Emerging Market and Middle East Stocks: Updates for UAE, Israel On August 16 - Bloomberg:
Equities across the Middle East advanced in the first day of trading after Israel and the United Arab Emirates said they reached an agreement to begin normalizing relations.
Israel’s TA-35 gained as much as 2%, leading gains in the region. The main indexes in Dubai and Abu Dhabi rose 0.6% and 0.2%, respectively, as of 11:12 a.m. local time, with peers in Kuwait, Saudi Arabia and Bahrain also up.
A joint statement from the U.S., Israel and UAE announced Thursday that the two Mideast nations will establish normal ties, signaling they will send ambassadors and open more direct commercial relations, including air travel. On Sunday, UAE-based APEX National Investment said it agreed to conduct research on the coronavirus with Israel’s TeraGroup, in what could be the first cross-border deal between the two nations.
“Over the past decades the region has been suffering from wars, political instabilities,” Ali El Adou, head of asset management at Daman Investments in Dubai, said in an interview with Bloomberg Television. “The agreement might be the breakthrough to the current political deadlock, and bring opportunities for peace and economic prosperity in the region.”
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