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Kipco to launch pension wing
Kuwait's biggest privately owned investment firm, Kuwait Projects Co. (Kipco) has said that it plans to establish a company early next year to sell pension products as part of a business expansion in the Middle East and North Africa, Bloomberg has reported. 'This will be the first pension product promoted by a private company aimed at the mass market in Mena,' Kipco's Group Communications Director Robert Hipkins said.
GCC single currency 'may be dollar-pegged'
Howard Handy, chief economist at Saudi Arabia's second-largest bank, Samba Financial Group, has said that the GCC's planned single currency may initially be pegged to the US dollar, Bloomberg has reported. Before the introduction of the unified currency 'we do not expect any changes to GCC exchange rate regimes, including in those countries currently opted out of monetary union,' Handy said. 'In the first instance, we also expect that the single currency will retain the dollar peg.'
Saudi index gains 1.55%
The Saudi stock exchange (Tadawul) rebounded from yesterday's loss by gaining 1.55% today to close on 6,449. Market heavyweight Kingdom Holding climbed 6.12% to close on 5.25 riyals, while Alimna, the most heavily traded stocj of the day, rose 2.20% to finish on 13.95 riyals.
Abu Dhabi index ends higher
The Abu Dhabi Securities Exchange rose slightly on Wednesday, gaining 0.20% to close on 3,228. The construction and insurance industries led the way, gaining 2.15% and 1.07%, respectively. Overall, 16 stocks gained, 16 stocks fell, and eight remained unchanged.
Emaar leads Dubai index higher
The Dubai Financial Market rebounded from yesterday's loss with a gain of 3.02% today to close on 2,373. Emaar was the most heavily traded stock and the biggest gainer of the day, up 6.54% to finish on Dhs4.89. Other big gainers on the day were Tabreed, which climbed 5.45% to close on Dhs1.16, and Aramex, which rose 4.40% to Dhs1.90. Overall, 20 stocks rose, five fell, and four remained unchanged.
Carlyle mulls Middle East office
Stephen Schwarzman, CEO of Blackstone Group, the world's largest private equity firm, said the company is considering an office in the Middle East, Bloomberg has reported. Speaking at a private equity conference in Dubai, Schwarzman said the worst is over for the buyout industry, adding, 'after virtually no realizations over the last year, we're seeing the beginnings of realizations through sales and equity offerings'. He declined to be more specific about the timing or location of a Middle East office.
Elite police force to tackle UAE financial crimes
The UAE is training an elite police force to deal with financial crimes, the National has reported. The initiative is aimed at giving authorities in the country expertise in investigating and prosecuting cases that currently require experts to be brought in from foreign countries. After completing their eight-year course, the officers will have studied overseas, earned PhDs and worked at the UAE Central Bank, said Maj Gen Nasser al Naimi, the director general of the Minister of Interior's office.
Dubai's PIC inks deal with Jupiter
Dubai-based PIC, a member of the deVere Group of companies, the largest independent financial advisory in the world, has formed a strategic alliance with Jupiter Asset Management that aims to provide direct funds access and advice. Under the agreement, deVere and Partners can now access 43 funds directly through its 150 financial advisory professionals based in the region, according to a press statement.
Carlyle eyes new deals in Middle East
US-based private equity firm, The Carlyle Group, expects to close deals in manufacturing, food and beverage, health care and building materials in the Middle East and North Africa through its $500m fund, Reuters has reported. 'Most of our money is intact, we expect to close a number of deals in the near future,' Walid Musallam, managing director at Carlyle told the news service.
Kingdom Holding, Tata consider joint ventures
Saudi Arabia-based Kingdom Holding and Indian conglomerate Tata Group are considering unspecified joint investment opportunities, Reuters has reported. Tata Group has presented 'a number of potential investment projects' which will be examined further by the two parties, the company said.
Saudi shares gain slightly
The Tadawul All Share index fell 0.89% today to close on 6,343. The day's most heavily traded stock, Alinma Bank, fell 0.73% to close on 13.75 riyals. The top gainer was Saudi Investment Bank, which rose 4.27% to end the day on 19.55 riyals. Overall, 21 stocks closed higher, 104 declined, and eight remained unchanged.
ADX sees slight gain
The Abu Dhabi Securities Exchange rose 0.14% today to close on 3,222. Commercial Bank International was the day's big gainer, up 9.68% to close on Dhs1.70. Stocks in the health care sector, which rose 2.07%, offset declines in the banking, construction, insurance and consumer sectors. Overall, 14 stocks advanced, 18 declined, and eight remained unchanged.
Dubai index drops 1.64%
The Dubai Financial Market on Tuesday fell 1.64% to close on 2,303. Market heavyweights Emaar and Arabtec fell 2.13% and 3.31%, respectively. Gulf Finance House was the day's big gainer, up 13.42% to close on Dhs2.62. Overall, four stocks rose, 24 fell, and three remained unchanged.
DFM to break through 3,000 level in 2010, says analyst
The Dubai Financial Market will rise more than 28% and pass the 3,000-level by the second quarter of 2010, a fund manager at Gulfmena Alternative Investments has said. 'We will be moving toward the 3,000-level in the medium- to-long term' if the index trades above its 2,200 support level,' said Marwan Shurrab, a fund manager at the Dubai-based asset management firm. 'International market performance, third- quarter results and strong economic data' from the region will support the rally, he added.
UAE Labour cards, residency, ID to be merged
UAE Residency permits, labour cards and national ID cards will be merged into one card under a single application process from next July, The National has reported. These applications are overseen by the Ministry of Interior, the Ministry of Labour and the Emirates Identity Authority. Under the new system, which will be implemented on new arrivals from next summer, each ministry will still be responsible for approving applications in its area, but the application process will be overseen entirely by the authority. The medical tests will also include the taking of fingerprints, iris scans and facial biometrics.
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