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UAE urged to review insolvency laws
It takes an average of five years to close a business in the UAE due to inadequate insolvency laws, the National has reported, citing a World Bank study. Company owners must pay an average of 30% of the value of their estate to shut down a business, the study added. Dahlia Khalifa, senior strategy adviser for the report, called on the government to review its insolvency laws.
World Bank to loan $4bn to Mena region
The World Bank's Managing Director, Juan Jose Daboub, has announced that the bank will loan about $4bn this year in the Middle East and North Africa to help create jobs for 20 million jobless young people, Bloomberg has reported. The loans will come from the bank itself and the International Finance Corp., its unit for lending to companies.
Saudi denies plans to replace dollar
Saudi Central Bank Governor, Muhammad al-Jasser, has dismissed as 'absolutely incorrect' a report in the UK's Independent newspaper that the kingdom and other nations are holding talks on dropping the US dollar as the currency for pricing oil, Bloomberg has reported. 'We don't have any emotional or political attachment to the dollar, we have self-interest and it still serves our self-interests,' al- Jasser told Bloomberg.
Energy sector boosts Tadawul
The Tadawul index rose by 0.93%, closing at 6,340.51. A total of 89 companies rose, while 30 fell. Saudi Cement posted the biggest rise of the day, going up by 5.53%. The energy and utilities sector provided the largest boost to the market, going up by 3.87%.
Emaar helps boost DFM
The Dubai Financial Market ended the day up by 1.64% after recording an upswing in afternoon trading. Six companies fell, 19 rose and seven remained unchanged. Emaar's stock was the most traded by volume and by value, and one of the biggest risers of the day. The developer, who is currently exhibiting at Cityscape Dubai, ended the day up 4.57% at Dhs4.35.
Abu Dhabi market posts slight rise
The Abu Dhabi Securities Exchange (ADX) rose by 0.40% at closing, after initial early gains were reversed over the course of trading. A total of 22 stocks rose, 16 fell and five remained unchanged. Abu Dhabi National Takaful was the day's biggest riser, going up by 10% to Dhs5.83. Master developer Aldar was the most traded stock, rising slightly to Dhs6.26.
Waha looking at $1bn acquisitions
Salem al-Noaimi, chief executive of Abu Dhabi-based Waha Capital has said the company is looking at acquisitions of up to $1bn in the maritime, financial and leasing services sectors. 'From the maritime side, we are interested in a regional player, financial services would be regional and leasing would be global,' he told Reuters. Noaimi said that the group was also working on two structured finance deals for the United Arab Emirates' armed forces.
Jordan scales down 2010 budget
Jordan's budget for next year will be scaled down by around JD590m, compared to the current year's budget, the Jordan Times has reported. The envisaged budget for 2010 will stand at JD5.6bn compared with JD6.2bn for 2009, a decrease of 9.6%. The estimated budget deficit for the next year, taking into account foreign grants, is forecast to stand at around JD685m, or 3.9% of the gross domestic product (GDP), compared with JD1,178m or 7.3% of GDP this year.
Dubai food exports rise
According to figures from the Dubai Export Development Corporation, the emirate is increasingly exporting food products around the world with around Dhs3.5bn traded last year. Dubai had also re-exported Dhs4.1bn worth of food products in 2008, with sugar and confectionery ranking at the top of the list of food exports, making up 37% of the export value of all food products.
Tasi declines in afternoon trading
After climbing to a high of 6,341.65 in the morning, Saudi Arabia's Tadawul index fell 19.7 points, or 0.31% by day's end, to close on 6,282. On the day, 89 stocks traded lower, while 34 ended higher. Market heavyweight Kingdom Holding ended the day down 4.04% to close on 4.75.
ADX sees slight gain
The Abu Dhabi Securities Exchange gained 23.18 points, or 0.74% to close on 3,150. On the day, 23 stocks advanced, nine declined, and six remained unchanged. Sorouh, Abu Dhabi's second-biggest property developer, advanced for the first time this week, adding 1.52% to close on dhs3.98.
Dubai market hits 2009 high
The Dubai Financial Market climbed to a 2009 high today as the chairman of the emirate's Supreme Fiscal Committee said the emirate is 'confident' of repaying its debt this year. The DFM rose 2.02% to close on 2,236, led by market heavyweights Emaar and Arabtec, which rose 2.72% and 4.18% respectively. Dubai Islamic Bank gained 1.94% to dhs3.15 after disclosing that it isn't owed money by either Saad or Algosaibi groups. Gulf Finance House had the day's biggest loss, down 9.97%, to close on Dhs3.07.
Dubai will settle debt this year, says official
The government of Dubai will be able to clear its debt and that of state-linked firms this year, Sheikh Ahmed bin Saeed al-Maktoum, a member of the emirate's financial crisis committee said today at Cityscape. Asked if Dubai would be able to settle or refinance its debt in 2009, he replied, 'Yes', but offered no further details, Reuters reported. The emirate and its state-linked firms have outstanding debt of about $80bn.
Kuwait to set $35 oil price for 10/11 budget
Mustapha al-Shamali, Kuwait's Finance Minister, has said that the country's 2010/2011 budget is expected to be based on a crude oil price of $35 a barrel, according to a report in daily newspaper Awan. 'Approving this price will not prevent the state from continuing to spend on developmental projects in the next budget,' al-Shamali added.
Kipco to extend maturity of $140m bonds
Kuwait's biggest investment firm by assets, Kuwait Projects Company (Kipco), has announced it will extend the maturity of KD40m ($139.5m) worth of bonds by one year until November 5, 2010, Reuters has reported. The bonds have a coupon rate of 5.57%.
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