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DFM down, ADSM up
The Dubai Financial Market ended the day, Tueday, down 46.31 points, or 0.84%, to finish on 5,435. Salam International had the day's biggest loss, down 14.29%. Meanwhile, the Abu Dhabi Securities Market rose 22.28 points, or 0.47%, to close at 4,760.
United Arab Emirates: Tuesday, April 08 - 2008 at 14:22

Bain & Company opens Dubai office
Bain and Company, a global management consulting firm, has announced the opening of its 38th worldwide office in Dubai, which will serve as the operating nexus for Bain's operations in the Middle East. The opening of the Dubai office is in response to the firm's growing roster of clients in the Middle East market, including local companies, multinational corporations, family-owned conglomerates and private equity funds, the company said in a statement.
United Arab Emirates: Tuesday, April 08 - 2008 at 10:17

Saudi GDP to hit $465bn in ’08
A new report by Riyadh-based Samba Financial Group predicts that Saudi Arabia's nominal GDP will be around $465bn this year, reported Khaleej Times. The nominal GDP, which was $309.9bn in 2005, is expected to grow to $517.3bn in 2009. The report said the Kingdom's economy is now on a par with that of Switzerland, accounts for a little more than half of the total output of the GCC, and is twice the size of the second largest GCC economy, the UAE.
Saudi Arabia: Tuesday, April 08 - 2008 at 10:12

Tamweel's Dhs5.1bn sukuk issue ok'd
Tamweel, the UAE's largest provider of real estate finance, held an extraordinary general meeting on Monday during which the assembly approved the issuance of Dhs5.1bn ($1.39bn) of sukuk. The amount includes Dhs1.1bn of convertible sukuk and Dhs4bn of non-convertible sukuk, which includes Dhs1.83bn of non-convertible sukuk.
United Arab Emirates: Tuesday, April 08 - 2008 at 09:55

Gulf currencies fall 37% since 2002
With the exception of the Kuwaiti dinar, Gulf currencies have depreciated more than 37% since 2002 against a group of 11 currencies that dominate the region's trade basket, according an estimate by Saudi Arabia-based NCB Capital, the investment banking arm of National Commercial Bank. The Saudi riyal, UAE dirham and the Qatari riyal have effectively depreciated 40%, 37% and 47% respectively in nominal terms while the dollar declined 78% against the euro and 40% against sterling. Meanwhile, currency flexibility enabled Kuwait to limit effective depreciation in the dinar to 23%, reported Gulf News.
Tuesday, April 08 - 2008 at 09:12

UAE to keep dollar peg - says central bank
UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi on Monday reiterated the UAE's commitment to pegging its currency to the US dollar, saying the country has 'no intention whatsoever to depart from the peg or to revalue the currency in any manner', reported Gulf News. Governors of GCC central banks had met in Doha on Sunday and agreed to maintain the peg and to continue striving toward the common currency by October 20, 2010.
United Arab Emirates: Tuesday, April 08 - 2008 at 09:06

Libya and Dubai to set up $3bn fund
Libya and Dubai are joining forces to set up a $3bn joint investment fund to finance projects in Libya and the UAE, reported Reuters. The projects will include a $500m joint real estate and tourism firm, a $400m bank, and water desalination plants.
United Arab Emirates: Tuesday, April 08 - 2008 at 09:02

Dubai to raise Dhs15bn via note issue
Sami Al Qamzi, director-general of Dubai's Department of Finance, said the emirate plans to borrow as much as Dhs15bn ($4.09bn) to help finance development of its infrastructure, reported Reuters. Dubai is set to begin roadshows for the first tranche of a medium-term-note programme. The size of the inaugural conventional issue had still to be determined, Al Qamzi said.
United Arab Emirates: Tuesday, April 08 - 2008 at 07:08