2006
- The news you choose »
- Login to Add to Watchlist
307 companies at the DIFC
307 companies have registered with the Dubai International Financial Centre in its first two years of operation according to Dr Omar Bin Sulaiman, the DIFC governor and cited by Gulf News. The centre recorded 204 registrations in its first 12 months of business. Dr Sulaiman also underlined the fact that the DIFC's exchange is now the largest bourse for Islamic sukuks.
UAE markets ship $13.5bn
The UAE's stock markets lost a further $1.6bn in capitalisation last week to bring the total losses for November to $13.5bn, reported Gulf News. Despite the 2.5% lift in the Dubai Financial Market on Thursday, the exchange shipped more than 1.2% over the course of the trading week. The Abu Dhabi Securities Market dropped 1.3% and fell through the 3,000 points barrier ending on 2,974.8 points.
Jordan economy to slow
Economic growth in Jordan is set to slow slightly next year but remain at about 6% in the medium term according to the International Monetary Fund and cited by Reuters. An IMF report put the reduction down to this year's equity market slump and a slowdown in the property market. But the macroeconomic outlook looks positive for 2007 and the IMF urged Jordan to persevere with its privatisation policy.
DFSA, MoU with German regulator
Dubai Financial Services Authority has signed an MoU with Germany's Federal Institution for supervision of financial service, or BaFiN. The BaFiN is an independent public-law institution that oversees the functioning of Germany's financial system. The MoU calls for cooperation and information sharing between the two regulators.
Dubai shares claw back 2.5%
Dubai stocks staged a mini recovery on Thursday, the last trading day of the week. The benchmark DFM index lifted almost 2.5% to close 8.57 points up at 354.19. Market leader Emaar posted a gain of 1.76% to Dhs11.55. Abu Dhabi stocks gained 0.25%. The market will reopen Monday after the UAE National Day weekend.
Istithmar buys GPSI stake
Istithmar, an investment arm of Dubai World, says it has acquired a stake in Canada's GPS Industries, which makes Wi-Fi enabled global positioning systems for golf facilities and residential communities. Istithmar Leisure and Australian golfer Greg Norman's Great White Shark Enterprises will jointly acquire the interest for $15.7m. Istithmar has a 30% stake and Norman a 15% stake, according to Gulf News.
Reliance, brokerage house in UAE
India's Reliance Capital Asset Management has applied for a licence to set up a brokerage house branch in the UAE, Gulf News reported. The branch could open in the next few weeks. CIO K Rajagopal told the daily the company will seek to establish a presence in the Dubai International Financial Centre at some stage.
UAE shares at two-year low
UAE shares continued their downward spiral on Wednesday, with both Dubai and Abu Dhabi shares losing more ground. The DFM index lost 2.15% to close at 345.62 points. Emaar was down 1.73% to Dh11.35 and Tamweel lost 3.10% to Dh4.07. The ADSM index slid 1.37% to 2,967.29 points. Markets will be closed on Saturday and Sunday to mark the country's national day.
Injaz Mena, $45.2m fund investment
Abu Dhabi-based investment bank Injaz Mena's AsiaEquity Property Fund has paid $45.2m for a building in Kuala Lumpur. The building was acquired from Malaysian brokerage firm Kenanga International, which will lease back 16 floors of the 22-storey building for the next 10 years. It is the $100m fund's second acquisition.
Taqa moves on Indian energy
The Abu Dhabi National Energy Company plans to invest $1bn in India's energy sector in a joint venture with India's Infrastructure Leasing & Financial Services, Reuters reported. The partners will build power plants over the next three to five years adding 7,000 MW to the country's generating capacity, according to Taqa CEO Peter Barker-Homek.
Nakilat $4.3bn debt raising
Qatar Gas Transport Company will raise up to $4.3bn in debt to fund 16 liquefied natural gas vessels, The Peninsula reported. The vessels are being built in South Korea. They will be delivered between 2008-09.
UAE shares need big investors
UAE stocks closed lower on Tuesday, with both the Dubai and Abu Dhabi bourses needing an injection of liquidity by major institutional investors to boost market confidence, according to an analyst quoted by Gulf News. The DSM index dropped for its eighth consecutive day, closing 0.93% lower at 353.20 points. The ADSM fell 0.65% to a two-year low at 3,008.37 points.
KHI largest Saudi company
Saudi-based Kingdom Holding Company, chaired by Prince Alwaleed Bin Talal, with revenues of $28.87bn has been named the largest company in the kingdom in 2006, according to Arab News. A list of Saudi's top 100 companies was published by the Saudi Research & Marketing Group. KHC has investments in hotels, banking, media and IT, entertainment and tourism.
Saudis halt $19bn fighter talks
Saudi has suspended negotiations for the purchase of 72 Eurofighter Typhoons from the UK's BAE systems for more than $19bn, the Financial Times reported. Riyadh is reportedly angered by an ongoing investigation by Britain's Serious Fraud Office into allegations of unethical practices in the Al Yamamah oil-for-arms agreement, the UK's biggest export deal.
Ithmar, $50m fund investment
Ithmar Capital will invest $50m in a Gulf construction company by January 2007, which would lead to the merger of two Gulf firms, according to managing partner Faisal Belhoul quoted by Gulf News. It will be the private equity management firm's second investment from its $250m Ithmar Fund II. In July, the fund invested in an unnamed American oil and gas firm operating in the Gulf.
It looks like you are using a Mac - check out our 
Web Feeds