2007
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UAE, Hong Kong trade at $3.4bn
Trade between Hong Kong and the UAE rose by 19% in the first ten months of the year according to figures from the Hong Kong Trade Development Council and cited by Gulf News. Total trade reached $3.4bn, with exports from Hong Kong hitting $2.1bn, a spike of 29%. The main exports to the UAE were telecommunications equipment and parts.
Revaluation fears hit sukuk
The sale of Islamic bonds has been hit by the ongoing uncertainty over the possible revaluation of the dirham against the dollar, reported Reuters. Gulf based investors are presently loathe to buy into dollar denominated bonds, fearing they will receive lower returns in local currency when the sukuks mature. Last month, the Dubai Electricity and Water Authority postponed the sale of $2.5bn worth of dollar denominated bonds due to 'market conditions'.
DFM, ADSM up, Tasi down
The Dubai Financial Market (DFM) made a strong start to the week, rising 2.3%, or 129.8 points, to close on 5,682.6 points. Al Firdous Holding was today's big gainer, rising 8.3% to Dhs2.6. The Abu Dhabi Securities Market (ADSM) enjoyed a 3.1% advance to end the day on 4,486.1 points. In Saudi Arabia, the Tadawul All Share Index (Tasi) ended in the red, falling 0.8% to 10,031.7 points.
Calls grow for dirham depegging
Khalaf Al Habtoor, the Chairman of the Al Habtoor Group, has called for the UAE government to depeg the dirham from the US dollar 'immediately' due to its negative impact on 'business and markets', reported Reuters citing Emirates Business 24/7. Meanwhile, Tawhid Abdullah, the Chairman of jewellery chain Damas, said he preferred a basket of currencies to cool high inflation.
Saudi to attract foreign cash
Abdulrahman Al Tuwaijri, who heads up Saudi Arabia's Capital Markets Authority, has said the kingdom is to gradually allow a wider range of foreign investors to buy stocks and participate in initial public offerings via domestic funds, reported Reuters citing an interview with Al Arabiya TV. Saudi's market is the most restrictive in the region and currently foreign investors must be based in another Gulf state.
Abraaj makes appointment
Dubai's Abraaj Capital has appointed Sari Maher Anabtawi as an Executive Director, with a responsibility for coverage and fundraising. Anabtawi has previously worked for the likes of Drexel Burnham Lambert, Smith Barney and Morgan Stanley and he has ten years of experience working in private equity. Prior to joining Abraaj, Anabtawi was the Head of Regional Origination and Director, Corporate and Investment Banking, Mena Region, at the Standard Bank in Dubai.
Sensex shaping up for record
Financial analysts have said India's benchmark Sensex Index could be set to hit a new record high if the US Federal Reserve decides to cut interest rates this week, reported Gulf News. Foreign investors have accumulated $872.2m worth of shares over the past five days in anticipation of a rate cut. The bourse hit an intraday high of 20,238.2 points on October 30 and it is now just 1.3% below that.
Succession fears for Egypt
A number of financial analysts have said uncertainty about who will succeed Egyptian President Hosni Mubarak could damage the country's economy, reported Reuters. The North African state's stock market has risen by 44% this year, while its GDP had grown by 7.1% up to the end of June, but Citigroup has said the country's 'military establishment' could reject the more liberal, western outlook supported by Mubarak's son, and likely successor, Jamal.
Qatari PM doubts 2010 union
Qatar's Prime Minister Sheikh Hamad bin Jassim bin Jabr Al Thani has said the GCC is unlikely to meet its 2010 deadline for monetary union, according to agency reports. The member states, minus Oman which has already dropped out of the initiative, agreed to stick to the 2010 timetable at a summit just last week in Doha.
GCC revaluation talks
Bahrain's Foreign Minister Sheikh Khalid bin Ahmad Al Khalifa has said the members of the GCC are to hold talks over revaluing their currencies but there are definitely no plans to ditch their pegs to the US dollar, reported Reuters. Al Khalifa said the six member states were working to alter their exchange rates and a meeting between finance ministers and central bank governors will happen 'in the next few days'.
Tasi breaks through 10,000 points
Saudi Arabia's Tadawul All Share Index (Tasi) broke through the 10,000 points barrier today, Saturday. The bourse gained a very solid 2.2% to advance 216.5 points to end on 10,108.6 points. The Saudi British Bank was the big winner from the bullish sentiment, rising 8.2% to close on SR142.
BSE to the BFH
The Bahrain Stock Exchange (BSE) has signed a tenancy agreement to relocate to the Bahrain Financial Harbour (BFH). The BSE will occupy the entire 4th floor of the financial centre, taking up an area of 64,000 sqft. Financial institutions such as BNP Paribas and the Gulf Finance House have previously agreed to take up residency at BFH.
Foreigners buy $926m on DFM
The Dubai Financial Market (DFM) has revealed that the value of shares and bonds bought by foreign investors last week reached $926m, comprising 37.4% of the total value of stocks traded. The value of stocks sold by foreign investors during the same period amounted to $708m, representing 29% of the total value. Net investment by foreign investors therefore reached $218m last week.
Tokio Marine to the DIFC
The Dubai International Financial Centre (DIFC) has licensed takaful insurance services provider the Tokio Marine Group to commence operations at the centre. Tokio Marine Middle East (TMME) has been established to drive the firm's expansion across the Mena region; the firm already has established operations in Saudi Arabia and the UAE. TMME's office is located at the new Gate Village of the DIFC.
UAE happy to cut rates
The UAE Central Bank has said it won't rule out further interest rate cuts if the US Federal Reserve decides on such a course of action, reported Gulf News. The bank cut the UAE dirham certificates of deposit repurchase rate by 15 basis points to 4.5% last week to keep in line with the US federal funds rate. Analysts believe such reductions are simply exacerbating the UAE's inflationary pressure.
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