Christopher ZeniosReports from Saudi Arabia confirmed the index reversed course as financial stocks fell back into negative territory with both Samba Financial Group and Saudi British bank falling 2.4%
The difference in gains from earlier on in the year can be clearly seen as in May 2019 gains stood at 20% thus outperforming the majority of regional markets.
Due to this, the gain for this year has been estimated at a lower 2.9% as fears of the current US-China trade war and other economical factors create weary investors. With the Middle East funds reducing investment in Saudi Arabi according to recent a Reuters poll.
Real Estate in Dubai
The effect of the decrease has lead experts to believe that housing prices will drop drastically as the economy slows and an oversupply of housing is seen.
Despite this, a residential project on the Saadiyat Island is set to be developed and will be open to all nationalities. This will be the first development on Saadiyat Island since a new law that enables foreign buyers to have ownership over freehold land in investment zones in Abu Dhabi has been put in place.
Due to this, properties continue to be developed, recently property developer in Dubai, Damac, delivered 727 luxury homes in a high riser.
