2006
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UAE markets looking up
The UAE's stock markets might be turning the corner following the recent extended slump, reported Gulf News. In Dubai, all the leading shares on the DFMGI made gains yesterday, with Emaar closing at Dhs11.9, up 3% and accounting for 32% of the value of trades. Trading was also a little brisker with the Dhs1bn mark being crossed.
Palestine, aid boost not enough
Arab nations and the EU have pledged to provide around $900m in financial aid to Palestine this year, almost tripling last year's total of $350m, reported Gulf News. The aid is partly as a result of Israel withholding revenues it owes Palestine. But, despite the increase, senior Palestinian officials do not believe the government will be able to meet its budgetary obligations for this year.
Nakheel sukuk expanded
Nakheel has increased the size of its Islamic bond issue to $3.5bn from $2.5bn as a result of heavy investor interest which has seen subscriptions hit $6bn, reported Gulf News. The sukuk, which has now become the world's largest Islamic bond, will list on the Dubai International Financial Exchange on December 14.
UAE, Egypt eye trade boost
The UAE and Egypt are looking to increase trade, which last year hit $623million, and boost the level of investment, reported Gulf News. Salah Al Shamsi, the Director of the UAE Federation of Chambers of Commerce, said a committee may be set up to study the establishment of a mutual investment holding company. Other proposals include the development of a business council and a permanent market for Egyptian products.
UAE to target agencies
The UAE may begin dismantling its commercial agencies system in order to follow recommendations from the World Trade Organisation and to comply with free trade agreements, reported Gulf News. Dr Al Hassan Jouaouine, an adviser on WTO and FTA negotiations at the Ministry of Economy, said the agencies structure may be abolished on a year by year basis but no commitment has been made to liberalise other sectors like telecommunications.
UAE negotiates China FTA
The UAE Government is in the process of negotiating a free trade agreement with China, which would help boost bilateral relations, Dubai World Chairman Sultan bin Sulayem told delegates at the Arab Strategy Forum. Dubai-based property developer Nakheel is looking to set up real estate projects in both China and India, he said.
Deutsche Bank launches Islamic funds
Deutsche Bank, through its global mutual fund arm DWS Investments, has unveiled a range of sharia-compliant mutual funds. DWS Noor Islamic Funds will be offered to retail and institutional investors in UAE and Bahrain, and later in other countries in MENA, Asia and Europe in 2007. The first five funds will invest in precious metals securities, global equities, and the economies of China, Japan and Asia Pacific.
Dubai shares make gains
Dubai shares posted gains for the second consecutive day on Wednesday, and Abu Dhabi shares edged higher. Dubai stocks put on 1.83% to add to Tuesday's 2% rise, sending the DFMGI up 74.79 points to 4,152.35. Abu Dhabi's benchmark index rose 1.36% after Tuesday's flat trading.
$3bn Aqaba project wants investors
Jordan is looking for private investment in a $3bn port project in Aqaba. The Aqaba Development Corporation wants partners to relocate the existing port facilities 20km to the south and developing the vacated seafront into a residential, commercial and tourism complex. The project will include three beach resorts, adding around 1,000 rooms to the city.
Istitmar Hotels, 23% IHI stake
Dubai-based Istithmar Hotels has paid 178m euros for a 23% stake in Malta's International Hotels Investment, Reuters reported. IHI said it would use the funds to purchase and develop up to five new five-star hotels. IHI is listed on the Maltese stock exchange and is considering another listing on an international stock exchange.
Richest 2% own half the wealth
The richest 2% of adults in the world own more than half of all household wealth, according to a study by a United Nations research institute cited by news agencies. Wealth is heavily concentrated in North America, Europe and some countries in the Asia Pacific region. The study was conducted by the World Institute for Development Economics Research at the UN University.
ADIH $500m fund attracts interest
Abu Dhabi Investment House has drawn commitments for around half of the $500m fund that will help finance its $3bn Qatar Entertainment City near Doha, Gulf News reported. The development will have five hotels, theme parks, shopping centres and residential buildings. It is going up within the Lusail development.
Rasmala postpones IPO
Dubai-based Rasmala Investments will delay a public float and proposed listing on the Dubai International Financial Exchange until the exchange gains some momentum, Reuters reported, citing the company's chief executive. Oger Telecom had earlier pulled out of an IPO and listing, leaving Kingdom Hotel Investments as the only company completing an IPO and listing on the exchange this year.
Al Qudra $2.72bn into Morocco
UAE-based Al Qudra Holding will invest more than $2.72bn into Moroccan developments in the next ten years, it said in a statement. Al Qudra has signed MoUs with The Morocco United Arab Emirates Development Company, or Somed, and Addoha, a local real estate developer to move its investments in real estate, agricultural and industrial projects. Al Qudra has established a representative office in Rabat.
UAE, Saudi markets near bottom
Stock markets in the UAE and Saudi are technically near the bottom in the wake of the crash this year, according to a report by Deutsche Bank. Oil money has meant there has been no second order impact on money and banks. DB favours banking and telecommunications shares in Egypt and Kuwait, while investors should wait until Q1 2007 to go back into UAE and Saudi markets, said the report's authors.
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