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Dubai's MTN issue receives excellent response
The Dubai government on Wednesday completed the issuance of the first tranche of its Dhs15bn Medium Term Note programme, reported Gulf News. Sami Al Qamzi, director general of the Dubai Finance Department, said it had received 'excellent investor response' to the issue both from within and outside the Middle East. The inaugural dual tranche dirham-denominated issue consisted of a fixed rate note issue of Dhs2.5bn and a floating rate note issue of Dhs4bn. The MTN programme is aimed at raising funds for various infrastructure projects.
United Arab Emirates: Thursday, April 17 - 2008 at 11:25

Tejari inks deal to boost China-ME trade
UAE-based Tejari, an online business to business marketplace and a unit of Dubai World, has signed an agreement with the government of Qingdao, China, to deliver an e-procurement portal to help boost trade between China and the Middle East. Under the deal, Tejari China will create a customized one-stop B2B procurement platform for the Bureau of Foreign Trade and Economic Cooperation of Qingdao. BOFTEC is seeking to grow commercial links with the Middle East and conduct one-half of its $1bn trade with the UAE online by 2013.
United Arab Emirates: Thursday, April 17 - 2008 at 10:53

Al Benaa to launch IPO
Abu Dhabi-based Al Benaa Real Estate Investment plans to launch an initial public offering (IPO) later this year, reported Gulf News. The company, which was incorporated in June 2006, plans to call for the second 50% of the paid-up capital from the shareholders very soon, said the firm's CEO Noura Al Nowais. Al Benaa's authorised capital is Dhs100m ($27.2m), of which Dhs50m is fully paid by the shareholders, who include institutions and high net-worth individuals such as Abu Dhabi Islamic Bank and Shaikh Soroor Bin Mohammad Al Nahyan.
United Arab Emirates: Thursday, April 17 - 2008 at 07:27

Tadawul indices adopt free float method
The Tadawul in Saudi Arabia is the first GCC stock market to follow a free float methodology in its indices, moving it closer best practices followed around the world for capital markets. An NCB Capital report says that the methodology will result in significant change in the rankings of the top 10 companies and reduce market concentration on the top five companies. As a result, Sabic’s weight has dropped on the TASI Index, while banks have benefited, making up six of the top 10.
Saudi Arabia: Wednesday, April 16 - 2008 at 16:24

UAE markets end higher
The Dubai Financial Market on Wednesday gained 42.79 points, or 0.78%, to end the day on 5,515. Commercial Bank of Dubai was one of the day's big gainers, up 4.97%. Meanwhile, the Abu Dhabi Securities Market also closed higher, rising 24.51 points, or 0.51% to finish on 4,817.
United Arab Emirates: Wednesday, April 16 - 2008 at 14:44

Morocco's Shariah-compliant equities are tops
Equity markets in Morocco, Egypt and Nigeria delivered the highest returns for investors in companies deemed to comply with Islamic law during the first quarter of 2008, according to Standard & Poor's Global Benchmark Shariah Index Series. Conversely, Shariah-compliant equities in Turkey, China and India experienced the largest declines over the quarter. During the first quarter of 2008, Shariah-compliant equities in Morocco returned 34.45% on a total return basis, followed by Egypt (18.93%) and Nigeria (13.42%). In Turkey, Shariah-compliant stocks fell by 26.67%, followed by China (-26.57%) and India (-26.43%).
Middle East: Wednesday, April 16 - 2008 at 13:29

Egypt and India close to free trade pact
India and Egypt have set up a group to finalise an economic cooperation agreement that will include free trade in goods and services, reported the Peninsula. India's Commerce Minister Kamal Nath said there is enormous potential for cooperation, not only bilaterally but also in third countries. Top Indian companies like Essar, Reliance and the Tata group are planning huge investments in Egypt worth an estimated $20bn in areas ranging from oil and gas to plastics and fertilisers.
Egypt: Wednesday, April 16 - 2008 at 12:52

Kuwait budget surplus doubles
Kuwait's Ministry of Finance said the country posted a preliminary budget surplus of 11.4 billion dinars ($42.9bn) for the last fiscal year, more than double the previous year, reported Bloomberg. Government revenue was 18.9 billion dinars in the fiscal year ending in March, of which 17.7 billion dinars, or 94%, was from oil sales, the ministry said. Expenditures were 7.5 billion dinars.
Kuwait: Wednesday, April 16 - 2008 at 11:49