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Saudi scores in business confidence over UAE
US-based research and polling firm Zogby International has released a survey of business confidence in the Gulf revealing that senior executives in the UAE are much less confident about their economic prospects than their counterparts in Saudi Arabia, Khaleej Times has reported. The findings were based on interviews with 126 chief executives and other senior managers in the UAE, Saudi Arabia and Qatar — during October 22 and 23. From 47 respondents in the UAE, 15% said their businesses were flourishing while 57% said their businesses were in decline, while among 67 Saudi respondents, 46% said they were prospering, and only 15% said they were in decline.
ADX ends week on slow fall
The Abu Dhabi Securities Exchange (ADX) ended the day down by 1.04% after slow losses throughout the day, closing at 2,920.14. Abu Dhabi National Hotels posted the biggest rise, going up by 4.40% to Dhs4.67. Four stocks rose, three held steady and 28 fell.
DFM ends down
The Dubai Financial Market (DFM) ended the day slightly lower, going down by 1.88% to 2,097.63. Five stocks rose, 25 fell and two held steady. KFIC posted the day's biggest rise, moving up 14.91% to Dhs4.47. Emirates also announced its half yearly financial results for the period ended on 30/09/2009, as EK2013 bonds listed in the market.
Jordan extends deposit guarantees
Jordanian Prime Minister Nader Dahabi has announced the extension of last years' guarantee of private commercial deposits in the kingdom's banks until end of 2010, to shore up confidence in the banking system, Reuters has reported. The move aims to mitigate the global downturn's impact on the aid-dependent economy. The country's 23 commercial banks have had minimal exposure to Western markets, and a strong supervisory system run by an independent central bank has limited their currency, property and stock market exposure.
Qatar to lower foreign tax rate
Qatar's finance minister has announced a new tax law that will lower the tax rate on foreign companies to a flat 10% starting next year, Bloomberg has reported. Foreign-owned firms operating in Qatar are currently taxed at a progressive rate ranging from 10% to 35%. Qatar expects its economy to grow by 16% in 2010.
Saudi index rises again
Saudi Arabia's Tadawul index gained 0.95% to close on 6,343 today. The industrial investment category, up 1.94%, led all sectors. Overall, 72 stocks rose while 44 declined. Saudi Arabian Mining Company, Ma'aden, was one of the day's big gainers, up 4.47% to 18.65 riyals.
Moody's cuts ratings of five Dubai firms
Moody's Investors Service today lowered the credit rating of five Dubai-owned companies, citing tougher government criteria for supporting state-controlled entities. DP World, Dubai Electricity & Water Authority, and DIFC Investments had their ratings cut to A3 from A1. Jebel Ali Free Zone was downgraded to Baa1 from A3, while Dubai Holding Commercial Operations Group, had its ratings lowered to Baa1 from A3. 'The downgrades reflect recent disclosures that reveal the increasing conditionality under which support may be provided,' Dubai-based Philipp Lotter and London-based David Staples wrote in a report. The criteria include whether the government-owned companies 'are able to demonstrate sustainable business plans, the on-going support of their existing financial creditors, and realistic prospects of fulfilling their repayment obligations,' they added.
ADX sees slight gain
The Abu Dhabi Securities Exchange rose 0.10% today to close on 2,950, led by the real estate sector, which gained 0.89%. The health care sector saw the largest decline, down 4.61%. Gulf Cement was the best performing stock on the day, up 4.08% to Dhs2.07. Overall, 19 stocks finished upp, 13 fell, and five were unchanged.
Dubai index rises 3%, led by Emaar
The Dubai Financial Market climbed 3.00% today to close on 2,137, led by market heavyweight Emaar, which gained 6.17% to Dhs4.30. Other gainers included Shuaa Capital, which climbed 7.69% to Dhs1.82, and Dubai Islamic Bank, which rose 1.44% to Dhs2.82. Overall, 26 stocks gained, 2 declined, and 2 were unchanged.
Qatar to drop corporate tax rate to 10%
Qatar has announced plans to lower the tax rate on foreign companies to a flat 10% starting next year, the counry's finance minister said. 'There is a new tax law and once promulgated it will lower the rate to 10%,' Youssef Hussain Kamal said in Doha today. Qatar currently taxes profits at foreign-owned companies at a progressive rate ranging from 10 to 35%, according to Bloomberg.
Dubai executive gets 5-year jail term
A former senior executive at Istithmar World, the international investment arm of Dubai World, has been given the longest prison term yet in the emirate's major crackdown on corruption, the National has reported. The British manager, referred to only as CT in court, was jailed for five years and ordered to pay almost Dhs10m ($2.7m) in fines after being found guilty of embezzling $1.34m. was accused of purchasing stocks for Istithmar from a British horse brokerage company that he owned, then pocketing a portion of the funds, the paper said.
Abu Dhabi's '09 GDP to expand up to 6%
Abu Dhabi's gross domestic product will expand up to 6% on year in 2009, a top government official said on Tuesday. 'It will be single-digit growth this year, between 4% to 6%," Nasser Al Suwaidi, Chairman of Abu Dhabi's Department of Economic Development, was quoted as saying by Gulf News.
Daman plans IPO
UAE-based Daman Investments has said it plans to launch an IPO by 2012 to strengthen its financial position, as it looks to tap opportunities in the GCC region, Reuters has reported. The firm also said it had attracted a strategic investor, who has committed to invest Dhs100m, and is moving ahead to secure additional equity investment of about Dhs200m ($54.45m) in the coming weeks.
Tasi dips 1.39%
Saudi Arabia's Tadawul index slipped 1.39% today to close on 6,283, led by the petrochemical sector, which fell 2.23%. Sabic, the world's largest chemical firm by market value, had the day's biggest loss, down 3.94%. Overall, 20 stocks rose while 17 declined.
Adu Dhabi stocks see slight drop
The Abu Dhabi Financial Index fell 1.00% today to close on 2,947, led by the real estate sector, which fell 4.47%. Leading real estate stocks Aldar and Sorouh fell 4.86% and 4.36% respectively. The only category to rise today was the industrial sector, which climbed 2.85%. Overall, six stocks advanced, 26 declined, and three remained unchanged.
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