2006
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GMG gets DIFC licence
Dubai-based Gulf Merchant Group Limited, a subsidiary of the UK-based investment house Gulf Merchant Group, has been licensed by the Dubai Financial Services Authority to operate as an authorised firm in the Dubai International Financial Centre. The company says it will focus on providing investment banking services to family businesses and high net-worth individuals.
Iran dumps dollar
Iran will replace the US dollar with the euro in its foreign trade transactions because of 'hostile policies' against it by Washington, the Iran Daily quoted the Iranian finance minister as saying. Davud Danesh-Jafari said the move is also logical since most of the country's trade is with European countries.
Doha stocks follow trend
Qatar stocks declined in Monday after coming under heavy selling pressure in line with a regional trend, The Peninsula reported. The Doha Securities Market shed 1.66% of its value to close down 98 points to 5,830.24. Banking and financial services led losses.
Education a key to integration
A leading Arab leader says more investment is needed in education and healthcare for Arab countries to integrate into the global economy. Egypt's Prime Minister Dr Ahmad Nadeef told delegates at the Arab Strategy Forum that investing in the sectors will create a pool of human resources that will in turn help countries benefit from globalisation, Gulf News reported.
Too much weight on tourism
Qatar Airways CEO Akbar Al Baker says too many GCC states were relying too much on tourism to diversify their economies away from oil, Gulf News reported. He said a diversified industry approach is preferable to the narrow area of tourism, which can be volatile.
HRW starts Saudi work
US-based Human Rights Watch has sent a delegation to Saudi Arabia on its first extensive fact-finding mission to the kingdom, Reuters reported. Members will interview prominent Saudis and foreign diplomats, the group said. The main issues will include the criminal justice system, political rights, the status of women and foreign worker rights.
Gulf business confidence dips
Business confidence the Gulf has dropped this year, but still remains high, according to a survey cited by Gulf News. The Arab Business Intelligence report, published by PricewaterhouseCoopers, put the Gulf's business confidence at 80%, down from 85% in 2005. Confidence in the UAE and Bahrain dropped the most, by 11% and 16% respectively. A shortage of talent and increased competition are perceived as major threats to business growth, according to the report.
New Dubai index falls 3.31%
Dubai's new share index crashed 3.31% Monday, with all 16 traded shares losing ground, Gulf News reported. The DFMGI slumped below 4,000 points, the bourse's lowest historical level since April 2005. Abu Dhabi's benchmark index lost 1.24% to close well below 3,000 points. Analysts had expected a recovery in markets after the national day holiday weekend.
Dubai studies Liverpool bid
A Dubai state-owned company is examining a possible takeover bid for English football club Liverpool, according to newspaper reports. Dubai International Capital, a subsidiary of Dubai Holding, says it will carry out due diligence on the club's finances before finalising an offer. A bid would include guaranteeing the club's £80m debts and fund the £200m construction of a stadium, the Guardian reported.
SIC to create 250,000 jobs
Snasco has claimed that its Sharjah Investment Centre project will generate more than 250,000 job opportunities, covering a variety of specialisations and fields. The SIC is mixed use project, which will include business centres, labour accommodation, logistic support areas and a special section for light and medium sized industry, in addition to hotels and various public services.
73% of expats choose the UAE
A survey released by GulfTalent.com has revealed 73% of expatriates moving to the Gulf choose to go to the UAE. This is despite the fact 43% of those questioned said they generated no savings or actually lost money due to the high cost of living. The survey also found that rents have increased by 60% in Dubai over the past two years, although Doha witnessed an 83% rental hike.
DFM IPO raises $54.8bn
The Dubai Financial Market has announced that the share allocation of its $435m IPO has been concluded and the flotation collected a total of $54.8bn, with excess funds to be sent back on December 10. The UAE national allocation of 190m shares was oversubscribed by about 7.5 times. The public allocation of 646m shares was oversubscribed by 308 times.
Jordinvest, Damac agreement
Jordinvest has signed a financial advisory and lead management agreement with Damac Holding. The agreement should lead to the establishment of a Jordanian public shareholding company to be headquartered in Jordan and with an initial capital investment of $7.1m. Future plans include listing this new company on the Amman Stock Exchange through an IPO next year.
Euroclear, DIFX deal
The Euroclear Bank and the Dubai International Financial Exchange have signed an agreement whereby DIFX members will be able to settle cross-border DIFX securities transactions with Euroclear Bank clients. In early 2007, Euroclear Bank will work with the Deutsche Bank, its selected agent in Dubai, to provide access to the DIFX's central securities depository. All Euroclear-eligible trades on DIFX will be settled in US dollars.
Qatar, $8.6bn balance of trade
Qatar's balance of trade reached $8.6bn in H1 despite imports jumping by 72.8%, according to statistics released by the Planning Council and cited by The Peninsula. Exports totalled $16.1bn, a 35% lift on the same period last year. Oil, oil products and gas represented 88% of total exports, while chemicals accounted for 6.4%.
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