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World Bank unit plans $100m sukuk
The International Finance Corporation (IFC), an arm of the World Bank, has announced plans to list a $100m sukuk on the Nasdaq Dubai and the Bahrain stock exchange. The planned listing makes the IFC the first non-Islamic financial institution to issue a sukuk in the GCC. 'This is a historic day for Islamic Finance and the Islamic Finance market,' said Dr Nasser Saidi, Chief Economist of the DIFC Authority.
ADX ends slightly lower
The Abu Dhabi Securities Index on Wednesday fell 26.94 points, or 0.85%, to end the day on 3,156. With no sectors ending the day in positive territory, the industrial index saw the biggest drop, down 3.92%. Real estate stocks Aldar and Sorouh also declined by 2.06% and 2.49%, respectively.
Dubai stocks fall 1.63%
The Dubai Financial Market on Wednesday dropped 1.63% on Wednesday, led by market heavyweight Emaar, which fell 2.34% to close on Dhs4.60. Other stocks posting declines included Commercial Bank of Dubai, down 3.80% to Dhs3.80, and Shuaa Capital, which dipped 3.90% to Dhs1.97. Overall, 18 stocks declined, eight rose, and five remained unchanged.
UAE economy to rebound with 'greater confidence', says PM
The UAE has survived the worst of the downturn and will rebound with 'greater confidence' due to measures that have been put in place to help the economy, Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said today. 'Despite all the negative effects of the crisis, they have proven that our economy is solid and capable of absorbing its various ramifications,' the prime minister was quoted as saying by Reuters.
UAE economy to rise 1.3% in '09, says minister
The UAE's economy minister said today that the country's economy was set to grow 1.3% in 2009, Reuters has reported. 'This would be a good figure,' Sultan bin Saeed al-Mansouri told Al Arabiya television. Last month the central bank governor said the economy could contract.
Kingdom Holding Q3 profits fall
Saudi-based Kingdom Holding has said its third- quarter profit dropped by 54% to SR104.8m ($28m) in the three months ended September 30, compared to SR226.5m in the year-earlier period. The company blamed the decline in income on a 'decrease in dividend distribution from investments in international and local markets'.
Jordan may issue sukuk to tackle deficit
Jordan is considering issuing sukuk by end of the year to help it cover part of its spiralling budget deficit, Reuters has reported. A committee has been set up to study how to introduce the Islamic bonds for the first time in the kingdom which traditionally relies on conventional six month, one-year and three-year maturity T-bills and bonds, sources at the Jordanian ministry of finance told the news service.
TASI rises for second straight day
Saudi stocks closed higher for a second straight day, gaining 6.39 points to finish on 6,541. The Energy and Utilities sector led the way with a gain of 4.08%. Overall, 60 stocks declined, 56 rose, and 16 remained unchanged.
ADX posts slight gain
The Abu Dhabi Securities Exchange had a slight gain of 6.16 points on Tuesday to close on 3,183. The index was led by property stocks Aldar, which rose 2.77%, and Sorouh, which climbed 1.26%. Overall, 17 stocks advanced, 11, declined, and seven remained unchanged.
Capital markets 'worked as advertised' during financial crisis
Nasdaq Dubai CEO Jeff Singer told delegates at the Meed Capital Markets conference that capital markets had 'worked as advertised' during the global financial crisis. 'Derivatives were virtually unaffected, for every seller shying away there was a buyer,' said Singer. 'We don't regulate the price of course, but transparent markets worked, and allowed investors to operate properly.'
Dubai index drops 1.20%
The Dubai Financial Market on Tuesday fell 1.20% to close on 2,295. The index was dragged down by Emaar, the day's most heavily traded stock, which fell 1.26% to end on Dhs4.71. Overall, 20 stocks fell, seven rose, and three remained unchanged. The day's big gainer was Gulf Finance House, which jumped 15% to close on Dhs2.07.
Egypt aims for 10% growth by 2012
The Egyptian government has said that a government plan for 2020 is expected to boost growth rates to 10% by 2012, Reuters has reported. The plan relies on economic growth being propelled by industrial and technological development, a spokesman at the Economic Development Ministry told the news service.
Dubai to hold bond roadshows
Dubai plans to launch fixed income roadshows across Europe, Asia and the UAE from October 22 to test appetite for future debt from the emirate, Bloomberg has reported. The announcement follows news that Nakheel paid off $1.2bn in debt, a sign confidence is returning to the emirate. A prospective international bond sale would be the first from the emirate in more than a year and comes after Dubai International Capital, an investment firm owned by the ruler of Dubai, last week launched syndication for a $550m loan.
Sukuk structures to be 'more conservative'
Future sukuk structures are set to be more conservative, Mohammed Tariq, Head of Treasury at the Islamic Development Bank (IDB) told delegates at the Meed Capital Markets conference in Dubai. 'There has been some clarity but there are still some questions. There were underlying Shariah issues that have now been clarified.'
Saudi stocks hit 2009 high
Saudi stocks rose to the highest level in a year after Saudi Basic Industries Corp, the world's largest petrochemicals maker, reported strong earnings. Sabic gained 6.33%, the most since August, to close on 84 riyals. National Industrialization Co was the day's big gainer, up 9.69% to close on 26.60 riyals. Overall, 119 stocks advanced while only 19 declined. The Tasi has gained 15% since the beginning of September, according to Bloomberg data.
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