2007
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UK, US bourses in the green
The FTSE 100 gained 1.7% on Friday to close 106.8 points up at 6,262.1. The day's biggest gainer was Rio Tinto which advanced 7.9% to 390 UK pence. In the US, the Dow Jones climbed 1.4% to end the day on 12,980.9 points, while the Nasdaq added 34.5 points, or 1.3%, to hit 2,596.6 points.
VAT in UAE edges closer
Dubai Customs has launched the second phase of its value added tax (VAT) study project which will see a move from the study of the best global practices to the actual implementation stage of the project. Abdul Rahman Al Saleh, the Executive Director of Corporate Support at Dubai Customs, said the process may take one year or more; VAT would replace customs duties once major free trade agreements kick in.
Syria attracts Gulf cash
Abdullah Dardari, Syria's Deputy Prime Minister for Economic Affairs, has said that Gulf Arab investors will provide around 50% of the country's anticipated $2.5bn foreign direct investment this year, reported the UK's Financial Times. Much of the cash will go into the real estate sector with some earmarked for tourism and manufacturing. The country is also hoping to attract more investment from its close ally Iran.
Emaar eyes DIFX listing
Emaar Properties is considering a listing on the Dubai International Financial Exchange (DIFX), reported Reuters. The firm has previously admitted a strong interest in listing in either London, which is likely in the next year, or New York. The DIFX should list more than 3.5m shares in port operator DP World later this week.
Oman to keep peg
The Governor of Oman's Central Bank Hamud bin Sangur Al Zadjali has said the sultanate has no intention of ending its peg to the US dollar, reported Bloomberg. Al Zadjali said 'currencies go up and down along with a cycle and the economy in a country'. Inflation in Oman is growing at its fastest rate in ten years as the greenback continues its decline.
Talaat Mostafa IPO oversubscribed
Egyptian real estate developer the Talaat Mostafa Group Holding Company has revealed that its initial public offering (IPO) was 41.4 times oversubscribed, reported Reuters. The firm said offers amounted to $5.4bn for shares worth around $130.6m. The strong showing boosted the country's benchmark Case 30 index, which broke through the 9,800 point barrier for the first time.
Tasi up 17.6% in a month
Saudi Arabia's Tadawul All Share Index (Tasi) has gained 17.6% over the past four weeks, reported Gulf News. The Tasi made gains of 2.7% in the last trading week, despite opening with a 1.4% decline, to reach 9,518.9 points. The agriculture, electricity and banking sectors helped drive the bourse forward.
DFM, ADSM finish lower
The Dubai Financial Market and the Abu Dhabi Securities Market both ended the week on a down note. The Dubai market lost 62.40 points, or 1.15%, to finish on 5,374. Meanwhile, the Abu Dhabi market dropped 83.73 points, or 1.97%, to finish on 4,164.
Global Investment sells Nibras stake
Kuwait's Global Investment House has sold its 88% stake in Nibras Holding Co. for a net profit of 9.6 million dinars ($34.99m), reported Reuters. The investment bank sold 44 million shares at the price of 470 fils per share through an auction at the Kuwait Stock Exchange for a total of 20.7 million.
DIC eyes stakes in Asian firms
Dubai International Capital plans to diversify its investments in Asia by buying stakes in large Asian listed companies such as Singapore Telecommunications and DBS Group Holdings, reported Reuters. CEO Anand Krishnan said DIC has invited 14 of Asia's biggest multinationals to a conference, to be held on Dec 3 and 4 in Dubai, to meet Arab investors representing the top 100 institutional and private investors from the GCC.
National Industries ups capital
The board of National Industries Group Holding SAK, the largest industrial investment company in Kuwait, has approved a 25% capital increase, reported Bloomberg. The company plans to sell shares with a face value of 100 fils plus an issuing fee of 800 fils. The increase is subject to regulatory approval.
New tool calculates zakat
The Zakat Fund has launched a service on its web site that will enable companies to calculate electronically how much they should pay. Zakat - one of the Five Pillars of Islam - is an obligatory levy on the wealth of every Muslim.
Dubai eyes LNG contract
The Dubai Multi Commodities Centre is planning to launch the world's first liquefied natural gas futures contract on its exchange, reported Reuters. The centre's CEO, David Rutledge, said the contract could start 'reasonably soon' now that DMCC, along with LNG Impel, has begun setting up an LNG storage facility to offer customers the ability to store and trade the product.
Scholars criticize sukuk market
The Accounting and Auditing Organisation for Islamic Financial Institutions believes about 85% of Gulf Islamic bonds are not in compliance with Islamic law, and it may implement tighter rules for the industry, reported Reuters. In particular, the group said it may strengthen rules to discourage borrowers from signing repurchase agreements that underpin most Islamic bonds. It is expected that the sukuk market could be worth $50bn next year.
DP World IPO raises $4.96bn
DP World, the Dubai-owned port operator, said it raised $4.96bn in the Middle East's biggest initial public offering, reported Bloomberg. The world's fourth-largest ports company sold shares for $1.30 each, the top of an indicated range, after the IPO was more than 15 times oversubscribed. The company's market value is now $21.6bn.
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