2006
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Arab Heavy Industries to DFM
The Dubai Financial Market last week listed the Ajman based Arab Heavy Industries. Arab Heavy Industries becomes the 46th company to list its shares on the DFM and it is classified within the Real Estate and Construction sector, which now includes eight public joint stock companies. The DFM listed 16 new firms during 2006, both from the UAE and wider GCC.
OEIHC to the ADSM
The Abu Dhabi Securities Market last week listed the shares of the Oman and Emirates Investment Holding Company. The listing of OEIHC's shares takes the total number of listed companies on the ADSM to 60. The Oman and Emirates Investment Holding Company is the first Omani company to be listed in the UAE.
ASE sheds 33% in 2006
The Amman Stock Exchange shed 33% this year, closing 2006 on 5,517.9 points as opposed 8,192 points at the end of 2005, reported the Jordan Times. The bourse's trading value declined by 16% to $20.2bn, while market capitalization slid 21% through the course of the year, being valued at $30bn at the end of last week.
Jordan Aviation, $28m profit
Jordan Aviation's net profit rose by 25% this year to $28m when compared to 2005, reported the Jordan Times. CEO Mohammed Khashman said the firm plans to increase its number of operating aircraft next year to boost its share of business and expand operations. This year, the company's aircraft carried more than 250,000 passengers.
Iran, $1bn Iraq reconstruction loan
Iran is to loan $1bn to Iraq for reconstruction purposes, reported the Gulf Daily News citing the IRNA news agency. Iranian Economy Minister Davoud Danesh Jafari said Iraq had committed to using Iranian contractors and experts for the various infrastructure projects. The loan will be directed towards the construction of power plants, roads, hospitals and schools.
DIC denies Liverpool cash-in
Dubai International Capital has denied reports emanating in UK newspapers last week that it would sell Liverpool FC by 2014 if its acquisition proves successful. The Daily Telegraph claimed that DIC was hoping to earn a 25% profit for every year of ownership prior to sale. But DIC said it wouldn't discuss the sale of a company it hasn't yet acquired and assured fans of its commitment to the club.
GCC, 19% GDP growth in 2006
The GCC is expected to record a nominal GDP growth of nearly 19% in 2006, according to a report by the Institute of International Finance and cited by the Khaleej Times. The combined GDP of all six GCC nations will reach $725bn, with a current account surplus of $230bn this year and $220bn next year.
Saudi, spending challenge
Saudi Arabia's government has been urged to use its financial liquidity due to inflated oil prices over the past year to sort out its problematic education system and target a reduction in the 15% unemployment rate among young males, according to an article in the UK's Financial Times. The report stresses the need for Saudi to combine prudent spending with undertaking social and economic reforms to spread wealth and heighten stability.
UAE dismisses US export claims
The UAE has hit back at claims made earlier this month by US export officials that goods which can be used to make improvised explosive devices are being transhipped via the UAE's ports to Iran and Syria, reported TradeArabia. Dubai Customs said it had co-operated fully with the US and other international organisations in preventing any suspicious activities and added it was 'deeply concerned' by the remarks.
Public debt hits Egypt investments
The level of public debt in Egypt has had a major impact on the country's ability to make investments and save, according to a report by the National Planning Institute and cited by the Daily Star Egypt. Ministry of Finance figures show that public debt in 2000 reached $43.4bn, or 72% of GDP, while by Q3 2006 it had more than doubled to $96.7bn, or 88% of GDP.
UAE bourses looking up for 2007
UAE based financial experts are predicting 2007 will be a better year for the country's stock markets than 2006, which saw an alarming drop in market capitalisation, reported Gulf News. Some are loathe to say the markets will make overall gains but do believe blue chip stocks will provide good investment opportunities. Low price to earnings ratios have made shares attractive, while the UAE's economy is set to grow by 11.6%.
Saddam death, economic doubts
Political analysts are pessimistic the execution of former Iraqi President Saddam Hussein this morning by hanging will ease sectarian violence and lawlessness that has hamstrung economic progress since his downfall. Repeated sabotage of oil pipelines has limited output capacity in recent years, while inflation is running at above 50% and FDI is less than 1% of GDP. Some commentators are fearful the execution could lead to an escalation in violence.
Sama eyes IPO financing
Saudi Arabian low cost carrier Sama has raised around $50m from Saudi institutional and private investors towards it fleet expansion programme, reported Bloomberg. Among the investors are Olayan Financial and Xenel Industries. The airline is considering an eventual IPO in order to raise further finance.
ADSM, closed for Eid
The Abu Dhabi Securities Market confirmed on Thursday that it will remain closed over the Eid Al Adha holiday. The bourse will adhere to the country's four day break for the festivities and will re-open on Tuesday, January 2.
Istithmar Hotels, Thai deal
Istithmar Hotels has acquired a 24.9% stake in Thai real estate developer Raimon Land Public Company for $28.3m, reported Gulf News. The deal gives Istithmar three seats on Raimon Land's eleven strong management board. Raimon Land has projects in Bangkok as well as in the islands of Pattaya and Phuket; earlier this year, Istithmar bought shares in Thai healthcare group Bumrungrad for $27.5m.
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