Gulf region’s leading real estate developers witnessed positive gains with Emaar Properties leading the pack by 15 per cent followed by Abu-Dhabi based Sorouh with 9 per cent and Dubai-based Deyaar climbing up to 14 per cent. Abu Dhabi-based property developer Aldar’s share also rose to 9.5 per cent.

Nassib Ghobril, head of economic research at Lebanese Byblos bank said: “Irrespective of the strength of firms in the Middle East there has been a crisis of confidence recently. “Authorities have been restoring this confidence and making reassurances that the system is still sound by injecting liquidity and guaranteeing deposits.”

UAE government’s decision guaranteeing all bank deposits and savings has allayed all fears concerning global credit crunch. Three weeks ago the UAE central bank injected $35 billion into the banking sector to liquidate the money markets.