2006
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Kuwait shares drop 1.9%
The Kuwait Stock Exchange Index fell 1.9% to 9,599.10 points on Monday, ending four consecutive days of gains, Bloomberg reported. Dubai shares closed 1.63% lower, while Saudi stocks rose 1.37%. UAE-based Shuaa Capital raised its recommendation on shares of Industrial heavyweight Sabic to 'buy' from 'neutral'. The stock surged 3.4% to 105.5 riyals.
Sh Mohammad, entrepreneur of year
Dubai's Ruler, Sheikh Mohammad bin Rashid Al Maktoum, has been named Entrepreneur of the Year by the New York Times. Sheikh Mohammad won the accolade for steering Dubai's economic growth and diversification, which has seen the emirate's GDP surge more than 400% in a little over ten years, according to Gulf News.
DP World sells US terminals
DP World has confirmed it will sell its US port assets to AIG Global Investment Group. The price has not been disclosed, but Chairman Sultan Ahmed Bin Sulayem described it as "fair". DPW had been seeking $700m, according to news agencies. The Dubai state-owned company agreed to sell the US ports after US lawmakers opposed letting an Arab company operate them.
Rothschild at DIFC
Rothschild, a major international investment bank, has been granted a license from the Dubai Financial Services Authority to operate from the Dubai International Financial Centre. Its Dubai operations will be led by Michael Helou, co-head of Investment Banking Middle East. The Group currently has over 30 offices operating in 22 countries.
DIFC Courts, draft rules
The DIFC Judicial Authority has published the draft Rules of Court under Article 31 of the DIFC Court Law 2004 and invited feedback on them by January 11. The rules will provide a civil procedural code sufficient to deal with the substantial majority of claims likely to be brought before the Court of First Instance and Court of Appeal. The rules can be viewed on the DIFC Courts website at www.difccourts.ae
Pressure on monetary union
The GCC is to continue moving towards an intended monetary union in 2010 despite Oman's decision to pull out of the pact, reported Gulf News. But other nations are feeling the pressure of needing to fulfil various economic criteria. Qatar is struggling to meet the planned inflation cap while Bahrain may not be able to meet criteria related to annual growth and public debts.
Mixed results for UAE markets
The Dubai Financial Market General Index experienced a flat day's trading yesterday, edging down just under 0.1%, and closing at 4,236.9 points. Business was reasonably brisk with more than Dhs1bn worth of shares changing hands and market leader Emaar gained 1.2% on the day. The Abu Dhabi Securities Market gained 0.8% to close at 3,042.3 points.
Arkan Al Kuwait to the KSE
Traders on the Kuwait Stock Exchange will today be able to deal in the shares of the Arkan Al Kuwait Real Estate Company, established by Gulf Investment House in August 2003. The company has a capital of $67.5m and is set to found a real estate fund worth $20m in Medina with the intention of constructing a commercial investment complex near Al Haram Al Sharif.
Arcapita secures Viridian
Bahrain's Arcapita Bank has completed the $4.2bn acquisition of the Viridian Group, the Northern Ireland based electricity utility, after having received final shareholder and court approvals. The deal constitutes Arcapita's largest single investment and brings to over $18bn the total value of Arcapita's transactions to date. The purchase was first reported in October and was estimated at $3bn.
India invests $5bn in UAE
Indian investments in the UAE are likely to hit $5bn next year, up from the current level of $3bn according to Anil K. Agarwal, the President of the Associated Chambers of Commerce and Industry of India, and cited in Gulf News. He said that non-oil bilateral trade was currently in excess of $14bn, while GCC-Indian trade is likely to reach $25bn by 2010.
Dubai, non-oil trade up 10%
Dubai's non-oil direct trade during the first nine months of the year grew by just under 10%, registering a figure of $62.9bn, compared to $57.2bn for the same period in 2005. Imports accounted for the majority of Dubai's non-oil trade, hitting $43.2bn with diamonds, precious stones and semi-precious stones topping the list. The figures were complied by Dubai World's Department of Statistics.
Speculators driving Tasi
The Tadawul All Share Index fell 1.1% yesterday to close at 7,821.2 points, reported Bloomberg. The bourse has now dropped 53% this year so far and the decline was driven by Al Rajhi Bank which shed 2.4% and Sabic which fell 0.7%. A report by Bakheet Financial Advisors warned that speculation and rumours are currently driving the market.
GCC Energy Fund, Gulmar stake
The GCC Energy Fund has acquired a 33% equity stake in The Gulmar Offshore Group, based in Sharjah. The group specialises in subsea services, engineering, pipeline maintenance and underwater technology. The GCC Energy Fund will have representation through two seats on the board of the company.
Mena region infrastructure boom
The Mena region could be set for a wave of public-private partnerships in order to implement major infrastructure projects, reported Gulf News. Hamad Al Haroun, the MD of Qatar's Tatweer Infrastructure Company, predicts that Qatar and Kuwait will authorise $600bn in public infrastructure projects in the next five years. He added that Qatar alone could spend up to $800bn in public-private tie-ups in the next decade.
Sohar Bank IPO opens
Omani nationals and corporate entities only can apply for shares in the IPO of the Sohar Bank, which opened yesterday and runs until January 7. The bank is offering 40m shares and is looking to raise $52.1m. The Sohar Bank, the sixth locally incorporated bank in Oman, will focus on retail and corporate customers and plans to open 12 branches.
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