2007
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Tasi targets 10,000 points
Saudi Arabia's Tadawul All Share Index (Tasi) is set to break through the 10,000 points barrier according to analysts cited by the Arab News. The bourse gained a very healthy 4.5% last week to close on 9,892 points with the industrial sector the main driver behind the upward momentum. The bourse is now 24.7% higher than it was at the turn of the year.
Sensex close to record high
India's benchmark Sensex Index climbed 170.1 points, or 0.9%, on Friday to close on 19,966 and within a mere 11 points of its all time-high of 19,977.7 recorded on October 29, reported the Economic Times. The bourse's big gainers were Infosys Technologies which spiked by 4.6% and DLF which advanced 4%.
FTSE, Dow Jones up, Nasdaq down
The FTSE 100 closed the week with a 1.1% advance to end on 6,554.9 points, a climb of 69.3 points. Xstrata was the day's big gainer, rising 7.9% to reach 3,656 UK pence. It was a flat day for the Dow Jones in the US, gaining a mere 5.7 points, or less than half a percentage point, to close on 13,625.6 points. The Nasdaq dipped 2.9% to finish on 2706.2 points.
QIA pumps $850m into Indonesia
The Qatar Investment Authority (QIA), which manages around $60bn of assets, is to pump $850m into Indonesia's economy, reported Reuters. The QIA is to form a $1bn firm alongside the South East Asian country's government which will put $150m into the joint venture. The new entity will invest in the oil and gas, mining and power sectors and a Qatari delegation will visit Indonesia within a week.
$2bn Jebel Ali sukuk to DIFX
The Jebel Ali Free Zone's (Jafza) Dhs7.5bn ($2bn) local currency sukuk has become the first non-dollar security listed on the Dubai International Financial Exchange (DIFX), reported Gulf News. The latest Islamic bond takes the value of sukuk issues listed on the exchange to around $16bn. Jafza's bonds, issued by the Cayman Islands registered Jafz Sukuk, were sold to investors in the Middle East, Asia and Europe.
$325m Rakia sukuk to DIFX
The Ras Al Khaimah Investment Authority (Rakia) listed a $325m sukuk on the Dubai International Financial Exchange (DIFX) on Thursday, taking the DIFX's total listed value of Islamic bonds to $14.1bn. Rakia has raised the money to help finance its offshore Al Marjan artificial island tourism project. Rakia's sukuk has been issued by the Rakia Sukuk Company and matures in 2012; it is based on an Al Wakala structure.
Kuwait mulls wage increase
Kuwait's parliament has approved a draft law which calls for a wage hike for public and private sector employees earning less than 1,750 dinars ($6,385), reported Reuters citing Al-Qabas and other newspapers. The resolution, which calls for a 50 dinar-per-month pay rise for the workers, requires government approval.
UAE cuts interest rates
The UAE trimmed its main interest rate by 15 basis points on Thursday to 4.5%, matching the Federal Reserve's benchmark ahead of an expected rate cut next week, reported Reuters. The central bank trimmed the overnight repurchase by a total of 25 basis points since it first introduced it last Thursday.
GCC to launch common market
Leaders of the six-member Gulf Cooperation Council (GCC) announced their intention to launch a common market in January 2008 and a currency union by 2010, reported Arab News. The common market would give all GCC citizens the right to work in all government and private institutions in the GCC, buy and sell real estate and make other investments, move freely between the countries, and receive education and health benefits.
UAE-Sino trade to hit $20bn
Bilateral trade between China and the UAE will reach $20bn at the end of this year, an increase of 41% compared to last year, reported Khaleej Times. Gao Youzhen, China's Consul-General to Dubai, said Sino-UAE trade relations will continue to grow, especially with the increasing participation of Chinese companies in various trade shows in Dubai.
UAE to keep dollar peg
UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said Wednesday the bank would leave its dollar peg unchanged for the 'foreseeable future,' reported Reuters. Making his first remarks since the Gulf Arab summit, Suwaidi said there was no need to allow the dirham to rise against the tumbling dollar, adding that he believes other GCC countries are also committed to the dollar peg.
Dow, FTSE rise sharply
The Dow Jones rose sharply on Wednesday after a two-day sell-off, boosted by a report showing unexpected strength in the job market. The index finished up 196.23 points, or 1.48%, to finish on 13,444. Meanwhile, the UK's FTSE 100 index also ended the day sharply higher, as optimism rose about a rate cut at the Bank of England's policy meeting on Thursday. The index rose 178.6 points, or 2.83%, to finish on 6,493.
Suez wins contracts for Cairo wastewater plant
Suez Environment said it has won 55m euro in contracts from Egyptian authorities for the Gabal El Asfar wastewater treatment plant near Cairo, reported Thomson Financial News. One of the contracts involves expanding the plant, and another involves a three-year renewal of an operating contract expiring this year.
Japan's export to the Gulf up by 36%
The boom of Japanese firm activities in the Gulf has raised Japan's exports 36 per cent to $9.7bn during the first six months of 2007, reported Gulf News. The UAE secured the highest share of the Gulf countries of $3.4bn, or a 35.2 per cent share, of Japan's exports, followed by Saudi Arabia with $3.38 billion, or 35 per cent. In third place was Oman with 11 per cent, followed by Qatar with 8.4 per cent, Kuwait 7.23 per cent and Bahrain 3.09 per cent.
Egypt talks with Iran over wheat imports
Egypt has held talks with Iran over the possibility of importing Iranian wheat, reported Reuters. "The talks dealt with the possibility of importing wheat from Iran, especially given that Iran has become a wheat exporting country," said a statement issued by the Egyptian Ministry of Trade and Industry. Egypt and Iran have not had full diplomatic relations since Iran's 1979 Islamic Revolution, and diplomatic contacts are usually limited to international gatherings.
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