2005
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Kuwait shares dip
The Kuwait Stock Exchange's dream run has temporarily ended with shares finishing 0.8% down for the week, representing the first weekly loss in a month. The index closed at 11,680.30 points, which is still 82.2% up on the close at the end of 2004, but 1.7% down on a record high set on 13 November.
$40m Millenium Fund supports youth
Saudi Arabia will offer financial aid worth $40m to young national business entrepreneurs under the Millennium Fund scheme. The Saudi Arabian General Investment Authority says the fund would help young Saudis establish 280 projects and create more than 4,000 jobs during the next five years.
DGCX open for business
The Dubai Gold and Commodities Exchange recorded 63 gold futures transactions valued at almost $1m to 4.30pm on the first day of trading. Gold is experiencing a rally which is pushing the yellow metal towards $500 an ounce, and the exchange is expected to secure Dubai's position as a regional gold trading centre.
UAE public sector holiday
UAE Federal and local government ministries and departments will be closed for three days from 2 December 2005 to mark UAE National Day, according to a circular issued by the government. Offices will re-open on 5 December.
Etihad moves on Gamco stake
Eithad Airways is negotiating to acquire Gulf Air's 40% stake in the Gulf Aircraft Maintenance Company, according to senior official Sheikh Ahmad bin Saif Al Nahyan quoted in Gulf News. Gamco is 60% owned by the Abu Dhabi government and has been maintaining Gulf Air's fleet.
FDI database for UAE
The UAE's Ministry of Economy and Planning is building a database on foreign direct investment in the country, and the Central Bank wants legislation protecting and regulating foreign investment, reported Gulf News. Officials want to track the amount of FDI coming in, and to what sectors of the economy it is going.
RR and Mubadala, future cooperation
Rolls-Royce and Mubadala Development, the wholly-owned investment vehicle of the Government of Abu Dhabi, have signed a memorandum of understanding to jointly pursue commercial opportunities in aerospace, marine, industrial and renewable energies sectors. RR already has business interests in the Dolphin project, Etihad Airways, and various defence and marine contracts.
NBAD, 25% open to foreigners
National Bank of Abu Dhabi will allow foreigners to own 25% of its shares after a proposal was ratified at an extraordinary general meeting yesterday. The bank is also planning a $5bn euro medium term note programme, is to double its share capital to $545m over the next five years, and is issuing subordinate convertible notes worth $681m, according to Gulf News.
AIL adds ARAMEX
Dubai-listed Arab International Logistics has added ARAMEX to its name to reflect its corporate identity. Now known as Arab International Logistics Company (ARAMEX), it acquired ARAMEX International, a provider of transportation solutions in the MENA region and South Asia, in June 2005.
CII to open at DIFC
The Chartered Insurance Institute is to establish an office in the Dubai International Financial Centre in 2006, which will be its permanent base in the region. The institute will oversee the technical and ethical practices of insurance professional members working from the DIFC.
HSBC, SABB set up Saudi bank
HSBC and Saudi British Bank will establish a full-service, independent investment bank in Saudi, called HSBC Saudi Arabia Limited. The bank will be based in Riyadh with a share capital of $13.33m. HSBC will hold 60% equity and SABB, in which HSBC has a 40% shareholding, will hold the remaining 40%.
Savola, $267m for property co.
Saudi Arabian food group Savola will seek to raise $267m on behalf of private investors to fund a real estate development firm, according to a statement posted on the Saudi stock market website. Savola will then transfer $186m worth of its real estate to the new company.
$2bn bank to support tourism
The Jeddah-based Arab Tourism Organisation will establish a bank with a capital of $2bn to support tourism projects in Arab countries, Chairman Bandar Al Fehaid told Arab News. He said the bank will have branches in all Arab League member countries and would offer part of its shareholding for public subscription.
DGCX now open
Around 40 financial institutions have been approved to trade on the Dubai Gold and Commodities Exchange, which was inaugurated yesterday, with an additional 40 more awaiting approval. Trading hours will be from 10am to 11pm in a bid to attract US and European interest.
UAE shares bounce back
Dubai stocks lifted over 2% yesterday to all but cancel out the previous day's losses. The banking sector led the recovery, rising 4.28% after falling 6.36% the previous day. Abu Dhabi stocks were up 1.27% in heavy trading.
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