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Article: Real estate bogs down UAE markets.
- Article from:
- Gulf News (United Arab Emirates)
- Article date:
- December 24, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dubai: UAE markets continued to slide for the third consecutive session this week, dragged down by real estate stocks as investors continue to be extremely jittery over the sector's future amid the prevailing bearish sentiment on the overall economy.
"Investors are putting pressure on some of the real estate and banking sectors, especially these two, because there is speculation that may be more bad news will come in the fourth quarter affecting the prices further," said Sherif Abdul Khalek, manager, institutional accounts, Beltone Financial Securities.
Also, he said, with global recession and negative sentiments, fund managers are liquidating their ...