Dubai suffered quite a lot after the recession set in, and surprisingly, its less glamorous cousin Abu Dhabi gained a lot more than we could have ever imagined.
Just like the speculations are, Abu Dhabi’s success was reflected in its bank, National Bank of Abu Dhabi and its shares increased by 2 per cent. The Abu Dhabi Securities Exchange General Index revealed that the shares moved upwards by 0.5 per cent to 2,485.40. On the other hand, Dubai Financial Market General Index dropped 0.4 per cent to 1,465.49. Much of it also showed in the real estate market where in the Dubai real estate market suffered a lot.
The confidence levels among the investors too showed a rather slacking attitude when it comes to Dubai, for many of the apartments and buildings that were completed have remained unoccupied, and many of the projects too are incomplete. One must also not that while Qatar’s index dropped 0.6 per cent to 7,020.36, Bahrain’s measure fell 0.2 per cent to 1,406.45 and that indicates that Abu Dhabi is doing really good. Kuwait’s index lost 0.1 per cent to 6,658.60 and Oman’s bourse dipped 0.2 per cent to 6,301.61.
Via: The National