2007
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UAE budget into operation
The $7.73bn UAE budget with zero deficit has been put into place for 2007, the local WAM news agency reported. The budget gives priority to spending on education, which makes up $900m or 33% of the total allotment. Health, social affairs and infrastructure get around $408 each.
Rent cap to pull down inflation
A 7% cap on rent rises in Dubai, announced Monday, could help pull down inflation rates by 6% or 7% from the double-digit figures in 2006, according to Nasser Saidi, chief economist at Dubai International Financial Centre quoted by Gulf News. Rents make up around 40% of the current inflation rate in the emirate.
UAE stocks slow start
UAE stock markets started 2007 on a quiet note, with both Dubai and Abu Dhabi indices slightly down on thin trading. The DFM index lost 0.06% to 4,125.06 points and the ADSM index closed down 0.1% to 2,996.70 points. Analysts expect activity to pick up in the coming weeks.
Investcorp $311m UK purchase
Bahrain-based Investcorp has agreed to buy the UK's Moody International for $311m from Close Brothers Private Equity, Gulf News reported citing a statement by the investment bank. Moody provides inspection services to the oil, gas, mining and construction sectors.
Brokerage firms suspended, warned
The UAE's capital markets regulator suspended two brokerages and warned others for failing to comply with its regulations, according to the local WAM news agency cited by Gulf News. Al Safwa Financial Services and Golden Gates Securities were suspended on Tuesday, four firms were given until 4 January to comply with regulatory procedures and 17 others were told to complete licencing procedures by 4 February.
Emaar 35% profit increase likely
Emaar Properties is expected to post a 35% increase in profit to $1.74bn in 2006, a sharp decline compared to the previous year when profits grew by 180% to $1.29bn, according to analysts at Shuaa Capital cited by Emirates Today. The fortunes of the Dubai-listed company have a major effect on the performance of the local bourse.
GFH plans secondary LSE listing
Bahrain-based Gulf Finance House plans to launch a secondary listing on the London Stock Exchange in early 2007, Bloomberg reported, citing a report in the Sunday Telegraph. The listing could raise more than $195m to help finance expansion in Europe, the report said.
Oman forcasts 38.5% deficit cut
Oman has forecast a budget deficit of $1.04bn for 2007, 38.5% lower than that forecast for 2006, Reuters reported, citing the ONA state news agency. Total government revenues were set at $11.66bn, including $7.85bn from oil exports and $1.43bn from gas exports. Spending was set at $12.7bn. The budget was based on a conservative average price of $40 a barrel for its oil.
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