2003
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Kuwait to licence Islamic banks
The Central Bank of Kuwait is to begin accepting applications for Islamic banking licences from December 10, according to KUNA. In the first phase three banks including Kuwait Finance House will be licenced; second will be a bank partly owned by the KIA, and the third will be a local bank that is being transformed into an Islamic one.
Mohammed lauds Airshow success
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum praised the success of the Dubai Airshow 2003 which he toured yesterday. He said the 12 per cent growth in the exhibition and greater number of participants was very good for the UAE and Dubai's economy.
Egypt bourse down on Vodafone IPO
Egyptian shares eased on Sunday ahead of the planned listing of Vodafone Egypt. Traders said funds were selling off stocks ready to buy the issue. The benchmark Hermes Index was 0.6 per cent down at 10,841.61 points. Vodafone is due to hold a presentation to investors today.
End Islamic banking prejudice
Former chairman of the UK's FSA Sir Howard Davies called for an end to prejudices against Islamic banking at an conference in Bahrain yesterday. He said the problem is to set international standards that encompass both systems, and recommended representation for Islamic banks on the Basel Committee.
DMCC refineries add to global glut
The establishment of four new gold refineries in the Dubai Metals and Commodities Centre will add to the global over capacity in the industry, AngloGold director Kelvin Williams told a conference in Dubai. DMCC officials said the new refineries would offer a lower cost environment with an advantage over big refineries.
UAE, WTO financial sector plans
UAE Central Bank Governor Sultan bin Naser Al Suwaidi told an AMF seminar in Abu Dhabi that the UAE is seriously seeking to develop its financial sector, including the creation of advanced stock markets and encouragement of companies to issue bonds with the aim of attracting savings, to open up the sector in line with a WTO agreement.
Bahrain, USD300m Islamic insurer
Today marks the official launch of Solidarity, a USD300m Islamic insurance and assurance company established in Bahrain. It claims to be the largest Islamic insurance company in the world, and is a first for the Kingdom. The company will offer a wide range of Takaful insurance products.
Gulf Air, USD119m cash injection
Gulf Air is to get a USD119m planned cash injection before the end of the month, reported Reuters. This is the second instalment of the USD238m bail-out plan agreed by its owners in late 2002. Breakeven is on schedule for next year, according to senior executives.
Iraq gets new Marshall Plan
Sixteen countries have agreed to insure payment of up to USD2.4bn worth of exports to Iraq in an effort to get the local economy moving, reported AP. Officials said this was the equivalent of the Marshall Plan for Europe after World War II. The move by credit agencies will allow the purchase of vital supplies and capital goods for reconstruction.
Moody's downgrades Lebanon
Credit rating agency Moody's has downgraded Lebanon's credit to negative due to the failure to implement privatization and securitization. The agency said the margin for error in the government's programme was zero and success depends on privatization.
UAE banks, forex accounts
UAE local banks are to be allowed to hold euro and dollar accounts with the Central Bank. Gulf News reported that a recent meeting of the two sides agreed to the change which will speed up the settling of cheques drawn in these foreign currencies.
Gold may test USD411
The next price barrier for gold is USD411 an ounce, Credit Suisse head of research Dr Ursula Oser to the 2nd Dubai City of Gold Conference yesterday. She said the USD400 barrier had been broken, and that the US dollar and inflation held the key as to how high gold would rise.
BFH placement oversubscribed
A fund for construction of the USD1.3bn Bahrain Financial Harbour has been heavily oversubscribed, said officials. And work on phase one of the reclamation work has been completed on schedule, which includes the iconic 50-storey twin towers. The BFH Holding Company opened its offices yesterday.
DIFC delay annoys banks
The delay in the final decree to create the Dubai International Financial Centre is starting to annoy the international banks, an official admitted yesterday. Supervision Managing Director David King told the 2nd Dubai City of Gold Conference that these matters were in the hands of others. But he said 15 out of 20 bylaws for the DIFC have been drafted.
Kuwait stocks, new all-time high
The Kuwait Stock Exchange closed the week up by 2.1 per cent with the index at a new all-time high of 4,589.70 points thanks to huge liquidity and investor optimism. Brokers said political and economic factors were boosting the market with orders from Iraq growing and oil prices still strong.
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