Almost US$50 billion (Dh183.64bn) has been wiped off the value of Arab stock markets after just over a week of anti-government demonstrations in Egypt.
The economic impact of the unrest is hardly limited to stock prices, with gas drillers, advertisers and conference operators yesterday reporting lost business and conceding fears that more contracts will be cancelled if calm is not restored soon.
However, the ratings agency Fitch said that while investors were expected to be wary of the region for the near future, the political turmoil should not affect the ability of GCC companies to access debt markets.
The capitalisation of 13 Arab bourses has fallen from $991bn on January 25, when the mass protests against Hosni Mubarak's 30-year presidential rule began, to $942bn at the end of the month, according to the Kuwait asset manager Kamco.
Most of the decline came from Gulf stock markets, which dropped $32bn in value to $750bn. The Saudi bourse, the largest in the Arab world, fell by $21bn.
The Egyptian stock market lost $12bn in the first two days of the protests before it was closed, a report by Kamco said.
The exchange has been closed for six working days, but is expected to reopen on Monday, with trading initially confined to three hours a day.
The conflict in Egypt has led to volatility on the UAE's main exchanges, with Dubai falling 2.6 per cent in the past eight days and Abu Dhabi slipping 0.8 per cent. Both exchanges fell sharply in the early days of the protests, but pared their losses towards the end of the week.
Kamco said the losses were because of fears among investors that the protests in Egypt and, earlier, Tunisia could spread to other countries in the region and trigger a flight of capital.
But market analysts are not convinced that GCC markets should be seen as being on par with Egypt.
"Egypt is the eye of the storm, obviously, and heightened risk premium is not good," said Khaled Masri, the head of brokerage at Rasmala Investments in Dubai."[However] the GCC is not Egypt and is not Tunisia. There are some common social issues but they are certainly not the same."
Some Arab economies, including Algeria, Syria and Jordan, are at risk of feeling a "shock wave" from Egypt, said John Sfakianakis, the chief economist at Banque Saudi Fransi.
"We are at the first wave of what is happening," he said. "But in terms of contagion, I think that the Gulf is very well placed. It has deeper pockets and is sitting on huge foreign assets."
Two gas exploration projects were put on hold yesterday. At least one conference planned for Cairo was moved to Dubai instead.
In addition, advertising agencies said the industry was almost completely shut down in Egypt amid fears that spending would be affected in the wider region as a result.
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
Company%20profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
Company%20Profile
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE%20
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