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Monday, December 7 - 2009
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Tadawul up 0.33%

Saudi Arabia's Tadawul All Share Index (Tasi) ended the day up slightly by 0.33% to 6,309.05, with all sectors save Banks and Financial Services and Transport posting increases. Ninety-nine stocks rose, while 23 fell.
Saudi Arabia: 12 hours, 34 minutes ago

DFM pushes up by 1.18%

The Dubai Financial Market (DFM) ended the day up by 1.18% to 1,853.13, with 19 stocks rising, five falling and two remaining unchanged. DarTakaful posted the largest rise, moving up by 9.47% to Dhs1.85. Emaar, the most active stock by value, also recovered slightly, moving up 3.55% to Dhs3.50.
United Arab Emirates: 13 hours, 13 minutes ago

ADX rises across all sectors

The Abu Dhabi Securities Exchange (ADX) moved up 3.89% to 2,673.12 by the end of trading, with all sectors rising. Seven stocks fell, two held steady and 26 rose. Abu Dhabi Islamic Bank posted the highest increases, moving up by 10% to Dhs2.95. Developers Aldar and Sorouh were the most traded stocks by value, moving up to Dhs4.74 and Dhs2.67 respectively.
United Arab Emirates: 13 hours, 18 minutes ago

Saudi Arabia begins Economic City works

Saudi Arabia has announced that construction of its Jazan Economic City (JEC) has started, in a bid to diversify the kingdom's economy, Arab News has reported. Located 60 km north of Jazan city, JEC is forecast to attract $30bn of industrial, commercial and residential investments, creating 500,000 direct and indirect job opportunities, according to the project's master developer, MMC Saudi Arabia. Investors in JEC are allowed 100% ownership of their projects within the city, CEO of MMC, Zaidan Yousef has said.
Saudi Arabia: 18 hours, 14 minutes ago

Zoellick: Dubai debt crisis 'manageable'

Robert Zoellick, President of the World Bank has said that Dubai's debt crisis is manageable and will be contained, Reuters has reported. 'Because of the nervousness in financial markets, the events in Dubai caused everybody to take a second and third look at fragilities,' he said. 'I personally think that the Dubai financial problems will be contained and manageable.'
United Arab Emirates: 18 hours, 15 minutes ago

Kingdom Holdings 'for sale' investments fall 4.8%

The value of Kingdom Holding's investments available for sale had dropped by 4.8% to SR5.81bn ($1.55bn) in November, compared to the previous month Reuters has reported. The Riyadh-based firm, owned by Prince Alwaleed bin Talal, has attributed the fall to declines of local and international stock markets.
Saudi Arabia: 18 hours, 30 minutes ago

Dubai, Kuwait recovery 'to lag behind'

Ahmet Akarli, an economist at Goldman Sachs has said that Dubai and Kuwait will lag behind other Gulf Arab countries as the region's economies recover, Bloomberg has reported. The economies of the UAE and Kuwait had contracted by around 2.5% in 2009, he said. The UAE will grow 2% in 2010 and 4% in 2011, driven by Abu Dhabi, he added.
Middle East: Saturday, December 05 - 2009 at 11:06

Dubai World to meet creditors

Dubai World will meet its main creditors next week to discuss its request to delay payment on $26bn in debt, Reuters has reported. An Abu Dhabi bank executive, who asked not to be named, said Standard Chartered, HSBC, Lloyds and Royal Bank of Scotland, along with local lenders Emirates NBD and Abu Dhabi Commercial Bank were on the creditors panel.
United Arab Emirates: Thursday, December 03 - 2009 at 11:22

AlWaleed: Dubai World lenders made 'wrong assumptions'

Prince Alwaleed bin Talal has said that banks that loaned money to Dubai World should have understood the risks and differentiated between a corporate loan and a sovereign loan, Bloomberg has reported. 'When things go sour, you can't have some banks in the West going to Dubai and saying 'oops' and crying wolf and saying, 'You should have guaranteed those loans,'' the prince said in an interview on Bloomberg Television.
United Arab Emirates: Thursday, December 03 - 2009 at 11:20

IMF: Dubai World impact on banks 'manageable'

The director of the IMF's Middle East and Central Asia department has said that Dubai World's attempt to delay debt repayments, while slowing growth in the UAE, is 'contained and manageable' for banks that lent money to the state-run firm, Bloomberg has reported. The UAE is not expected to require the IMF's financial support, as it has the resources to 'easily deal with these issues,' Masood Ahmed added.
United Arab Emirates: Thursday, December 03 - 2009 at 11:16

Dubai World to restructure $26bn Nakheel, Limitless debt

Dubai World has announced that it has started constructive talks with banks to restructure $26bn of debt, including liabilities owed by units Nakheel World and Limitless World. The process will not include Infinity World Holding, Istithmar World and Ports & Free Zone World (which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone), all of which are on a stable financial footing the company said in a statement.
United Arab Emirates: Tuesday, December 01 - 2009 at 17:36

DFM falls slow as index loses 5.61%

The Dubai Financial Market fell by 5.61%, less heavily than yesterday as the market absorbed announcements relating to Dubai World's restructuring plans. Two stocks rose (Aramex and Air Arabia, up 2.53% and 2.13% to Dhs1.62 and Dhs0.96 respectively), 22 fell and two held steady. Emaar led the loss makers, falling 9.87% to Dhs3.38.
United Arab Emirates: Tuesday, December 01 - 2009 at 17:20

ADX slows descent

The Abu Dhabi Securities Exchange (ADX) slowed its steep falls of yesterday, closing down by 3.57% to 2,573.02. Steep falls at the opening of trading were tempered by slight recovery throughout the day. All sectors fell except the Telecom sector, which rose by 1.47%. Eight stocks rose, and 29 fell. National Bank of Fujeirah led the recovery, going up by 9.90% to Dhs5.66.
United Arab Emirates: Tuesday, December 01 - 2009 at 17:16

Moody's: Abu Dhabi, Federal ratings unaffected

The ratings agency Moody's has said that the restructuring of Dubai World's liabilities will not threaten the credit quality of the UAE's federal government or the emirate of Abu Dhabi. Both the federal and Abu Dhabi governments are rated 'Aa2' with a 'stable' outlook by Moody's.
United Arab Emirates: Tuesday, December 01 - 2009 at 10:38

Dubai 'not responsible' for Dubai World debt

Abdulrahman al-Saleh, director general of Dubai's Department of Finance has said that Dubai World's creditors need to take part of the responsibility for their decision to lend to the companies, Reuters has reported. 'They think Dubai World is part of the government, which is not correct,' he said.
United Arab Emirates: Tuesday, December 01 - 2009 at 10:33
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