2006
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DFMGI up and running
The Dubai Financial Market has officially launched the DFM General Index. The DFM has also regrouped its 43 listed companies into nine sectors: banks, investment and financial services, insurance, real estate and construction, transportation, materials, consumer staples, telecommunications and utilities. The exchange has also developed nine indices for each of the nine sectors.
ASF opens today in Dubai
Regional and international leaders have gathered in Dubai for the three day Arab Strategy Forum which opens at Madinat Jumeirah today. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will open the event which will feature more than 20 government heads and 33 industry leaders. The forum will look to formulate a structured framework for regional development.
Tasi plummets another 6%
The Tadawul All Share Index endured a massive 6% slump today and closed 492.8 points lower at 7,665.7 points. Turnover in the bourse reached a shade under $1.4bn. The market has tumbled more than 9,000 points since the turn of the year, sliding a total of 54.1%; today's dip below the 8,000 point barrier smashes the Tasi's previous 52 week low.
Japan to take on China in Gulf
Japan is keen to challenge China's increasing influence in the Middle East by helping nations in the region to diversify their economies, reported Gulf News. Yoshifumi Sato, the Director of Planning at the Japan Co-operation Centre for the Middle East, said that offering industrial technologies and know-how will break the established relationship cycle of importing oil from the Gulf and exporting electronics to it.
Tasi slumps 2%
The Tadawul All Share Index fell for the third straight day yesterday to close at 8,158.5 points, a decline of 2%, reported Bloomberg. The bourse has now shed 50% this year and is the second worst performing exchange tracked by Bloomberg, after the Dubai Financial Market. Analysts feel that retail investors who suffered badly in the slump earlier in the year are loathe to re-enter the market.
Kuwait, $53.6bn oil revenue
Kuwait's oil revenue for the current tax year will exceed $53bn if current oil prices are maintained, reported Reuters citing a report by Al Shall. Total revenue for the year will reach $56.6bn, with the non-oil sector contributing just $3bn. Al Shall estimated that Kuwait was producing about 2.5m bpd of crude oil.
Yemen budget deficit
Yemen's government has approved a budget of $8.2bn for 2007 according to the Saba news agency and cited by TradeArabia. The budget incorporates a deficit of $962m which is equivalent to 4.7% of the gross domestic product. Yemen is currently implementing economic reforms with the support of the World Bank and the IMF.
Saudi, India SME joint ventures
The Vice Chairman of the Jeddah Chamber of Commerce and Industry, Ziad Bassam Al Bassam, has said that joint ventures between small and medium sized enterprises in the kingdom and their Indian counterparts could boost the economies of both nations, reported Arab News. Al Bassam said he felt Indian SMEs could find potential opportunities in the pharmaceutical, IT and textile sectors.
GOF II buys Zhaojin Mining
Kuwait's Global Investment House has said its Global Opportunistic Fund II has completed its purchase of Zhaojin Mining Industry, China's second largest gold mining company. GOF II is also actively evaluating other opportunities in the Chinese markets. Zhaojin's revenues increased from $48m in 2003, to approximately $111m in 2005.
Qatar, Singapore eye deals
Singapore is looking to tie up further joint ventures with Qatar following the signing of three major agreements between the two nations last week, reported the Gulf Times. Singaporean Prime Minister Hsein Loong, on a visit to the Gulf State, said he considered Qatar to be a major regional power with great growth potential. Singapore's bilateral trade with Qatar surpassed $4bn last year.
Abraaj supports ABC meeting
Abraaj is to support the annual meeting of the Arab Business Council, which is being held in Abu Dhabi on December 2-3, at the Emirates Palace Hotel. This will be the first annual meeting of the group to be held in the UAE. The World Economic Forum's 2006-7 edition of The Global Competitiveness Report will be discussed during the Abu Dhabi meeting.
Tasi in 4.3% drop
The Tadawul All Share Index dropped 4.3% last week, mostly as a result of panic selling, reported Arab News. The bourse closed at 8,324.4 points, a decline of 377.1 points from the previous week. Turnover for the week reached $15.2bn, once again a slight drop.
Saudi, China trade booms
Bilateral trade between Saudi Arabia and China reached $20bn last year, a 30% increase on the previous year, while Chinese contracting firms have secured deals worth $4bn in the kingdom over the past two years, reported Reuters. Analysts feel strengthening ties between the two nations, with Saudi being China's main oil provider as its needs for the fuel rocket, could threaten Saudi's long-established oil for security deal with the US.
Sagia threatens Yemen deals
The Saudi Arabian General Investment Authority is threatening to cancel the licences of investors whose projects in Yemen overrun beyond an agreed end date, reported the Arab News. The decision has been criticised in Yemen as it may lead to the cancellation of future projects, due to the uncertainty, and thus be detrimental to the Yemeni economy. Since 1992, 60 Saudi projects, worth $1.2bn, have been carried out in Yemen.
Lebanon sit-in, business worries
Beirut based traders are concerned the sit-in demonstration against Fouad Siniora's Lebanese government could deal a major blow to business, reported the Daily Star. Nadim Assi, the President of the Beirut Merchant Association, said the conflict with Israel in the summer caused major losses and a prolonged sit-in will only make these mount further. Yesterday, hundreds of thousands of opposition supporters packed into central Beirut to lead a peaceful protest.
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