2007
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Israel an important remittance to Egypt
A recent report about expatriate transfers published by the World Bank said that Israel is one of the top 10 remittance sources to Egypt. According to the report, Egyptian workers abroad transferred more than $5bn in 2006, with Saudi Arabia being the leading source, followed by Libya and the US. The report added that remittances from Israel to Egypt hit $48m , Saudi Arabia $1.68bn, Libya $382m, the US $328m, Palestine $78m, Italy $123m and Canada $85m.
DFM, ADSM finish higher
The UAE markets finished very strong on Tuesday. The Dubai Financial Market gained 104.76 points, or 1.96%, to finish on 5,459. Al Firdous was the day's big gainer, up 8.89%. Meanwhile, the Abu Dhabi Securities Market rose 104.58 points, or 2.51%, to finish on 4,276. Aldar had the index's biggest gain, up 7.78%.
Kuwaiti inflation rises to 6.2%
Inflation in Kuwait jumped to 6.2% in September from 4.8% the month before as housing costs continued to rise, reported Bloomberg. The Ministry of Planning said housing costs rose 12.6%, compared with 7.1%. in August. Kuwait dropped the dinar's peg to the dollar in May and linked it to a basket of currencies to slow imported inflation caused by the falling value of the U.S. currency.
KSA to relax investment rules
Saudi Arabia plans to relax its investment rules to attract increased foreign direct investment, reported Gulf News. The kingdom's ruler King Abdullah Bin Abdul Aziz said simplifying the rules would contribute to the kingdom's development and create more employment avenues for Saudis.
Lebanon's stock market surges
Lebanon's BLOM stock index closed Monday on the year's high on optimism that the country's political deadlock will end, reported Reuters. The index surged 6.25% to close on 1,572 points.
Conventional bond issues double
Conventional bond issuance in the Gulf has more than doubled in the last year to $11.1bn, compared to just $5.1bn in the previous year, according to research by international law firm Trowers & Hamlins. The research said the phenomenal growth in the use of conventional bonds in the Gulf has largely been overshadowed by the rise of Islamic bonds issuances, which have nearly tripled in the same period to reach $14.5bn, up from $5.1bn in the previous year.
UAE warns money changers
Foreign exchange bureaus and hotels in the UAE have been warned by the country's central bank not to alter the dirham rate as the country has no intention to revalue its currency, reported the Khaleej Times. The bank said 'severe penalties' would be imposed on money changers buying dollars at lower rates and promised to use funds deposited by the exchange centres to repay overcharged customers. Exchange centres and hotels revised their rates on Saturday and Sunday, buying a dollar at Dh3.50-3.10, fearful of losing money if the Gulf leaders announced currencies revaluation in the Doha summit, which opened yesterday.
Dow, FTSE end lower
The Dow Jones ended lower on Monday, losing 57.15 points, or 0.43%, to end on 13,314. Meanwhile, the FTSE 100 also ended the day with a loss, down 45.90, or 0.71%, finish on 6,386.
Markets end in the green
The Dubai Financial Market (DFM) ended Monday in the green with a solid 1.6% lift, to close on 5,354.6 points. Today's big gainer was the National Industries Group which climbed 14.8% to finish on Dhs16.7. The Abu Dhabi Securities Market (ADSM) fared even better advancing 2.6% to 4,163 points. In Saudi Arabia, the Tadawul All Share Index (Tasi) gained almost 2% to end the day on 9,717.4 points.
Investment Dar $300m murabaha
Kuwait's Investment Dar is launching a proposed $300m syndicated murabaha facility which has been underwritten by the Standard Chartered Bank and the HSBC. The firm has marketed the loan facility via a tour in Kuala Lumpur and Singapore in order to tap into the East Asian Islamic finance market. Investment Dar plans to use the funds to diverse its business into new areas of investment and to forge strategic alliances.
Riyal, dirham weaken
Saudi Arabia's riyal and the UAE's dirham have weakened against the dollar today, Monday, after Saudi's Finance Minister Ibrahim Al Assaf categorically ruled out ditching the kingdom's peg to the greenback, reported Reuters. The riyal recently touched a 21 year high, while the dirham reached a 17 year peak just last Friday, as speculation mounted that currency revaluations were imminent.
SSC to buy 10% RJ stake
Jordan's Social Security Corporation (SSC) Investment Unit is planning to buy 10% of the equity of flag carrier Royal Jordanian (RJ), reported the Petra News Agency. The unit prioritises national opportunities and it currently has a total of $7.1bn worth of local investments, which are generating a return of 10% per annum. Last month, the government offered a 71% stake in RJ in an initial public offering.
Saudi, UAE dollar dispute
Saudi Arabia is resisting calls to ditch its dollar peg with Finance Minister Ibrahim Al Assaf proclaiming, 'We will not drop it. That's it', reported Reuters. As the 28th GCC Summit gets underway today, December 3, in Doha, pressure is being exerted from various quarters, with the UAE especially keen to depeg from the greenback. The UAE's state news agency claimed currency reform would be on the agenda in Qatar.
Tasi gains 0.2%
Saudi Arabia's Tadawul All Share Index (Tasi) has commenced the trading week with a 0.2% lift, closing on 9,483.5 points. The Al Ahlia Insurance Company was the day's big gainer, rising 9.6% to reach SR125. The Tasi is now 19.5% higher than it was at the start of the year.
Foreigners buy $1bn on DFM
The Dubai Financial Market (DFM) has revealed that the value of shares and bonds bought by foreign investors last week reached just over $1bn, comprising 29.4% of the total value of stocks traded. The value of stocks sold by foreign investors during the same period amounted to around $1.1bn, representing 33% of the total value. Institutional investors bought $779.1m worth of shares, or 22.8% of the stock traded.
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