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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Saudi investors shrug off Dubai debt crisis AFP - 1 hour 7 minutes ago Send IM Story Print Investors follow the market at the Dubai Financial Market in the Gulf emirate December 1. Saudi stocks have closed down 1% as investors shrugged off neighbouring Dubai's debt crisis in the first trading day on the Riyadh market in nearly two weeks. RIYADH (AFP) - – Saudi stocks closed down one percent on Saturday as investors shrugged off neighbouring Dubai's debt crisis in the first trading day on the Riyadh market in nearly two weeks. The Gulf's largest equities market sank 2.3 percent when trading opened for the first time after the Eid al-Adha holiday break, but recovered and was off only 1.06 percent at the close. The main TASI index fell to 6,288.27 from 6355.82 at its last closing on November 25, the day state-owned conglomerate Dubai World said it was asking to suspend payments on 59 billion dollars in debt. That and the Dubai government's subsequent announcement that it would not guarantee the debts of Dubai World, which is heavily exposed to the emirate's deeply depressed property sector, sent shockwaves through the global financial system, causing regional stock markets to plunge. "What happens in the Gulf or in Europe or America, that doesn't bother our market," said the manager of a Saudi brokerage who asked to remain anonymous. Despite assurances from the Saudi central bank chief that Saudi banks had minimal Dubai exposure, the banking and finance sector index fell 2.35 percent on the Riyadh exchange, which trades on a Saturday-Wednesday week. SABB Bank, the local affiliate of global giant HSBC, which is believed to have one of the largest exposures of any European bank to Dubai, led the losers' column dropping 4.47 percent. "There is no danger to the banking system in the kingdom," Mohammad al-Jasser, governor of the Saudi Arabian Monetary Agency (SAMA), said on Friday. "There is no danger that should force (investors) to run away from the market," he told Al-Arabiya television. Investors and analysts said they were confident that the Saudi economy, heavily anchored by oil exports, remains sound. "We trust our government. The SAMA head said our banks are not affected by Dubai's problems," said Fahad, the sole investor on the public floor of Falcom Financial Services in central Riyadh. "And our economy is strong. We have huge reserves," he said, declining to give his family name. Saudi Arabia's economy and very inward-focused banks "just don't have those issues" that have hit Dubai hard, said Paul Gamble, head of research at Jadwa Investment. "The (Saudi) banks themselves as far as we understand have minimal exposure" to Dubai generally and Dubai World specifically, he said. Saudi banks have not disclosed their exposure to Dubai entities, but Jasser said their exposure to Dubai World debt was less than 0.2 percent of their balances. A Deutsche Bank analysis estimated they had no more than one percent of their risk assets in Saudi Arabia's small neighbour. A strong local lending market and SAMA's tough restrictions on the banks lending outside the country have kept them insulated from Dubai's problems. Moreover, unlike Dubai's heavy investment focus on commercial real estate, most of Saudi Arabia's spending is in key infrastructure -- roads, railways, airports, ports, and power, water, health and educational facilities -- that the oil-rich country is paying for with cash. And while this investment heavily involves state companies that do borrow money, Riyadh's debt is a low 14 percent of gross domestic product. The government, meanwhile, is flush with reserves which reached 389 billion dollars in October, up 8.8 billion dollars on the previous month because of rising oil prices. 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