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Saudi's Tadawul inches higher
Saudi Arabia's Tadawul index gained 0.2% today to close on 6,303, led by the agriculture and food industries sector, which gained 1.99%. Red Sea Housing led all stocks, rising 5.98% to 62 riyals. Overall, 54 stocks ended higher while 56 declined.
Abu Dhabi stocks see slight dip
The Abu Dhabi Securities Index dipped 0.47% today to close on 2,893, led by the energy sector, which fell 2.73%. National Marine Dredging had the day's biggest gain, up 7.72% to Dhs8.68. Overall, 19 stocks fell, eight rose, and 3 were unchanged.
Dubai index falls 1.93%
The Dubai Financial Market fell 1.93% today to close on 2,070. One of the leading decliners was market heavyweight Emaar, which fell 2.82% to Dhs4.3. However, Shuaa Capital had the day's biggest loss, down 5.59% to Dhs1.69. Overall, seven stocks gained, 18 fell, and 2 were unchanged.
Abraaj buys Jordanian venture-capital firm
Dubai-based buyout firm Abraaj Capital has announced that it has agreed to buy Jordanian venture-capital firm Riyada Ventures. Riyada's founder Khaldoon Tabaza will continue as chief executive officer, Abraaj said in a statement today.
UAE prices fall for 4th straight month
The UAE's Economy Ministry announced today that consumer prices fell 0.4% in October from a year ago, the fourth consecutive month of deflation in the country. The price drop was led by cheaper food and clothing, the ministry said.
Abraaj raises capital to $1.5bn
Dubai-based private equity investor Abraaj Capital has said it has raised its capital to $1.5bn through a $375m rights offer, as it targets a new round of investments in the first quarter of next year, the Financial Times has reported. Arif Naqvi, chief executive of Abraaj, told the newspaper the company 'is considering buying an international competitor, probably Asian, which wants to raise its exposure in the Middle East'.
Bahrain inflation slows to 1.5%
Bahrain's statistics agency has said the kingdom's inflation had dropped to 1.5% in October from 1.97% in the previous month, as the price of food and beverages declined, Bloomberg has reported. The rise in the index for food and non-alcoholic beverages slowed to 6.3% from 9.1% in September, the agency said.
Saudi stocks see slight gain
Saudi Arabia's Tadawul index gained 0.11% today to close on 6,291. The day's big gainer was Saudi Dairy and Foodstuff, which rose 3.16% to close on 42.40 riyals. Saudi Cement had the day's biggest loss, down 4.35% to 55 riyals. Overall, 73 stocks while 35 declined.
Abu Dhabi index gains 1.48%
The Abu Dhabi Securities Exchange climbed 1.48% to 2,907, led by National Marine Dredging Company, which rose 10% after winning a Dhs1.5bn contract to dig build a canal in the capital. Overall 22 stocks gained while four declined. Qtel had the day's biggest loss, down 3.95% to Dhs146.00.
DFM ends four-day slide
The Dubai Financial Market rose for the first time in four days today, gaining 1.83% to close on 2,111. Market heavyweight Emaar climbed 2.66 to Dhs4.25, while Shuaa Capital led all decliners with a loss of 3.24% to end on Dhs1.79. Overall, 19 stocks gained and three ended lower.
Dubai's population hits 1.7 million
Dubai's population rose 1.9% in the second quarter to 1.7 million when compared to the previous three months, government figures showed, indicating that employment in the emirate was picking up. Dubai ruling council member and chairman of Emaar Properties, Mohamed Alabbar, said Dubai had seen some 400,000 people move to the region's economic and tourist hub over the past 12 months.
UAE to keep dollar peg, says central bank chief
The UAE is not planning to delink its currency from the dollar as the 'US dollar is the best medium of exchange in the international trade and we will continue to use it', Central Bank Governor Sultan Nasser Al Suwaidi was cited as saying by state-run Wam news agency. The UAE's economy has overcome the liquidity problem and time is needed to absorb liquidity, the governor added.
Kuwait's 2010/11 budget based on $43 oil price
Kuwait's 2010-11 budget is expected to be based on a crude oil price of $43 a barrel, up 22.8% from the previous fiscal year, according to a report by al-Watan newspaper. In the 2009-10 fiscal year which started on April 1, Kuwait had assumed its oil revenue would be $35 a barrel.
Jordan to focus on deficit reduction
Jordan's finance minister has said the kingdom's 2010 JD5.4bn ($7.6bn) budget will focus on curbing the country's soaring deficit to spur the economy to recover from the impact of the global downturn. 'The budget's focus is on state expenditure that has become very large and we need to tackle this before the problem accentuates,' Bassem al-Salem told Reuters. Jordan's public finances are under strain as the global economic downturn hurts domestic demand and foreign cash flows, including remittances from expatriates in the Gulf.
Iraq could join WTO in two years, says US official
The US Agency for International Development's Tijara project has said that Iraq could get membership in the World Trade Organization by the end of 2011, if it actively pursues accession, Reuters has reported. 'As it stands, it's been a very slow process, but they are not that far off from the trajectory,' Larry Morgan, director of international trade at the agency said. 'I'd say if they apply reasonable due diligence, then they could join by the end of 2011.'
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