The market regulator of the United Arab Emirates called on Thursday for increased disclosure ahead of the companies reporting season, asking for extra information on companies’ real estate and financial positions.
The call for greater transparency comes as some regional companies have defaulted on debts and as ratings agencies downgrade some of the Gulf’s most respected companies on fears that the declining trading environment will hit profitability.
Markets across the Arab world crashed last year amid the global financial turmoil and have continued their downward spiral this year, with the MSCI Arabian market index declining a further 9.7 per cent in the year to date.
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