Foreign investment to UAE surges to $667 million over four days

Foreign investors endowed the UAE with $667 million in funds between Monday and Thursday last week, UAE state news agency WAM reported.

The investment accounted for nearly half, 48.3 percent, of the total liquidity recorded over the course of the four days.

Foreigners pumped the Abu Dhabi Securities Exchange to the tune of 1.25 billion dirhams, or 43.7 percent of total transactions, while Dubai Financial Market accounted for 53.1 percent of total deals and 1.2 billion in funds, WAM said.

For all the latest headlines follow our Google News channel online or via the app

Investors’ biggest target was the banking sector, likely due to the high annual dividends the sector provides compared to other industries, as investors continue to seek shelter from the global economic fallout of the coronavirus pandemic.

COVID-19 has precipitated an unprecedented global economic slowdown, with experts predicting it will cause the greatest recession in nearly a century. Oil prices have also plummeted, and even at point turned negative, as oversupply led traders to sell the black gold for lower and lower prices.

Read more:

Foreign investors exit Turkey as coronavirus stimulus tightens state’s grip

Abu Dhabi’s ADNOC sells $10 billion natural gas pipeline stake to global investors

Foreign investors can own a stake of up to 74 pct in Indian defense ventures