2007
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Bush in Middle East
US President George W. Bush is to visit the Gulf next month following a trip to Israel and the West Bank in an attempt to boost the peace process, reported Reuters. Bush will be in the Middle East from January 8-16 and his destinations in the GCC will comprise Saudi Arabia, Kuwait, Bahrain and the UAE, while he will also travel to Egypt. Bush is hoping to foster greater Arab-Israeli understanding.
Gulf oil boosts Lebanon
Lebanon's Finance Minister Jihad Azour has said an ongoing oil boom in the Gulf will help its own economy grow by about 2.5% next year, reported Reuters. Azour warned, however, that high oil and commodity prices will contribute to keeping inflation at around the 4% mark. He added that the country's political instability had meant growth of up to 8% had been clipped to around 3% this year.
Sawiris fatwa blow
Egyptian cleric Sheikh Yussef Al Badri has issued a fatwa urging Muslims to boycott the businesses of billionaire Naguib Sawiris following comments the tycoon made about the tendency of women in the North African country to wear the Hijab, reported the AFP. Last month Sawiris, a Coptic Christian, said 'I have the impression of being in Iran. I feel like a foreigner'. Sawiris is the Chairman and CEO of Orascom Telecom.
DFM, ADSM down, Tasi up
The Dubai Financial Market (DFM) dipped by 0.1% today, Monday, to close on 5,737.4 points. Arabian Scandinavian Insurance was the day's big gainer, rising 4.6% to Dhs2.3. The Abu Dhabi Securities Market (ADSM) also retreated, falling 0.5% to 4,520.8 points. But Saudi Arabia's Tadawul All Share Index (Tasi) enjoyed a solid 2.8% advance, reaching 11,350 points.
MAC Capital to the DIFC
MAC Capital, a corporate finance house specializing in Middle East - Asia business flows, has been granted a licence to operate and set up its headquarters in the Dubai International Financial Centre (DIFC). MAC will offer a full range of financial services, including mergers and acquisitions support, listings, underwriting, corporate advisory and securities brokerage with a focus on cross border transactions. MAC Sharaf Securities is its local brokerage affiliate.
Finance House in price leap
Abu Dhabi's Finance House has said expectation of its Q4 results and the fact its stock was undervalued when compared to its peers might have been among the factors behind a steep rise in its share price in recent days, reported Gulf News. The Abu Dhabi Securities Market wrote to the firm asking for clarification as why its stock jumped 8.8% last Thursday and 10% yesterday.
Dubai's exports in strong growth
Dubai's exports have grown at an annual rate of 28% over the past five years according to figures released by the Dubai Chamber of Commerce and Industry and cited by Gulf News. Iran was the number one destination with 15% of goods headed for the Islamic Republic, while India was in second place on 11%. Saudi Arabia, on 6%, was the leading GCC based export market.
$5.8bn loans for Borse Dubai
Borse Dubai, which is part of a deal alongside US exchange Nasdaq to buy Sweden's OMX for $4.9bn, has arranged two loans worth a total of $5.8bn, reported Bloomberg. The cash will be used to finance the transaction as well as pay for a 28% stake in the London Stock Exchange which it is receiving as part of the OMX deal. The one year loans are worth $4.2bn and $1.6bn.
$40.8m Arzaq established
Arzaq Holding has been established in the UAE as a private shareholding company with a paid-up capital of $40.8m. The firm will look to invest more than $130m in the financial, real estate and industrial sectors across the GCC over the next 12 months. Sheikh Tariq bin Faisal Al Qassimi is the Chairman, while representatives of firms such as the Kanoo Group and Zabeel Investments are among the founders.
Palestine seeks Arab funds
Palestinian Prime Minister Salam Fayyad has asked Arab nations to provide more financial support to his country as a donors conference gets underway today, Monday, in Paris, reported the AP. Fayyad is seeking $5.6bn over three years, with 70% of the funds destined for budget support and the rest earmarked for development projects. The Arab League has provided $55m a month since 2002 but it hasn't always paid up in full.
Qatar firm on dollar peg
The Governor of Qatar's Central Bank Sheikh Abdullah bin Saud Al Thani has said the Gulf state will retain its peg to the US dollar despite members of the International Monetary Fund's board suggesting severing the link would be a way of tackling inflation, reported Reuters citing the QNA. Al Thani stated the peg would be maintained for 'financial and monetary stability' and inflationary pressure was mainly due to 'local considerations'.
Saudi clerics in inflation call
Saudi Arabia's religious clerics have called on the government to address rising inflation in the kingdom, reported Reuters. The riyal's peg to the weakening US dollar has helped push the cost of basic food stuffs higher and inflation reached more than 5.3% in October - a ten year high. A statement by 19 clerics proposed the government should raise subsidies, scrap some fees on services and provide financial help to families.
DFM down, ADSM, Tasi up
The Dubai Financial Market (DFM) dipped slightly today, Sunday, to close on 5,744.6 points, a fall of 0.1%. Aerated Concrete Industries was the day's main gainer, jumping 14.9% to Dhs7.5. The Abu Dhabi Securities Market (ADSM) advanced 0.5% to finish the day on 4,543.1 points. In Saudi Arabia, the Tadawul All Share Index (Tasi) climbed 1.1% to once again breach the 11,000 points barrier and reach 11,045.6.
Oman's inflation at 6.8%
Inflation in Oman fell to slightly above 6.8% in October after reaching a 16 year high of 7.1% in September, reported Reuters citing Ministry of National Economy figures. Rising food prices, which spiked by 12% in the year to October, were a key driving force behind the inflation rate. Oman's peg to the weak US dollar has caused import costs to increase and this has had a knock-on effect on prices.
PetroRabigh IPO price set
Saudi Arabia's Rabigh Refining and Petrochemical Company (PetroRabigh), a joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, is to sell its shares at SR21 ($5.60) per share in its initial public offering (IPO) which opens on January 5, reported Arab News citing the Al Riyadh newspaper. The pricing values the 25% stake it is selling at $1.2bn; the IPO is open to Saudi nationals and closes on January 12.
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