The Gulf is unlikely to get a major boost from the compromise proposal to raise the US debt ceiling, but with its large oil reserves and pegs to the dollar the region has a major stake in the country's financial fate.
The region could benefit if perceptions of trouble in the US persist, prompting investors to liquidate their portfolios and buy assets in faster-growing emerging markets, according to analysts. Wadah Taha, the chief investment officer at Al Zarooni Group in Dubai, said the impending deal was good news for the UAE's exchanges.
'There is limited turnover from local and regional participants as it's the first day of Ramadan, but the reaction is generally positive,' he said yesterday.
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