2007
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Abu Dhabi buys stake in Citigroup
The Abu Dhabi Investment Authority has acquired a 4.9% stake in Citigroup, America's largest bank, for $7.5bn, reported Gulf News. Through this deal Abu Dhabi displaces Saudi Prince Alwaleed Bin Talal as Citi's largest shareholder. Currently, Alwaleed holds a 3.97% stake worth an estimated $6bn.
Dow up, FTSE lower
U.S. stocks rose on Tuesday after Abu Dhabi's $7.5bn purchase of a stake in Citigroup Inc spurred a rebound in financial stocks. The Dow Jones was up 215.00 points, or 1.69%, to finish on 12,958. Meanwhile, the UK's FTSE 100 index dropped 39.8 points, or 0.6%, to finish on 6,140.
Kuwait, Monglia sign MoU to boost oil ties
Kuwait and Mongolia signed a memo of understanding (MoU) on how to further bilateral cooperation between the Kuwait Petroleum Corporation (KPC) and the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), reported KUNA.
Oman budget deficit expected
Oman sees a shortfall of $1.04 billion in its next year's state budget if its crude oil fetched $45 a barrel on average, reported Gulf Daily News. Gulf Arab states traditionally base their budget calculations on conservative crude prices and forecast deficits have often turned to surpluses.
China renews oil contracts with Iran
Chinese oil firms have renewed contracts to buy crude from Iran for the next year and are seeking to increase their imports from the country, reported Reuters. Chinese state firms appear to be carrying on business with Iran despite US calls for international businesses to cut back on ties with the country because of Tehran's nuclear programme, which allegedly is aimed at producing atomic bombs.
Japanese exports to Qatar grow by 24.86%
Japan's exports to Qatar for the first six months of this year totalled $817.96m compared to $655.1m in the same period last year, reflecting a 24.86 per cent increase, reported The Peninsula. While Japanese imports from Qatar stood at $7.05bn, a 2.4 per cent increase over the $6.78bn posted in the first six months of 2006.
Qatar inflation up to 14%
Annual inflation in Qatar jumped to nearly 14 per cent at the end of September as accommodation costs in the Gulf Arab state, including rents,reached 29 percent, reported The Gulf Daily News. Rents and utility costs, which comprise one category in the index, surged 28.8 percent in the third quarter, compared with 27 percent in the previous three months.
Cost of fava beans rise in Egypt
Fava beans or better known as foul, is under threat of the rising cost of imports and a reduction in domestic production, reported IOL. The cost on the street of the popular foul sandwich has risen by 25 per cent to reach one Egyptian pound.
100% food hike in Kuwait
With the rising global trend of food prices the Union of Cooperative Societies said that some of Kuwait's food products might increase in price by 100 per cent by the beginning of the year. Chairman Mohammed Amer Al Mutairi told Awan price increases would force traders to import lower quality food products from Asia rather than more expensive products from Europe, Arab Times reported.
DFM, ADSM finish lower
The Dubai Financial Market fell 39.63 points or 0.73% today, Monday, to end on 5,366. Agility had the day's biggest loss, down 15%. Meanwhile, the Abu Dhabi Securities Market finished higher, gaining 21.03 points, or 0.51%, to end on 4,206. Invest Bank was the day's big gainer, up 9.97%.
NBK buys 25% stake in HWA AG
Qatar's NBK Holding (Nasser Bin Khaled), has purchased 25% of shares in German Motor sport specialist HWA AG. The three selling shareholders, Hans Werner Aufrecht, Doerflinger Privatstiftung and marchsixteen will transfer shares in proportion to the size of their existing holdings; the two members of the Management Board, (Hans-Jurgen Mattheis and Gerhard Unger), are not disposing of shares.
Dubai buys stake in Sony
Dubai International Capital, the international investment arm of Dubai Holding, has announced that it has made a 'substantial investment' in Sony, the Japanese electronics and entertainment conglomerate, reported Reuters. No details on the size of the stake or amount of the investment were given. This is DIC's first investment in a Japanese company.
Kuwait eyes tax changes
Kuwait's Minister of Finance Mustafa Al-Shimali said reforming the country's tax law to accommodate demands of the modern era is among the cabinet and national assembly's top priorities, reported the KUNA. He said the most important fix that is needed is to lower the tax ceiling from the current 55% in order to encourage foreign investors to invest in Kuwait.
Oman creates anti-inflation body
Oman has created a ministerial committee to try to curb inflation, which has hit a 16-year high in the Gulf Arab state, reported Reuters. Annual inflation in Oman soared to a 16-year high of 7.09% in September, as food prices jumped 14% in the country. The anti-inflation committee will include the ministers of economy, commerce and industry, and fisheries as well as the chairman of Oman's chamber of commerce and industry.
Bahrain rules out currency peg change
Bahrain's finance minister, Sheikh Ahmed bin Mohammad Al Khalifa, said the country has no plans to change its policy of pegging its dinar currency to the US dollar, reported Reuters. In a report last week, Citigroup said Bahrain may choose to fix its dinar to the Saudi Arabian currency if there is a shift from fixed exchange rates in the region.
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