MIDEAST STOCKS-Visa law fails to lift Dubai but Saudi rebounds from low | Reuters:
Middle East stock markets mostly fell on Monday because of U.S.-China trade tensions, with Dubai sliding despite a new visa policy designed to support slumping real estate prices. Saudi Arabia’s market, however, rebounded after a five-day slide.
The United Arab Emirates announced visa rules allowing retired expatriates to stay in the country with renewable five-year visas, which could encourage them to buy homes or make other investments. The government also introduced lower electricity tariffs for the industrial sector.
But stock markets remained weak and the Dubai index lost 0.8 percent to a 32-month low. Blue chip Emaar Properties shed 1.7 percent and DAMAC Properties sank 2.9 percent.
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