.



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