2007
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DFM, ADSM, Tasi in the red
The Dubai Financial Market (DFM) ended 2007 with a fall of 1.2%, closing on 5,932 points. The Public Warehousing Company was the day's main gainer, rising 15% to finish the year on just under Dhs20. The Abu Dhabi Securities Market (ADSM) also finished in the red, declining 0.6% to settle on 4,551.8 points. In Saudi Arabia, the Tadawul All Share Index (Tasi) also dipped 0.6% to end on 11,176 points.
GCC common market to launch
The GCC common market is set to be launched tomorrow, Tuesday, January 1, reported the KUNA. It is hoped the formation of the union will help increase investment in the region, boost education and healthcare while also providing local citizens greater ease of movement and residency. The launch of the market is a key step on the road to monetary union which is planned for 2010.
Aloula Geojit set up in Saudi
Saudi Arabia's Ministry of Commerce and Industry has given its approval to the establishment of the Aloula Geojit Brokerage Company, which will operate as a joint stock outfit with a capital of $106.7m. The firm will be based in Riyadh and will act as an agent at the Tadawul All Share Index. The Geojit Indian Company will be the financial brokerage's operating partner.
Egypt attracts $11.1bn
Egyptian Prime Minister Dr Ahmed Nazif has said his country attracted $11.1bn worth of foreign investment last year, while 7,142 new companies were established, reported the KUNA. Nazif also revealed that the North African nation's economy grew at a rate of 7.1% in the last fiscal year and its international reserves reached $31bn.
DP World's shares disappoint
DP World's listing of nearly $5bn worth of shares on the Dubai International Financial Exchange (DIFX) has generated a subdued response from investors, reported Gulf News. Last Friday, December 29, the share price closed just below $1.2, a decline of 8.5% on the initial public offering price of $1.3. At these levels, DP World has shed nearly $1.8bn in capitalisation since it floated its shares on November 26.
Saudi growth to continue
Dr Gassan Al Sulaiman, the former Chairman of the Jeddah Chamber of Commerce and Industry, has said Saudi Arabia's economy is set to continue growing strongly in 2008 on the back of high oil prices, increased liquidity and the government's social and economic reforms, reported Gulf News. But Al Sulaiman warned that rising prices, which could see real estate costs jump by 25% next year, posed a threat to progress.
DFM, ADSM down
It was a flat day on the Dubai Financial Market (DFM) as the exchange edged down just 2.3 points, or less than 0.1%, to 6,000.1 points. The Arab Insurance Group was the biggest loser today, dipping 4.8% to Dhs3.4. The Abu Dhabi Securities Market (ADSM) declined 0.5% to close on 4,581.2 points.
Bin Laden words strengthen pegs
Financial experts have said GCC countries are less likely to drop their pegs to the US dollar after Al Qaeda leader Osama bin Laden described the currency tie-ups as 'unjust and arbitrary', reported Reuters. Bin Laden urged Muslims to support militants as their oil, wealth and money was slipping away due to the pegs to the greenback. Analysts feel ditching the pegs will become more difficult as the issue gets politicised.
Abraaj sells Maktoob stake
Abraaj Capital has sold its stake in Jordan based web portal Maktoob.com generating an internal rate of return in excess of 75%. The stake, which was acquired in 2005 by the Abraaj Buyout Fund, was sold for an unspecified sum to Tiger Global Management, an existing shareholder in Maktoob. The portal claims to be the most visited Arabic website in the Arab region.
Arab fiscal surplus at $140.6bn
The Arab region's fiscal surplus hit record levels in 2006 according to figures published by the Abu Dhabi based Arab Monetary Fund and cited by Emirates Business 24/7. The total hit $140.6bn last year and Saudi Arabia alone accounted for more than half of this, with a fiscal surplus of $74.7bn. Kuwait provided a surplus of $23.5bn, while the UAE generated an excess of $19.7bn.
Iran seeks Djibouti deals
Iran's First Vice President Parviz Davudi has said the Islamic Republic is hoping to undertake a number of economic projects in Djibouti, reported the Tehran Times. Davudi told Djiboutian Prime Minister Delita Mohammed Delita that Iran was targeting new ventures in Africa and offered experience in the petrochemical, dam-building, housing, refining and power plant construction sectors. Delita, meanwhile, provided his backing to Iran's controversial nuclear policy.
UAE bull run adds $8.1bn
A bullish sentiment on the UAE's stock markets last week helped drive up market capitalisation by $8.1bn, reported Gulf News. Market leader Emaar Properties saw its share price spike by 11.4% to Dhs15.2, adding $2.6bn to the firm's market value. Analysts believe the country's markets retain further upward momentum.
New hours for UAE's markets
The Emirates Securities and Commodities Authority (Esca) has announced that the UAE's stock exchanges will be closed on Tuesday, January 1, reported Gulf News. Trading will recommence on Wednesday, January 2, with new trading hours. The pre-opening session will be held from 9.30am-10am, after which there will be a four hour trading session from 10am-2pm.
Indian stocks set fair
Indian stock markets could continue to thrive in 2008 despite fears of an economic slowdown in the US which will impact on a number of global exchanges, reported Gulf News. Domestic carmakers and steel producers are likely to hike their prices thus further boosting profit margins, while a recession in the West could mean several Indian firms could aggressively enter the mergers and acquisitions sector.
Nasdaq in Borse Dubai error
Nasdaq has withdrawn a statement released at the end of last week suggesting the Committee on Foreign Investment in the United States had given its approval to the sale of a minority stake in the New York based exchange to Borse Dubai, reported Reuters. Nasdaq said that a 'formal announcement will be distributed when appropriate'. A spokeswoman declined to say whether the previous statement was accurate or not.
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