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DFSA grants Swicorp licence
Swicorp KSA, a diversified financial services firm regulated by the Capital Market Authority in Saudi Arabia, has announced that its wholly-owned subsidiary, Swicorp (UAE) Limited, has received authorisation from the Dubai Financial Services Authority as a financial advisory firm to operate from the Dubai International Financial Centre.
Saudi Arabia: Wednesday, June 25 - 2008 at 09:31

Dubai Trade extends call centre timings
Dubai Trade has extended its call centre timings to seven days a week from 7am to 11pm. The call centre offers services to online customers of Dubai World subsidiary companies such as DP World, Economic Zones World and Dubai Multi Commodities Center, in addition to Dubai Customs. The call centre will soon be working 24 hours.
United Arab Emirates: Wednesday, June 25 - 2008 at 09:29

UAE has 79,000 millionaires
The number of millionaires living in the UAE jumped 15.3% from 68,000 in 2006 to 79,000 last year, according to the latest World Wealth Report by Merrill Lynch and Capgemini. Overall, the wealth of the world's High Net Worth Individuals increased 9.4% to $40.7tr in 2007, driven by market capitalization growth in emerging economies. In the Middle East, the HNWI population had the highest gains, expanding by 15.6%. with a 17.5% gain in wealth, reported Gulf News.
United Arab Emirates: Wednesday, June 25 - 2008 at 07:04

GCC to scrap 2010 single currency deadline
Saudi Arabia's central bank governor said a 2010 deadline for the GCC monetary union is 'too soon' as the single currency plan is hampered by economic growth and soaring inflation, reported Reuters. Hamad Saud Al-Sayyari said the target date will be reconsidered at at a joint meeting with finance ministers this autumn.
Saudi Arabia: Tuesday, June 24 - 2008 at 15:39

UAE markets fall
The Dubai Financial Market on Tuesday dropped 62.84 points, or 1.14%, to close on 5,459. Ajman Bank had the day's biggest loss, down 14.84%. The Abu Dhabi Securities Exchange also fell, losing 38.95 points, or 0.77%, to end on 4,998.
United Arab Emirates: Tuesday, June 24 - 2008 at 15:15

NYSE Euronext buys stake in Doha exchange
NYSE Euronext, the world's largest stock exchange, has agreed to buy a 25% stake in the Doha Securities Market for $250m to expand in the Middle East. The State of Qatar will own the rest of the Securities Market.
Qatar: Tuesday, June 24 - 2008 at 11:26

Abu Dhabi to launch new CPI
Abu Dhabi's Department of Planning and Economy plans to launch a new Consumer Price Index in December to calculate inflation more accurately, reported Khaleej Times. An official said the new index will identify current price trends, as opposed to the current index, which is based on pricing data from 1997. The government will be carrying out 12 different surveys on various sub-sectors of the economy, from which it will release economic indicators such as GDP growth and inflow of FDI.
United Arab Emirates: Tuesday, June 24 - 2008 at 11:21

Dubai World signs $5.5bn loan
State-owned investment group Dubai World has signed a $5.5bn syndicated loan, which will be used to refinance the borrower's $5bn, 364-day bridge loan that was signed last year, reported Reuters. The new loan consists of a $2.1bn two-year term loan, a $1.95bn three-year term loan, a $1bn five-year term loan and a $450m three-year revolving credit.
United Arab Emirates: Tuesday, June 24 - 2008 at 09:48