2007
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Tasi makes moderate gain
Saudi Arabia's Tadawul All Share Index (Tasi) advanced 0.4% yesterday, Saturday, to close on 11,456.9 points, a gain of 41.6 points. The day's big mover was the Saudi Arabia Refineries Company which climbed 10% to SR253. The Tasi has gained 44.4% so far this year.
Foreigners buy $1.8bn on DFM
The Dubai Financial Market (DFM) has revealed that the value of shares and bonds bought by foreign investors last week reached $1.8bn comprising 32.9% of the total value of stocks traded. The value of stocks sold by foreign investors during the same period amounted to $1.4bn representing 25.6% of the total value. Therefore, net foreign investment totalled $400m last week.
Dubai World ups MGM stake
Dubai World has acquired 5m additional shares in MGM Mirage, upping its stake in the US based entertainment firm to 6.5%, reported Bloomberg. Dubai World bought the stock from the Lincy Foundation for $424m and it now possesses a total of 19.5m shares. It is thought the Dubai holding company is targeting around 28.4m shares and it has so far pumped $4.5bn into MGM Mirage.
Pakistan-UAE trade to stay strong
Prominent Pakistani business figures living in the UAE have said trade between their home country and the Gulf state should be unaffected by the assassination of Benazir Bhutto and its possible implications for democracy, reported Emirates Business 24/7. Bilateral trade should reach $5bn this year and the VP of the Pakistan Business Council in the UAE, Dr A Hadi Shahid, said the political crisis 'should not dampen the country's economic development'.
Bhutto death weighs on Sensex
India's benchmark Sensex Index declined slightly yesterday, Friday, due to regional tensions following the assassination of Benazir Bhutto in Pakistan, reported Reuters. The bourse retreated just under 0.1%, or 9.8 points, to close on 20,207; the market fell almost 1% in early trading before picking up. The fall snapped five straight days of gains.
UAE FDI at $18.7bn in 2006
Foreign direct investment (FDI) in the UAE reached $18.7bn in 2006, up 10.8% from the previous year's $16.9bn. Dubai posted the largest share of FDI at 62%, followed by Abu Dhabi at 24%, while Sharjah contributed 10% and the remaining emirates 4%. 34.4% of the FDI was directed to the financial services and insurance sector.
FTSE, Nasdaq down, Dow Jones up
The FTSE 100 ended in the red yesterday on 6,476.9 points, a decline of 20.9 points, or 0.3%. The day's main faller was Schroders which gave up 2.5% to close on 1,318 UK pence. In the US, the Dow Jones was essentially flat lifting by 0.1% to 13,365.9 points, while the Nasdaq retreated by the same margin, 0.1%, to end the trading week on 2,674.5 points.
Jordan's spending hits $7.4bn
Jordan's Finance Minister Hamad Kasasbah revealed last week that the kingdom's state expenditure would reach almost $7.4bn next year, a rise of 13.4% over this year's figure, reported Reuters. Kasasbah also stated there would be a budget deficit of more than $1bn, representing 5.6% of GDP, a lift on this year's $878m, or 5.4% of GDP. Jordan will also scrap fuel and food subsidies to keep the deficit in check.
Aldar in major share issue
Abu Dhabi's Aldar Properties issued 16.4m new shares on Thursday from convertible bonds it sold earlier this year, reported Reuters citing a statement on the Abu Dhabi Securities Market's website. Aldar sold $2.5bn worth of sukuk in February to help fund its expansion programme and it has until January 3 to issue nearly 14m more shares.
Inflation agency for UAE
UAE Central Bank Governor Sultan bin Nasser Al Suwaidi has said the government is to set up a statistics agency to keep an eye on rising inflation in the Gulf state, reported Gulf News. Al Suwaidi emphasised that it is the responsibility of the Ministry of Economy to keep a tight rein on inflationary pressure. Many experts have estimated inflation to be around 10% at the present time.
Reserve requirements remain
The UAE Central Bank Governor Sultan bin Nasser Al Suwaidi has said the country has no plans to raise the reserve requirements for banks, reported Reuters. Both Saudi Arabia and Qatar have recently taken the step, with the former making its first adjustment in 27 years. Increasing a bank's reserve requirements reduces the amount it can lend and this can subsequently help ease inflationary pressure.
Kuwait cuts taxes on foreign companies
Kuwait's Parliament yesterday passed a law cutting taxes on profit of foreign companies to 15 per cent, canceling a progressive scale with a maximum rate of 55 per cent, in a bid to attract investments and diversify the economy, reported AP. Finance Minister Mostafa al-Shemali told the assembly that Kuwait attracted less than $300m in foreign investment last year, compared to some $18bn for Saudi Arabia, thus boosting the need to implement this change.
Saudi exports hit record high of $240bn
Saudi Arabia's total exports of goods and services are expected to grow by 6.7 per cent in 2007 to reach $240.2bn (SR900.8 bn), according to a report issued by the General Statistics Department, reported Arab News. Non-oil exports of goods are expected to grow by 24.9 per cent to SR106.8 billion, it added. The statistical department said the Kingdom's exports in 2006 amounted to $211bn, registering an increase of $30.45bn or 17 percent compared to the previous year when the figure was $180.57bn.
Israel, Saudi and Egypt are top five purchasers of US arms
A report by the Congressional Research Service published on 20 December outlines arms sales, as delivered, since 1999 from the USA, reported JTA. From 1999 to 2002, Saudi Arabia led in arms purchased and delivered, at $8.9bn. Egypt was third with $4.5bn and Israel was fourth with $3.3 bn. From 2003 to 2006, Israel purchased and received $5.2bn in arms, making it first and just edging out Egypt at second, with $5.1bn; Saudi Arabia was third with $4.4bn.
DFM, ADSM advance
The Dubai Financial Market (DFM) advanced by 0.6% today, Monday, to close on 5,861.7 points. Union Properties was the day's main climber, rising 5.4% to reach Dhs5.2. The Abu Dhabi Securities Market (ADSM) gained 0.4% to finish the day on 4,599.8 points.
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