2006
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UAE bourses, mixed week
The UAE's stock markets closed 2006 with mixed results. The Dubai Financial Market, which had to abandon Thursday's session due to technical difficulties, dropped 0.6% on the week, ending at 4,127.3 points. The Abu Dhabi Securities Market concluded the year on a positive note, climbing 1% on the previous week's figures, with a gain of 31.1 points, to close on 2,999.7 points.
DFM abandons trading session
Dubai Financial Market abandoned Thursday's session without any trades taking place due to a technical breakdown in Etisalat's main telecommunications cable for the World Trade Centre area. Etisalat is currently trying to fix the problem, DFM said in a statement. The market is not due to reopen until Tuesday 2 January, following the eid holiday.
DFM downed by cable damage
Dubai Financial Market postponed its pre-opening session Thursday, due to a technical breakdown in Etisalat's main telecommunications cable for the World Trade Centre area. Internet and phone services have been disrupted across much of Asia and Australia after an earthquake damaged undersea cables, affecting millions of people.
Kuwait shares down 12% in 2006
Kuwait shares have finished the year 12% lower, but fared better than other Gulf bourses, with stock markets in Saudi Arabia, the UAE and Qatar have all losing at least 40% of their value, AFP repported. The Kuwait market was affected by local political power struggles, as well as the crash of stocks in neighbouring states, according to a report by Al-Juman Economic Consulting Centre.
BSE warns bank, brokerages
Bahrain Stock Exchange has issued warnings to a bank and two brokerages for not complying with its rules and regulations, the Bahrain Tribune reports. Bahrain Islamic Bank was warned for delaying to correct or clarify a press report, while firms Nasir Abass Khasro Brokerage and Bahrain Gulf Securities Company Brokerage were sanctioned for practice irregularities.
Qatar shares up 1.51%
Qatari stocks surged 1.51% on Wednesday with the main index breaching 7,000 points, The Peninsula reported. A cash call made on Nakilat shareholders partly buoyed trading, analysts said. Non-Qatari investors bought heavily into Al Rayan Bank, with a 25% quota on foreign ownership being filled, according to market sources cited by the daily.
UAE stocks rise on light trade
UAE stocks found some pre-holiday season form, with both Dubai and Abu Dhabi shares posting gains, but on meagre volumes. Dubai stocks traded 1.22% higher, with Emaar Properties up 1.7% and Amlak Finance adding 1.2%; but investors sold down telco Du by 1.06%. Abu Dhabi stocks closed up 1.52%.
UAE to raise euro holdings
Following a decline in the value of the US dollar this year, the UAE will convert 8% of its foreign exchange reserves into euros from dollars before September 2007, Bloomberg reported. The central bank plans to expand the country's holding of euros to 10% from the current 2% of total reserves, Central Bank governor Sultan bin Nasser said.
Dubai to borrow for Liverpool FC
Dubai International Capital is looking to borrow as much as $588m to finance a possible purchase of Liverpool Football Club, according to a report in the Daily Telegraph cited by Bloomberg. DIC has held talks with Bank of Ireland, Royal Bank of Scotland and Bank of America Group about arranging finance, the report said. DIC claims it has a long-term strategy in place for the club, with significant funds for new players, AP reported.
Zabeel Investments opens at DIFC
The local Zabeel Investments has opened offices at Dubai International Financial Centre. Zabeel Investments started operations in February 2006. It is focused mainly on commercial and residential real estate development, but also specialises in private equity and asset management.
$3.8bn from Suez Canal
Egypt could pull in revenue of around $3.8bn from the Suez Canal in 2006, an increase of around 10% over 2005, Reuters reported an official as saying. Cargo loads could reach 680m tonnes by the end of the year, compared to 671.782m tonnes the year before. The increase is mainly due to global trade with India and China, the official told the news agency.
Oman gives nine-day break
Oman's public sector employees have been given a nine-day holiday for Eid Al Adha, Gulf News reported. The private sector gets a five-day break. Local travel agents are struggling to cope with increased bookings, with trips to the sub-continent and Far East proving popular with expatriate workers.
Nakilat makes cash call
The Qatar Gas Transport Company will make the first and final cash call on subscribers early 2007, The Peninsula reported. Shareholders will have to pay the QR5 outstanding per share in mid-February to make subscriptions fully paid. The company says it needs funds to purchase more tankers.
Four-day private sector holiday
Private sector employees in the UAE will get a holiday from Friday 29 December 2006 to Monday 1 January 2007 to observe Eid Al Adha and the New Year, the local WAM reports. Work will resume on Tuesday 2 January 2007, according to a statement by the labour ministry.
Kuwait surplus could reach $16bn
Kuwait could post a budget surplus as high as $16.19bn this fiscal year on higher oil revenues, according to a National Bank of Kuwait report cited by Reuters. Oil revenue may hit $51.26bn, almost double the $26.88bn in the budget. Oil prices could average around $58 a barrel for the 12 months, compared to the budgeted $36 a barrel.
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