When the UAE’s financial services reopen on Monday after a four-day holiday, eyes will be on the nation’s banks and capital markets amid concerns that they will feel the brunt of the fallout from Dubai World’s woes.
A Muslim holiday has seen banks and stock markets in the region closed since Wednesday, the day Dubai World shocked markets with its statement that it was seeking a standstill agreement with creditors.
Many investors fear a bloody day on their home markets, with predictions that stocks on the Abu Dhabi and Dubai exchanges may end limit down. Both exchanges limit trade on liquidly-traded stocks when they fall 10 per cent.
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