2007
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US, Qatar exports hit $1.5bn
American exports to Qatar totalled almost $1.5bn up to Q3 2007, according to figures released by the US Commercial Office and cited by The Peninsula. Meanwhile, foreign direct investment into Qatar from the US amounted to around $5.1bn in 2005. The Commercial Office, which has just set up an office in Qatar, calculated that unemployment in the Gulf state stood at 3.2% in 2006, in a population of just over 900,000.
More IPOs set for the CASE
Maged Shawky, the Chairman of the Cairo and Alexandria Stock Exchange (CASE), has said he expects there to be several initial public offerings (IPOs) in Egypt in Q1 2008, reported Reuters. Shawky said a number of investment banks were planning to sell shares in the wake of the recent sale of stock by the Talaat Mustafa Group which was oversubscribed more than 40 times.
ADIC to double assets
The Abu Dhabi Investment Company (ADIC) is looking to more than double the value of its assets, to more than $5bn, by ramping up its investments in the Mena region, reported Reuters. Anurag Chandra, the Head of Strategy at the ADIC, told the news agency the firm would focus on the areas of private equity, real estate, asset management and infrastructure.
GSEF gets advisory board
The $2bn Global Strategic Equities Fund (GSEF), founded and sponsored by Dubai International Capital (DIC), has formed an advisory board. The board will be chaired by the DIC's Executive Chairman and CEO, Sameer Al Ansari, and will include Nobuyuki Idei, the former Group CEO of the Sony Corporation, Helmut Panke, former CEO and Chairman of BMW's management board and Jean-Pierre Garnier the outgoing CEO of GlaxoSmithKline.
New platform for Iraqi bourse
The Iraq Stock Exchange is to launch an electronic trading platform early in 2008 in order to speed up transactions, increase trade volumes and attract more foreign investors, reported Reuters. The new system is being supported by Swedish market operator OMX. The bourse was stripped bare in the wake of the US led invasion of Iraq in 2003.
FTSE, Dow Jones make gains
The FTSE 100 gained 1.3%, or 83.4 points, yesterday, Friday, to close the week on 6,432.5 points. The Standard Chartered Bank and the Alliance and Leicester were the day's main climbers, gaining 6.6% and 6.4% respectively. In the US, the Dow Jones ended in the green, advancing 60 points to 13,371.7, while the Nasdaq slipped 0.3% to close on 2,661 points.
Sensex gains 360 points
India's benchmark Sensex Index gained 360 points yesterday, Friday, to close on 19,363 points, reported the Economic Times of India. The bourse hit an intra day high of 19,425 points before falling back slightly. DLF and Reliance Energy were the day's big gainers, advancing 7% and 4.5% respectively.
Damac IPO completed
The Jordan Investment Trust (Jordinvest) has said the initial public offering (IPO) of Damac Real Estate Development has been completed. The transaction was more than 72 times oversubscribed with a total of $128.3m raised. Damac offered 1.25m shares at a par value of JD1 ($1.4) per share; the reimbursement process has now got underway at branches of the Jordan Kuwait Bank.
UAE close to peg drop
A poll of 24 financial analysts carried out by the Reuters news agency has shown that the UAE is likely to be the next Gulf based nation to drop its dollar peg, following Kuwait's move back in May. 21 of the experts thought the UAE would ditch the greenback, with seven expecting the decision within the next month. Qatar and Saudi Arabia are also likely to take the step.
Bahrain water demand triples
Bahrain's demand for water has more than tripled over the past decade, reported Gulf Daily News. Each person in Bahrain consumes 600 litres of water daily compared to the worldwide standard of 180 litres per individual. Limited water resources and the increase in demand has also caused an over-draw of groundwater, Bahrain Centre for Studies and Research water project expert Nader Al Masri said.
Egypt GDP down this quarter
The Egyptian economy grew 6.85 per cent in the July-September quarter of 2007, compared to 7.2 per cent in April-June and 7.1 per cent in the whole of the financial year 2006-07 which ended in June, reported Reuters. A detailed report issued by the Ministry of Economic Development showed that growth was strongest in the construction sector, at 16.2 per cent compared to 15.2 per cent in the same quarter of 2006, and in the tourism sector, at 16.1 per cent against 6.8 per cent.
DFM up, ADMS down
The Dubai Financial Market ended the day slightly higher, gaining 26.68 points, or 0.51%, to finish on 5,269. Oman Insurance was the day's big gainer, up 4.84%. Meanwhile, the Abu Dhabi Securities Market lost 44.30 points, or 1.08%, to finish on 4,057. Asmak had the day's biggest loss, down 9.67%.
Borak invests in Hollywood company
Hollywood has received another cash infusion from the Middle East, as Egypt-based Borak Holding has announced that it has given $550m to entertainment company Insomnia Media Group, reported Reuters. Under the deal, Insomnia, an independent television and film and talent services company, will retain majority ownership and use the money for acquisitions and additional film projects.
ADSM expects more IPOs
The Abu Dhabi Securities Market is expecting the number of initial public offerings to rise in next two years as several privatised companies are likely to float their shares to general public, reported Khaleej Times. Tom Healy, Director-General of Abu Dhabi Securities Market said the new IPOs would not only increase number of listed companies in the exchange but will offer much more 'diversification.'
Kuwait mulls new trading system
The Kuwait Stock Exchange may buy a trading platform from a European exchange as part of plans to make the market more attractive to foreign investors, reported Reuters. The second-largest Arab bourse is looking at trading systems from Frankfurt bourse operator Deutsche Boerse, transatlantic firm NYSE Euronext and Nordic operator OMX.
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