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Borse Dubai seeks syndicated loan
State-run Borse Dubai is continuing talks with banks to secure a syndicated loan that will refinance an existing $3.78bn loan to back its acquisition of Nordic exchanges group OMX, Reuters has reported, citing banking sources close to the deal. The original financing, agreed in March and which matures on February 28 2009, is split between a $2.226bn facility and a 796 million pound facility.
United Arab Emirates: Thursday, December 11 - 2008 at 08:33

Gulf Stream expands operations
Gulf Stream Asset Management, a US-based institutional asset manager that is majority owned by Istithmar World Capital, today announced the expansion of its portfolio strategies by establishing a credit dislocation fund and a multi-strategy credit hedge fund, the company said in a press statement. The move is part of Gulf Stream's aggressive expansion strategy to capitalise on current market opportunities. To further support the firm's growth, Gulf Stream has also opened a New York City office, the statement added. Earlier this year, Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, acquired a majority stake in Gulf Stream.
United Arab Emirates: Wednesday, December 10 - 2008 at 14:31

Mubadala eyes stake in Finmeccanica
Mubadala Development Co, the government-owned investment arm of Abu Dhabi, wants to buy a 'significant stake' in Finmeccanica, Italy's biggest defense company, reported Finanza & Mercati newspaper. Mubadala and Finmeccanica already have a venture to manufacture aircraft components in the UAE.
United Arab Emirates: Wednesday, December 10 - 2008 at 12:53

GCC remittances to dip 9% in 2009
A new report by the World Bank predicts that remittances from GCC countries will fall 9% next year compared to an increase of 38% in 2008 due to rising oil prices and the financial crisis. Money from the GCC accounted for 63% total foreign remittances received by Bangladesh this year, and the percentage was 52% for Pakistan.
Middle East: Wednesday, December 10 - 2008 at 10:51

UAE 'well positioned' to maintain fiscal surplus
A new report by Abu Dhabi Commercial Bank (ADCB)says the UAE is well-positioned to maintain a fiscal surplus in 2008 and 2009 since it has the lowest 'break-even oil price' in the GCC of $23 per barrel against the IMF's baseline petroleum price projection of $68 per barrel for 2009, reported Khaleej Times. The report also noted that the UAE's debt has been backed by foreign asset reserves that leaves the country's capacity unimpaired. Recent efforts by the central bank to inject liquidity in the local financial market were merely precautionary and the country's underlying financial system is sound, the report added.
United Arab Emirates: Wednesday, December 10 - 2008 at 10:44

Middle East economic growth to slow
A new report from the World Bank predicts that economic growth in the Middle East and North Africa will slow to 3.9% in 2009 from 5.8% in 2008 due to a continued decline in oil prices and the global financial crisis. The report said the region's economy may pick up by 2010, depending on how fast oil prices are pushed up to a so-called 'fair' price of $65 to $75 per barrel. Overall, the bank's annual 'Global Economic Prospects' report predicts that global growth will slow to just 0.9% next year as falling asset prices worsen the credit crunch.
Middle East: Wednesday, December 10 - 2008 at 08:11

Tasi recovers 5.21%
The Tadawul All-Share Index (Tasi) has gained 5.21% last week, led by the petrochemical and banking sectors, Arab News has reported. The index closed at 4,654.88 points. Top gainers include Saudi Arabia Refineries Co. up 38.89%, Saudi Hollandi Bank by 23.29%, Dar Al-Arkan 21.09%, and Saudi Basic Industries Corp. at 18.33%.
Saudi Arabia: Saturday, December 06 - 2008 at 10:05

Egypt's inflation dips
Consumer inflation in Egypt fell to 20.9% in the year to November from 21.2% in the year to October, according to the state-run statistics agency CAPMAS. Inflation in urban parts of the country rose slightly to 20.3% in the year to November from 20.2 percent in October, while the rural inflation rate fell to 21.8% from 22.5%.
Egypt: Thursday, December 04 - 2008 at 11:45