GCC Stocks: Dubai Bailout Boost

Abu Dhabi's bailing out of Dubai today (December 14 2009) via a US$10bn cash injection has had an immediate positive effect on all GCC markets, though we are cautious regarding their potential for further sustained gains. Indeed, we remain essentially bearish towards the whole Gulf region, though we favour the Saudi Qatari and Omani markets compared with the Kuwaiti and Bahraini bourses, which both still look weak.

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