2007
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Germany allows trading on DIFX
The financial services regulator in Germany has authorised brokers there to connect directly to the Dubai International Financial Exchange (DIFX) and trade securities on it. It is the fifth European country to allow brokers to trade directly on the DIFX, along with the Irish Republic, the Netherlands, the UK and Switzerland.
Investcorp to invest in Gulf firms
Bahrain-based investment bank Investcorp said it may invest up to $150m in Gulf Arab firms, reported Reuters. The co-head of the fund, Christophe De Mahieu, said the firm usually invests Gulf Arab wealth in the West, but would begin deploying funds in 2008 from its $1bn Gulf Opportunity Fund into as many as 20 Gulf companies or projects. The investments would typically range between $20 million and $150 million in size, De Mahieu said.
Wage hikes may boost inflation
The UAE's recent 70% rise in salaries for government employees will lead to an overall increase in wages nationwide, which could aggravate inflation as the resulting increase in demand will impact prices, according to Marios Maratheftis, regional head of Research for the Middle East, North Africa and Pakistan of Standard Chartered Bank. He said all GCC are facing high inflation mainly due to high liquidity, supply shortages and rising costs of imports owing to the weakness of the dollar to which the currencies are pegged, reported Gulf News.
Malaysia eager to expand business in Iran
While Western businesses are warned by the US to keep away from Iran, Malaysian companies have been expanding in the country, reports Fars News Agency. The Malaysian government says it will work with its own private sector to explore possible ways to boost economic and trade cooperation with the Islamic Republic. Malaysian government economists also say Iran has a very strong reputation for prompt payments to contractors who have done business in the past.
Germany, Jordan agree on debt swapping
Germany and Jordan have agreed on swapping a debt of 10m euros at a discount rate of 50 per cent of the debt's nominal value, Xinhua reported. German Development Bank, on behalf of the Federal Republic of Germany, and Jordan's Ministry of Finance signed the debt swapping agreement in Amman. Under the agreement, Jordan will use 5m euros of its budget to finance local projects in the fields of poverty alleviation, sanitation and education, especially for the German-Jordanian University. After disbursement of this amount, the German government will cancel the 10m euros of Jordan's debt.
UAE may impose broad taxes
The UAE federal government is cominmg close to putting together a strategy that will see value added tax added to goods and services in the country. Research is currently in its final stages into models for VAT that might be imposed on UAE residents within a year, reported Gulf News. A new federal authority is expected to be formed that will be responsible for imposing VAT rules and overseeing its collection, although it remains unclear whether the tax will be added at a retail store level or as some form of additional import duty.
UAE warns suppliers over price hike
The UAE has warned suppliers against raising prices of goods and services in an "unjustified" manner to take advantage of a 70 per cent increase in federal government employee wages next year, reported Gulf Daily News. The Ministry of Economy warned suppliers and traders from "exploiting" the higher wage scheme and raising the price of goods and services. Moreover the government will set up a hotline for consumer complaints about unjustified price rises.
Yemen to establish 11 industrial zones
Yemen's Ministry of Trade and Industry has confirmed plans to establish 11 industrial zones throughout the country, reported Yemen Times. Although this announcement has been made previously, the Minister of Trade and Industry Yahya Al-Mutawakel indicated that small and medium enterprises (SMEs) are the targeted business organizations which will play a major role in the development of the industrial zones, contrary to other statements that industrial zones will thrive as a result of foreign direct investment and large-scale projects.
Egypt deficit in current account
Egypt's current account recorded a deficit of $92.4m in the first quarter of the fiscal year as total non-oil imports jumped 33 per cent, reported Reuters. Total imports increased 32.3 per cent in the July to September period of 2007/08 to $11.2bn, led by non-oil imports, which jumped 32.8 per cent to $9.4bn.
New gold discovery in Egypt
Centamin Egypt has found an extremely high grade zone of gold mineralization during its exploration project in the Eastern desert, reported AHN. The company is developing Egypt's first large-scale modern gold mining project located, near the Red Sea coast. According to Centamin, the uncovered mineralized section currently sits outside the company's optimized pit shell. There is believed to be as much as $30m worth of gold under the hills in the Eastern desert of Egypt.
Kuwait charity projects in Egypt
The Kuwait Office for Charity Projects, headed by the Kuwaiti Minister of Awqaf and Islamic Affairs, and Minister of Communications inaugurated several new charitable projects in Egypt on 24 November. Such projects mainly included Jassem Mohamed Yussef Al-Nasrullah Mosque in the Governorate of Dakahlia and Abdelaziz Abdelmohsen Al-Rashid Mosque in the Governorate of Menufia, reported Kuwait News Agency. The Dakahlia and Menufi mosques will cost about 850,000 Egyptian pounds and 900,000 pounds respectively.
Tasi gains 1.2%
Saudi Arabia's Tadawul All Share Index (Tasi) started a new trading week with a 1.2% advance, closing 114.5 points higher at 9,633.4. The Al Ahlia Insurance Company was the day's big gainer rising 9.9% to reach SR119.8. The Tasi has climbed 21.4% since the turn of the year.
GCC unemployment warning
Management group McKinsey and Company has warned GCC countries about soaring unemployment among its youth and predicted 300,000 private sector jobs need to be created per year in order to tackle the problem, reported the Bahrain Tribune. Unemployment rates in the 16-24 age group in the likes of Bahrain, Saudi Arabia and Oman have reached 35%. Tighter immigration policies and better educational systems were key to tackling the issue.
Foreigners buy $960.5m on DFM
The Dubai Financial Market (DFM) has revealed that the value of shares and bonds bought by foreign investors last week reached $960.5m, comprising 28.4% of the total value of stocks traded. The value of stocks sold by foreign investors during the same period amounted to $946.9m, representing 27.9% of the total value of stocks traded. Therefore, net foreign investment last week totalled $13.6m.
Sensex ends week with gain
India's benchmark Sensex Index managed to snap a six day downward streak on Friday gaining 327 points to close on 18,853, reported the Business Standard. The bourse had given up 1,400 points, or 7%, over the previous six trading days. Reliance Energy was a key driver advancing 7.5%.
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