Marka may attract interest after announcing it had agreed to acquire sporting goods retail chain Retailcorp from a subsidiary of Dubai World in a deal valued above Dh 220 million.
Dubai - Gulf stock markets may consolidate on Sunday, with positive news on Saudi Arabia’s budget now largely factored in and the Brent oil price back below $60 a barrel.
Markets rose on Thursday after Riyadh released a 2015 state budget that maintains spending at high levels, reassuring the region that economic growth is unlikely to be hurt much by the plunge of oil revenues.
Retail investors’ concerns about government spending cuts were the main reason behind the panic sell-off that briefly wiped out all year-to-date gains in most Gulf markets earlier this month.
However, oil prices fell again on Friday as the dollar strengthened and as a supply glut in top consumer United States trumped worries about falling exports from Libya. Brent closed on Friday at $59.45 per barrel - while this is no longer likely to cause panic among Gulf retail investors given the Saudi budget news, it is still negative.
On global markets, US stocks rose on Friday while most other bourses were closed for Christmas holidays.
In Dubai, Marka may attract interest after announcing it had agreed to acquire sporting goods retail chain Retailcorp from a subsidiary of Dubai World in a deal valued above Dh 220 million ($60 million). This will make Marka, a start-up firm listed this year, operationally profitable in 2015, the company said.
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