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Sunday, 11 June 2017

MIDEAST STOCKS-Qatari banks fall after UAE red flag, Dubai's Emaar climbs | Reuters

MIDEAST STOCKS-Qatari banks fall after UAE red flag, Dubai's Emaar climbs | Reuters:

"Shares in Qatari banks fell in early trade on Sunday after the central bank of the United Arab Emirates ordered UAE banks to be wary of any accounts they hold with six Doha-based banks.

In Dubai, the largest listed property developer, Emaar Properties, rose 0.9 percent as investors continued to react positively to its plan to distribute funds from a listing of its local real estate developer to shareholders.

The UAE, as part of its response to the diplomatic rift in the region, told local banks to apply "enhanced due diligence" to the Qatari institutions and instructed banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar.

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