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UAE insurance sector to grow 9% in 2009
The UAE insurance sector will grow by 5%-8% in 2009 despite the negative impact of the financial crisis on the sector, Fareed Lutfi, President of Dubai Insurance Group and Secretary General of Emirates Insurance Association (EIA) has said, according to MAC Capital. Lutfi added that the insurance industry in the region continues to face staff shortages and there have been no redundancies in spite of the impact of the crisis.
Abraaj eyes investments in Saudi, Egypt, Turkey
Mustafa Abdel-Wadood, managing director of Dubai-based Abraaj Capital, has said that the firm could make investments in Saudi Arabia, Egypt and Turkey, in a range of industries including logistics, transport, consumer businesses and financial services, Reuters has reported. Abraaj's sweet spot in terms of investment size was between $150m and $300m, he added.
Gulf Capital to invest $500m in Mideast
Karim el-Solh, CEO of Abu Dhabi-based private equity firm Gulf Capital has said the company is looking to invest $500m in Saudi Arabia, the UAE and Egypt, Reuters has reported. The opportunities include a deal in the healthcare sector that would be announced soon, he said. 'With so much dry powder left, regional private equity firms are under considerable pressure to close transactions,' he told the news service.
Gulfmena launches absolute return fund
Dubai-based Gulfmena Alternative Investments has announced the launch of an absolute return hedge fund focusing on equity markets in the Middle East and North Africa, Reuters has reported. An absolute return strategy aims to give positive returns, as opposed to relative returns which target beating benchmark indexes or peers. The fund targets annual returns in excess of 15% while it aims not to exceed an annual volatility of 7%.
Tadawul holds steady
Saudi's Tadawul ended the day up by only 0.01% at 6,400.39. Fifty-nine stocks rose, while 61 fell. Alinma Bank was the most traded by volume and by value, but ended the day down at SR13.75. Gulf Union posted the biggest rise, going up by 9.96%.
DFM posts increase
The Dubai Financial Market ended trading up by 0.73% at 2,342.26 after early falls were reversed and prices rose throughout the day. Thirteen companies rose, 10 fell and eight remained steady. Emaar was the most active by value and by volume, ending the day up by 2.85% to Dhs4.69.
ADX ends trading down
The Abu Dhabi Securities Exchange (ADX) ended the day down by 0.40% at 3,217.67. The only sectors to show a rise were the Healthcare and Consumer indexes. Emirates Driving company posted the biggest rise, going up by 10% to Dhs5.17. Al Wathba Insurance Co. recorded the largest fall, losing 10% to Dhs6.30.
FX roundup: Commodity currencies up against USD
Commodity currencies were in the spotlight last week with the Australian Dollar (AUD), Canadian Dollar (CAD) and New Zealand Dollar (NZD) all rising against the Greenback (USD).
Jordan M2 supply slows
According to data by Central Bank of Jordan, the kingdom's money supply growth had slowed to 6.3% in the year to August from growth of 14.6% during the same period in 2008, Reuters has reported. Money supply, measured as M2, rose to JD19.463bn at end-August 2009, from JD18.304bn at the start of the year, the data showed. M2, the broadest measure of money supply in Jordan's economy, rose 14.6% in the first eight months of last year when it stood at JD17.879bn at end-August, 2008 against JD15.606bn at the start of 2008.
Oman 2010 budget based on $50 oil
Oman's national economy ministry has said the Sultanate's 2010 budget will be based on a projected average oil price of $50 a barrel, Reuters has reported. The $50 projection, which the Ministry of National Economy made on its website, is just $5 above the average price on which Oman had set its 2009 budget forecast.
Aabar in $328m Santander Brazil stake
Abu Dhabi-based Aabar Investments has invested $328m in depositary shares issued by Banco Santander's Brazilian unit in its initial public offering, Reuters has reported. Aabar is a listed investment company controlled by Abu Dhabi's state-owned investor International Petroleum Investment Company.
IMF: Gulf oil exporters growth to slow to 0.7%
The International Monetary Fund has said that the economic growth of Gulf Arab oil exporters is set to slow to 0.7% this year but will rebound in 2010 to grow by 5.2% on rising oil revenue, Reuters has reported. Real GDP growth in 2009 for the Gulf, including the UAE, Kuwait, Qatar, Oman and Bahrain, would fall from an estimated 6.4% last year, Masood Ahmed, director of the IMF's Middle East and Central Asia Department said. 'The use of reserve buffers for countercyclical spending by oil exporters mitigated the impact on their own economies and generated positive spillovers for their neighbours,' he said.
IMF: Cautious optimism as MENA region rides global downturn
The latest International Monetary Fund (IMF) report on the Regional Economic Outlook for the Middle East and Central Asia has said that economies are stabilising and expected to experience higher growth next year, but are not yet 'out of the woods'. The stimulus packages put in place have helped ease the effects of the downturn, although they have increased public debt, but the IMF expects economies in the MENA and Pakistan region to grow collectively by 4% in 2010, up from 2.2% this year.
Tadawul supported by Insurance firms
The Saudi Tadawul registered a small rise on its second day of trading of the week, going up by 0.45% to 6,399.63. The market was strongly supported by the insurance sector, with Al Ahlia, Saqr and Trade Union as the top three gaining stocks of the day's trading.
DFM posts increase
The Dubai Financial Market (DFM) saw a good start to the week, ending the day up by 1.23%. Emaar, Air Arabia and Deyaar were among the most active stocks by value and by volume, with the former two going up by 2.70% and 2.56% respectively to Dhs4.56 and Dhs1.20.
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