2007
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Algebra hits $350m
Asset management firm Algebra Capital has clocked up $350m worth of assets under management in its first six months of business and 12 months after it was granted a license to operate as a category three firm at the Dubai International Financial Centre. The firm pointed to its joint venture with Franklin Templeton and the launch of its Alpha Mena listed equities fund as among the key factors behind its performance.
Yemen plans trade week in Ethiopia
Ministry of Industry and Trade and Yemeni Corporation for Exhibitions and International Trade will organize in Addis Ababa on January 16-22, which will be the first Week in Ethiopia, reported Saba. Fadhl Mansour,General Manager of Foreign Trade in the ministry said that the event would include establishing trade exhibitions, a cultural week and other activities, indicating that Yemeni big industrial companies will participate in the show for showing their products.
Yemen & China sign four treaties
Abdul-Karim al-Arhabi, Minister of Planning and International Cooperation in Yemen and Zhai Jun, Chinese assistant of Foreign Minister signed four cooperation treaties between Yemen and China, reported Saba. According to the treaties, the Chinese government would grant Yemen 20m Yuan and soft loans estimated at 40m Yuan for supplying constructions in Bajil Cement Factory as well as sending a Chinese team for studying and making designs concerning establishing a hospital here. The two countries also signed a funding treaty with Chinese Bank of Export and Import through which the latter will provide soft loans estimated at $31m for supplying expanding al-Barh Cement Factory.
UAE considers proposal on minimum wages
The UAE is considering a proposal over fixing minimum wages for unskilled workers, Minister of Labour Dr Ali bin Abdullah Al Kaabi said, reported Khaleej Times. The UAE would also host the second Gulf Forum on Temporary Contractual Labour on January 23 and 24. Al Kaabi said through the forum, the UAE aimed at multilateral cooperation to enhance benefits of contractual employment and bring worker protection on the agendas.
Iranian firms open in Syria
Hama cement factory and carmaker Saipa's Saba production line will be inaugurated in the presence of Iranian and Syrian officials in Syria, reported Tehran Times. The cement plant, a joint venture, constructed through a $200m investment will have the capacity to produce one million tons annually. While the Civico plant, the Saba assembly line, is the second Iranian-Syrian joint venture. Saipa holds 80 per cent and the Syrian side 20 per cent of Civico's shares. The plant's initial annual output capacity stands at 5000 sedans, but the figure could soar to 15,000.
Al Mal launches unique brokerage service
Al Mal Securities Saudi, a subsidiary of UAE-based Al Mal Capital, is now offering brokerage services in securities listed on the Saudi Stock Exchange [Tadawul]. The new subsidiary is the first Gulf sponsored company to obtain a Saudi brokerage license and is the first to launch the Saudi brokerage services. It has a capital of SAR 60 million ($16m) and is 55% owned by Al Mal Capital, a full-service investment company with paid-up capital of $91m licensed and regulated by the Central Bank of the UAE.
Barclays launches shariah-compliant ETFs
Barclays's funds arm has launched the UK's first Shariah-compliant exchange-traded funds (ETFs), reported Reuters. Barclays Global Investors has formed a panel of Islamic scholars to supervise the three new ETFs, which will track MSCI indexes of Shariah-compliant companies.
Lebanon shares drop in political fallout
Lebanon's BLOM stock index fell 4.2% on Tuesday due to concern's about the country's difficulties in electing a president, reported Reuters. Parliament Speaker Nabih Berri on Monday postponed elections in the country for the eighth time to December 17 to give rival leaders more time to reach a deal expected to make the army chief president. The index closed at 1,519.08 points compared to Monday's 1,585.60 points.
Libya to invest $100bn overseas
Libya's Prime Minister Baghdadi Mahmudi said the North African state plans to aside $100bn to buy foreign assets, reported Bloomberg. Mahmudi said Libya is considering foreign stocks, bonds, land and other assets in developed and emerging markets.
Al Safat buys stake in Al Qudra
Al Qudra Holding, an investment company based in Abu Dhabi, has confirmed that Al Safat Investment Company of Kuwait has purchased a 10% stake in Al Qudra, reported Gulf News. Al Qudra chairman Salah Salem Bin Omar Al Shamsi said Al Safat bought 60 million shares from individual shareholders from the secondary market. No purchase price was given.
Bahrain to move from dollar peg
Bahrain plans to move towards tracking the dinar against a currency basket rather the US dollar, without changing the exchange rate, reported Reuters, citing Al Wasat newspaper. The newspaper said Finance Minister Shaikh Ahmad Bin Mohammad Al Khali told the advisory Shura council that the kingdom would move from the dollar peg to a basket without letting the dinar appreciate.
Saudi has no plans to revalue
Saudi Foreign Minister Prince Saud Al Faisal has said the kingdom will not revalue its currency, reported Reuters. Responding to a question about whether Gulf Arab finance ministers would meet to discuss revaluation, Al Faisal said 'there was no decision' to revalue the currencies.
Dow sinks after modest rate cut
U.S. stocks plunged on Tuesday after the Federal Reserve trimmed interest rates rather than slashing them, reported Reuters. The Fed cut interest rates a quarter of a percentage point, but investors were hoping for a 50 basis point cut to help bolster the economy against a recession. The Dow slid 294.26 points, or 2.14%, to end on 13,432.
Sewage company to charge for services
The government-owned Abu Dhabi Sewage Services Company plans to introduce sewage service charges in the next 12 months, the firm's managing director Alan Thomson has told MEED's Wastewater Treatment & Reuse 2007 conference in Abu Dhabi. "We have put several proposals to my board," Thomson said. "I expect to introduce charges in 2008."
Water reuse will cut GCC carbon footprint
Recycling treated effluent will reduce GCC carbon dioxide production by 20-40 per cent compared with producing an equivalent amount of water through conventional seawater desalination processes.
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