2006
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UAE seeks investment law
UAE businesses have called for a unified investment law to bring an end to competition between the emirates for inflows of foreign capital and to regulate the present macroeconomic investment climate, reported Gulf News. Hammad Bu Amim, the Director General of the Dubai Chamber of Commerce and Industry, said the lack of a unified law created segregated economic sectors and unequal access to capital, labour and technology.
GEM to double before IPO
UAE product tanker operator Gulf Energy Maritime aims to double its assets before launching an IPO, reported Gulf News. Director Yusr Sultan said the current value of its vessels is $1bn but the firm wants to double that before any flotation and it is currently discussing vessel orders. GEM is owned by the Emirates National Oil Company, Abu Dhabi's International Petroleum Investment Company, the Oman Oil Company and France's Thales.
DFM, ADSM lose ground
The Dubai Financial Market and the Abu Dhabi Securities Market both ended the week's trading with a fall on Thursday, reported Gulf News. The DFM General Index tumbled for the fourth straight day and closed at 4,152.9 points, a slump of almost 2.6% on the week. The ADSM shed 1.3% on Thursday, finishing at 2,968.5 points, a decline of 2.1% on the previous week's closing figures.
UAE in UK top ten
The UAE will be one of the UK's top ten business partners over the next five years, according to British Prime Minister Tony Blair and cited by Gulf News. Blair added that the UAE is the UK's ninth largest export market, with the country receiving more British exports than China. Experts say the growth in trade stems from Dubai's expanding role as a major hub for non-oil goods.
ENSEC appoints acting CEO
Emirates National Securitization Corporation announced that Ehsun Zaidi has been appointed acting chief executive officer. He replaces the former CEO Mohamed Sotoudeh, who has left by mutual agreement, the company said in a statement.
UK stockbroker joins DIFX
Hichens, Harrison & Co, the City of London's oldest stockbroker, has become a member of the Dubai International Financial Exchange. As well as trading services, the firm offers a range of investment products including advisory portfolio management, research and corporate broking. Hichens is the exchange's 17th member, DIFX said.
ADSM acts on insider trades
The Abu Dhabi Securities Market is reforming its rules and regulations to prevent insider training, Gulf News reported. The exchange will publish on its website the names of persons who intend trading in their own company's stock; and trading restrictions will be extended to two weeks prior to the end of each quarter. Insiders are currently barred from trading in the two weeks after company results are published.
Dubai shares down 3%
A late sell-off of shares in market leader Emaar led the Dubai bourse down by 3% on Wednesday, Gulf News reported. Emaar shares dropped 5% to Dhs12.35, and the market index closed 129.77 points lower at 4,162. The market's ten most traded stocks suffered losses. Kuwait Commercial Markets Complex Company shares rose almost 15% on debut after opening at Dhs4.94.
DIFX waits for big listing
The Dubai International Financial Exchange is looking for a 'sizeable' listing in 2007 to make it competitive, Bloomberg reported, citing comments by CEO Per E Larsson. We are waiting for a few big companies to list, like DP World, to give the market liquidity and volume, Larsson said. DIFX currently has three companies with ordinary shares listed.
GCC currency deadline query
Saudi Arabia's finance minister says GCC states may have to review a 2010 deadline for monetary union, Reuters reported. Oman has pulled out of the 1 January 2010 deadline. The six states have agreed on fiscal and economic criteria for creating a single currency, but officials are yet to agree on how to assess associated economic criteria.
$2bn Abraaj Islamic fund
Abraaj Capital will target regional infrastructure investments through its $2bn sharia-compliant Infrastructure and Growth Capital Fund, the UAE-based investment firm said in statement. The fund has a target internal rate of return of 20% pa over its ten-year life. Deutsche Bank and the local Ithmaar Bank are co-sponsors, and Abraaj is manager.
DIFC clarifys on realty trust
Dubai International Financial Centre and Abu Dhabi Commercial Bank said in a joint statement that no agreement has been signed with Australia's Macquarie Bank to set up a Dhs2bn realty trust, contrary to local media reports. The statement says that while talks have been held with Macquarie, no agreements or MoUs have been signed by the parties.
IMF critical of business climate
Private sector growth in the Middle East and North Africa is being held back by 'serious institutional weaknesses and cumbersome and costly business procedures' according to the IMF cited by Gulf News. Deputy MD Takatoshi Kato says enhancing the region's competitiveness requires a vibrant private sector, free from red tape and excessive regulation.
IPO for $30bn Jizan cleared
Malaysia-based MMC will list its Middle Eastern joint venture firm in Saudi in 2007, after being granted approval by the Saudi government, Reuters reported. MMC and 50:50 partner Binladin Group in November won a $30bn, 30-year contract to develop Jizan Economic City. The partners expect to sell 30% of the JV in an IPO, according to group CEO Feizal Ali.
Istithmar $170m PICH stake
Dubai's Istithmar will buy a $170m equity interest in UK-based Pension Insurance Corporation Holdings, Emirates Today reported. PICH subsidiary, Pension Insurance Corporation, offers pensions insurance to pension funds and annuity providers. Istithmar says it is planning more strategic investments in global financial services companies.
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