2007
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Dow, FTSE fall sharply
The Dow Jones fell sharply on Wednesday on fears that the housing market could worsen. The index dropped 211.10 points, or 1.62%, to end on 12,799. Meanwhile, the UK's FTSE 100 also ended the day sharply lower, losing 155.60 points, or 2.50%, to finish on 6,070.
Centamin Egypt finds gold
Centamin Egypt said it has discovered a high-grade zone of gold mineralization during its drilling programme at the Sukari project in the Eastern Desert region in Egypt, reported Thomson Financial. The company said it will drill further the Amun Deeps zone to add to the global gold resource.
DFM, ADSM finish lower
The Dubai Financial Market and the Abu Dhabi Securities Market each slumped more than one percent lower on Wednesday. The DFM lost 96.24 points, or 1.74%, to finish on 5,436. The ADSM fell 50.22 points, or 1.17%, to finish on 4,248.
Marico plans third plant in Egypt
Indian consumer goods producer Marico is in the process of setting up its third manufacturing facility in Egypt and the same is expected to be operational by the second half of 2008, The Economic Times reported. Apart from being a poetically upbeat market, Egypt's consumer preferences are similar to those in India. Egypt is also among largest hair oil markets in the MENA region.
Dubai set to be major hub
Dubai is poised to become one of the four leading financial capitals of the world in ten years, according to Sallie Krawcheck, chairman and CEO of Citi Global Wealth Management. She believes the top four will be New York, London, possibly Dubai and a split race in the Far East between Singapore and Hong Kong, reported Gulf News.
First 'Made in India show' in Egypt
The first "Made-in-India-show" will take place in Cairo from November 20 to 23 at the International Exhibition and Fair Grounds. The exhibition will be showcasing a range of products from various Indian industries, reported Press trust of India. It will also feature a Hydrocarbon Pavilion showcasing the public sector majors - GAIL (India), Hindustan Petroleum Corporation, Indian Oil Corporation, ONGC, Oil India and Bharat Petroleum Corporation, said the Indian embassy in Cairo. Rajive Kaul, former CII President said that the show is expected to further boost economic and commercial relations between the two countries.
Kuwait raises dinar value
Kuwait's Central Bank has today, Wednesday, raised the value of the dinar by 0.56% against the U.S. dollar, which dropped to a record low against the euro, reported AFP. The ailing U.S. currency, which previously stood at 0.276 dinars, is now worth 0.27445 dinars, the highest value of the Gulf state's currency against the dollar in more than two decades.
World Bank buys into Alliance
The World Bank plans to buy 9.9% of Oman's Alliance Housing Bank, an affiliate of Ahli United Bank, for 14.4 million rials ($37.45m), reported Reuters. Alliance Housing Chief Executive Officer Abdulaziz al-Balushi said he expects shareholders to approve the purchase early next month.
Dubai eyes U.S. purchases
Investment Corporation of Dubai, an agency which pools some of the Dubai government's biggest holdings, said it may buy into U.S. financial services companies that have been hit by the U.S. mortgage crisis, reported Reuters. Mohammed Shaibani, chief executive officer of the Investment Corporation, said the crisis in the U.S. is going to 'create a lot of opportunities.'
UAE, China forge anti-money laundering pact
The UAE's Anti-Money Laundering Committee has recently concluded a tour to China where officials from both countries agreed to cooperate in anti-money laundering initiatives, reported Khaleej Times. The committee had earlier visited Japan and South Korea to discuss similar anti-money laundering measures.
UAE feds get 70% pay hike
All federal government employees in the UAE will receive a 70% salary hike effective from January 2008, reported WAM. The increase was enacted under the new federal budget for 2008, approved on Tuesday, which totals Dhs34.9bn ($9.5bn), an increase of Dh6.7 billion over the 2007 budget. The budget is the largest in the UAE's history.
Dow, FTSE up
The Dow Jones rebounded from three-month lows on Tuesday, gaining 51.70 points, or 0.40%, to finish on 13,010. Meanwhile, Britain's FTSE 100 also rallied after a steep fall on Tuesday, gaining 105.7 points, or 1.7%, to end on 6,226.
DFM down, ADSM, Tasi up
The Dubai Financial Market (DFM) endured a 1.8% drop today, Tuesday, closing on 5,532.7 points. International Financial Advisors was the day's big loser, dipping 14.8% to Dhs10.4. The Abu Dhabi Securities Market (ADSM) gained 1.6% to finish the day on 4,298.7 points. In Saudi Arabia, the Tadawul All Share Index (Tasi) followed up its 1.4% gain yesterday with a 1.7% lift today, ending on 9,419.4 points.
Tadawul appointment boost
The Saudi Arabian government's decision to appoint a nine member board of directors for Tadawul, the joint stock firm which handles issues such as stock transactions and the registration of ownership, was a major factor behind the Tadawul All Share Index's 1.4% gain yesterday, reported Arab News. The bourse had declined for three straight days but the appointment of the directors for three year terms gave the market fresh impetus.
FTSE, Dow Jones, Nasdaq fall
The UK's FTSE 100 dropped 2.7%, or 170.4 points, yesterday, Monday, to close on 6,120.8 points. The day's major faller was the troubled bank Northern Rock which plunged 21.4% to settle at 104.2 UK pence. It was an equally bad day in the US, where the Dow Jones declined 1.7% to reach 12,958.4 points, while the Nasdaq also retreated by 1.7% to close on 2,593.4 points.
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