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Oman economy grows to $40.3bn
Oman's economy minister Ahmad bin Abdul-Nabi Mekki said the country's gross domestic product probably grew to 15.51 billion rials ($40.29bn) at current prices in 2007, reported Reuters, citing the state-run Oman News Agency. Non-oil industries contributed 8.72 billion rials to the GDP, the minister said.
Oman: Wednesday, April 16 - 2008 at 10:25

UAE to help Georgia build 'Black Sea' Dubai
The Republic of Georgia is teaming up with a UAE investment fund to build a port and tax-free zone on its Black Sea coast in a bid to boost its economy and mimic the success of Dubai, reported AP. Under the deal, Georgia will sell a 51% stake in the port of Poti and 400 hectares of land to the investment arm of the Ras al-Khaimah emirate for $90m. Government officials said over $200m will be invested in the Poti port over three to four years in a bid to triple capacity and create 15,000-20,000 jobs.
United Arab Emirates: Wednesday, April 16 - 2008 at 09:29

Egypt may raise public sector pay
Egypt's Trade and Industry Minister Rachid Mohammad Rachid said the government is considering raising public sector salaries, reported Reuters. However, it is not planning to take any immediate steps to curb inflation, which soared to its highest rate in over three years in March as food prices jumped, he added
Egypt: Wednesday, April 16 - 2008 at 07:35

UAE markets end higher
The Dubai Financial Market on Tuesday rose 50.12 points, or 0.92%, to end the day on 5,472. Du, the UAE's second telecoms operator, rose 4.04% to Dhs5.93. Meanwhile, the Abu Dhabi Securities Market also finished higher, up 10.89 points, or 0.22%, to end the day on 4,853.
United Arab Emirates: Tuesday, April 15 - 2008 at 14:30

Dow Jones Indexes opens Dubai office
Dow Jones & Co. unit has announced that its indexes division has opened an office in Dubai to help sell licenses in the Middle East and North Africa, reported Bloomberg. Dow Jones Indexes will also market its conventional and Islamic index products in the region from Dubai, the company said.
United Arab Emirates: Tuesday, April 15 - 2008 at 14:05

Peg hinders Gulf inflation battle
UAE Central Bank Governor Sultan bin Nasser Al Suwaidi said the US dollar's decline is making it difficult for Gulf nations to control inflation, reported Bloomberg. Speaking on behalf of economies including Egypt, Iraq, Jordan, Qatar and Yemen at the International Monetary Fund's semiannual meeting in Washington, Al Suwaidi said policymaking in some countries is being 'complicated' by the falling dollar.
Tuesday, April 15 - 2008 at 11:31

Algebra Capital unveils $300m fund
Dubai-based Algebra Capital has launched a new fund focused on Middle East and North Africa corporate credit and local currency markets, reported Gulf News. The Beta Mena Fund aims to raise $300m and will be initially offered in dirhams and dollars. Other regional currencies such as the Saudi riyal and Qatari riyal will be offered in the near future.
United Arab Emirates: Tuesday, April 15 - 2008 at 10:54

DIC launches joint China fund
Dubai International Capital and First Eastern Investment Group, the first Chinese investment bank to be established at the Dubai International Financial Centre (DIFC), have launched a new fund, China Dubai Capital, which will target opportunities in China's growing economy. China Dubai Capital will invest in a wide range of sectors including infrastructure, resources, healthcare and services. The first closing of the fund will take place in May 2008 with at least $500m from investors predominantly in Asia and the GCC. The final closing is expected to take place in October bringing the fund up to $1bn. First Eastern currently manages over $1.5bn dedicated to direct investments in China.
United Arab Emirates: Tuesday, April 15 - 2008 at 09:50