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Reem Investments profits jump to Dhs1.06bn
Reem Investments, an Abu Dhabi-based investment company, has reported that it earned a profit of Dhs1.06bn ($289m), driven both by sales revenue and fair value gains for the full year 2007 as compared to the Dhs205m recorded for the full year 2006. Shareholders' equity for the year grew 85% to Dhs3.5bn from Dhs1.9bn in 2006. Total net asset value increased by 69% to Dhs5.3bn from Dhs3.1bn in 2006. Based on the strong performance the company 's board of directors has proposed a dividend of 10%. Shaikh Tahnoon bin Zayed Al Nahyan, chairman, Reem Investments, called the year 'a milestone and remarkable' for the company.
United Arab Emirates: Thursday, April 10 - 2008 at 11:16

Bahrain official urges spending cuts
The head of Bahrain's state-owned Economic Development Board said the country should rein in state spending to curb inflation, which hit 4.8% in February, reported our sister company Meed. EDB Chief Executive Shaikh Mohammed bin Essa Al Khalifa said growth needs to be curbed 'so inflation can be more manageable'. He also said he is not in favor of currency reevaluation. The EDB is responsible for formulating and overseeing the economic development strategy of the Gulf Arab kingdom.
Bahrain: Thursday, April 10 - 2008 at 11:11

Kuwait fund opposes complete transparency
A top Kuwait Investment Authority official said a code of conduct requiring full transparency at state-backed sovereign wealth funds would harm financial market efficiency, reported Reuters. The International Monetary Fund is drafting a voluntary code of conduct for the sector that would establish best practice principles in governance and transparency to help ensure that the funds have economic rather than political motives. But the Kuwait Investment Authority's managing director, Bader Al Saad, said his fund already met most proposed requirements on governance and transparency and an official code of conduct would not help.
Kuwait: Thursday, April 10 - 2008 at 11:03

ME economy to grow 6.1% 2008
A new report by the International Monetary Fund has found that economic growth in the the Middle East will probably accelerate to 6.1% this year from 5.8% in 2007, even as inflationary pressures rise, reported Bloomberg. The report said the economies of oil exporters including Iran, Saudi Arabia, the UAE and Kuwait, will likely grow by 6% in 2008 and 5.9% next year, up from 5.6% in 2007 and 5.8% in 2006. In non-oil producing countries including Egypt, Jordan, Syria and Lebanon, economic growth will probably slow to an average of 6.2% this year, from 6.3% last year and pick up in 2009 to 6.5%. Egypt's economy will likely grow by 7% this year, the report said.
Thursday, April 10 - 2008 at 10:58

UAE to keep dollar peg
The UAE said it will keep the dirham pegged to the dollar without any revaluation after a review of the currency system by a committee set up to examine the dollar link, reported Bloomberg. The panel recommended keeping the link to the U.S. dollar without any change in the official exchange rate or a revaluation, according to a statement on Web site of the state-owned Emirate News Agency. The suggestion has the support of Prime Minister Sheikh Mohammed bin Rashid al-Maktoum.
United Arab Emirates: Thursday, April 10 - 2008 at 07:58

DFM flat, ADSM up
The Dubai Financial Market ended flat on Tuesday, losing 4.08 points to close on 5,431. Arabtec was the day's big gainer, up 7.38%. The Abu Dhabi Securities Market had a more positive day, gaining 43.84 points, or 0.92%, to finish on 4,804.
United Arab Emirates: Wednesday, April 09 - 2008 at 14:29

Value of GCC IPOs hit $4bn in Q1
A new report by Gulf Capital has found that the value of IPOs issued by GCC countries in the first quarter of 2008 exceeded that of last year's by 351%, to rise to $4bn, compared to $900m in the first quarter of 2007. During the first quarter of 2008 a total of eight IPOs were completed, remaining unchanged when compared to their number in the same period last year.
United Arab Emirates: Wednesday, April 09 - 2008 at 10:11

UAE plans new law on Islamic finance activities
The UAE plans to issue a new law to supervise Islamic finance activities, reported Gulf News. The new statute would create a higher Shariah council to to oversee Islamic finance activities in accordance with Islamic precepts, said Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs. In terms of assets and liabilities, Islamic banks account for Dhs170bn of total banking assets, or 13.5, a ratio similar to that of Malaysia.
United Arab Emirates: Wednesday, April 09 - 2008 at 07:12