Finance and Economy

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2002

DIC, Oaktree tie up for Almatis debt
US debt investor Oaktree Capital has teamed up with Dubai International Capital, the owner of Almatis to secure control of the German aluminium company through a restructuring of its debt, Financial Times has reported. DIC and Oaktree would work together on a restructuring proposal to underwrite a capital injection and cut the company's roughly $1bn debt load.
United Arab Emirates: Saturday, July 04 - 2009 at 10:38

DP World ends 0.55% higher
Shares of Dubai Ports (DP) World gained 0.55% at Nasdaq Dubai, closing at $0.363. Dubai Gold Securities closed 0.78% higher, while Damas and Depa remained flat. Some 3.5m securities changed hands at the Middle East's only international exchange today.
United Arab Emirates: Thursday, July 02 - 2009 at 21:55

Bahrain market gains slightly
The Bahrain All Share Index closed 0.09% higher at 1,590.57 points in a very lacklustre trading day. While only Salam Bank gained 6.19%, closing at BD0.120, bank NBB and Ahli United Bank remained flat at BD0.57 and BD0.52, respectively. Around 2.4m shares changed hands in Manama.
Bahrain: Thursday, July 02 - 2009 at 16:11

Qatar's Al Ahli Bank jumps 10%
Doha's Qatar Exchange closed 1.04% higher at 6,474.16 points ahead of the weekend. Trading remained extremely flat with just 7m shares changing hands. Shares of Al Ahli Bank gained 10%, closing at QR47.30. Most banks and insurers posted gains, while a handful industry shares lost value.
Qatar: Thursday, July 02 - 2009 at 16:02

Abu Dhabi market gains 1.62%
Abu Dhabi's ADX General Index advanced constantly throughout today's trading session, closing 1.62% higher at 2,671.29 points. Constructions shares (up 3.34%) lifted the market, along with the energy segment. Dana Gas added 2.68% (closing at Dhs1.15). Abu Dhabi National Energy Company (Taqa) remained unchanged. Its CEO Peter Barker-Homek said that the global energy firm told rating agency Standard and Poor's not to value Taqa any longer. Taqa disagrees with new rating criteria of government-related enterprises. Taqa's major shareholder is the emirate of Abu Dhabi.
United Arab Emirates: Thursday, July 02 - 2009 at 15:55

Shares of Emaar back on track
After losing over 14% during the last six days, shares of market bellwether Emaar Properties closed 1.45% higher at Dhs2.80 at Dubai Financial Market (DFM). The DFM General Index consolidated further, closing 0.61% at 1,821.19 points. Bargain hunters also added stocks of real estate contractor Arabtec (up 2.58%, at Dhs2.78) and Islamic developer Deyaar (gaining 1.30%, at Dhs0.78). Among only three declining shares, Emirates NBD ended 2.78% lower at Dhs3.50.
United Arab Emirates: Thursday, July 02 - 2009 at 15:45

UAE launches fraud reporting system
The UAE State Audit Institution (SAI) has unveiled its new 'ReportFraud' service for members of the public to report on fraudulent activity within the UAE Federal Government. The new service, available through SAI's web site www.saiuae.gov.ae, is also open to federal government employees and suppliers. SAI has said it has provided complete guidelines for reporting fraud in English and Arabic on its website. Individuals may report fraud by email or in writing, it said. SAI has pledged to keep all information it receives as confidential.
United Arab Emirates: Thursday, July 02 - 2009 at 11:11

UAE economic development dept launches e-services
UAE's Department of Economic Development (DED) has launched two new eServices on its website, www.dubaided.gov.ae, to reserve and renew trade names. DED's eServices, which are available in Arabic/English, include Transaction Status whereby customers can check the status of the transaction, Search Trade Names which enables users to reserve trade names or find out if the desired name is already taken, Company Lookup which helps to search for existing companies operating in Dubai, Number of Licenses per Person Report which lists the number of licenses registered under one person's name.
United Arab Emirates: Thursday, July 02 - 2009 at 11:00

Index : Finance and Economy