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Singapore signs free trade deal with GCC
Singapore yesterday signed a free trade agreement with the GCC, reported Reuters. The agreement will grant tariff-free access for about 99% of Singapore's domestic exports, while all goods from GCC members will get tariff-free access to the South-east Asian nation. In addition Singapore-based firms will gain greater access to the GCC market. Bilateral trade between Singapore and the GCC is currently worth $28.7bn.
Middle East: Tuesday, December 16 - 2008 at 10:59

UAE economy 'still sound', says PM
The UAE economy has been and is still sound and the government is handling the impact of the global financial crisis with patience and wisdom, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said yesterday. Sheikh Mohammed, the vice president and prime minister of the UAE, called for greater constructive cooperation and coordination among financial and banking institutions around the world to minimize the consequences of the crisis and its impact on the development programmes of countries throughout the world. He made his comments during talks with visiting chairman of the US Senate Finance Committee, Senator Max Baucus, news agency WAM reported.
United Arab Emirates: Tuesday, December 16 - 2008 at 10:42

KNA begins listing on Kuwait stock market
Kuwait National Airways has announced its listing on the Kuwait Stock Exchange ahead of the planned commencement of flight operations for its flagship subsidiary, Wataniya Airways, in January 2009. KNA, which was established in 2005, is the parent company of Wataniya Airways, the region's newest commercial full service luxury airline. KNA is also the majority shareholder in United Projects Group (UPAC) - a real estate, construction and aviation support company, and Royal Aviation Company Kuwait - which manages the new private air terminal at Kuwait International Airport.
Kuwait: Tuesday, December 16 - 2008 at 10:28

Dubai repays $1.2bn MGM loan
Dubai World has announced that it has recently repaid the outstanding balance on a $1.2bn loan facility arranged and underwritten jointly by Royal Bank of Scotland, Credit Suisse and Deutsche Bank. While refinancing had been offered, Dubai World determined the cost of capital was not competitive and instead elected to repay the outstanding amount under the loan of $890m from its operating reserves on December 11, 2008, according to a statement. The loan facility was established one year earlier to help finance the purchase of a 9.4% stake in MGM Mirage by Infinity World, a subsidiary of Dubai World.
United Arab Emirates: Tuesday, December 16 - 2008 at 07:54

ADX, DFM dip continues
The Abu Dhabi Securities Exchange continued its slight dip, falling a further 0.71%. Of the 33 traded companies, 21 fell, with 11 rising and one remaining stable. Aldar was the most active stock by value. The Dubai Financial Market also fell slightly, losing 0.61% of its value. Emaar was the most active stock by value, losing 1.64% to end the day at Dhs2.99.
United Arab Emirates: Monday, December 15 - 2008 at 15:18

Qatar's economy could grow 10%
Qatar's economy could grow 10.3% in 2009, according to the Samba Financial Group. The report estimates Qatar's growth on the strength of its liquified natural gas exports, which makes it the world's fastest growing economy. 'Qatar's strong economic performance is being fuelled mainly by growth in the country's LNG exports,' the Saudi Arabia based bank said in its recent report.
Qatar: Monday, December 15 - 2008 at 11:32

Citi Dubai loans total $8bn
Citigroup International has arranged loans valued at over $8bn to different Dubai government entities over the past few months the group has said. The total finance amount is an aggregate of six deals with public sector companies. Citi chairman Sir Win Bischoff said that the deals represented the group's confidence in the Dubai market.
United Arab Emirates: Monday, December 15 - 2008 at 09:54

ADX, DFM dip slightly
The Abu Dhabi Securities Exchange dipped slightly by 0.86%, with the Banking and Insurance sectors leading the decline. The Dubai Financial Market also fell slightly, losing 1.33% of its value. Shuaa was the biggest loser, going down by 7.43%.
United Arab Emirates: Sunday, December 14 - 2008 at 16:34