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Saudi fund taps into Africa
Investec Asset Management and Jadwa, a Saudi investment house are launching a fund investing in African equity markets, reported Financial Times. Jadwa will ensure that the fund will be compliant with Islamic law, aiming to raise more than $100m in the first year. The fund is designed to tap the huge liquidity in Saudi Arabia.
Saudi Arabia: Saturday, June 14 - 2008 at 12:12

GCC stock markets fall
The Gulf stock markets all fell today with the exception of Bahrain, which rose slightly by 0.04%. The Doha Securities Market was worst hit, falling 1.4% on the day. It still closed the week up by 2.7% though. The Dubai Financial Market fell 1.1%, finishing the week down 2.8% and the Muscat stock exchange dropped 1%, closing the week down 0.67%. The Kuwait Stock Exchange dropped 0.27%, but finished the week up 0.62%. The Abu Dhabi Securities Exchange fell 0.60%, declining 0.51% over the week. Despite Bahrain's rise today, it ended the week down 0.55%. The Tadawul, whose week closed yesterday, was up 0.28%.
Middle East: Thursday, June 12 - 2008 at 20:00

UAE markets lose Dhs14bn
The Dubai Financial Market on Thursday lost 64.10 points, or 1.12%, to close on 5,658. Market heavyweight Emaar fell 1.32%. Meanwhile, the Abu Dhabi Securities Exchange also ended lower, down 30.82 points, or 0.60%, to finish on 5,117. Across the week, the UAE markets collectively lost Dhs14bn.
United Arab Emirates: Thursday, June 12 - 2008 at 14:52

Kuwait moves to curb inflation
Kuwait's Commerce and Industry Minister Ahmad Baqer said the country may cut import duties and increase spending on subsidies to help curb inflation, reported Bloomberg. She said the government will spend 1.8 billion dinars ($6.8bn) on subsidies in the fiscal year ending March 2009, 1.6 billion dinars of which will be for subsidizing fuel.
Kuwait: Thursday, June 12 - 2008 at 09:37

GCC markets end mixed
GCC stock markets ended mixed on Wednesday, with four registering a slight decline, and three rising, including the Doha Securities Market (DSM), which closed up 0.91%, its seventh consecutive rise. Muscat also rose 0.91%, while the Abu Dhabi Securities Exchange (ADX) was up 0.44%. The Kuwait Stock Exchange fell slightly by 0.04%, and Bahrain's stock index fell 0.07%, after leading shares such as Tameer dipped by 1.8%. In Saudi Arabia, the Tadawul finished its trading week up 0.28%, although Wednesday's index declined by 0.80%, after its petrochemical sector dropped.
Thursday, June 12 - 2008 at 07:32

ADX has slight gain
The Dubai Financial Market on Wednesday lost 3.50 points, or 0.06%, to close on 5,723. Emirates NBD was day's big gainer, up 2.11%. Meanwhile, the Abu Dhabi Securities Exchange gained 22.60 points, or 0.44%, to end the day on 5,148.
United Arab Emirates: Wednesday, June 11 - 2008 at 15:02

Egypt's inflation rate soars
Inflation in Egypt soared to a record 19.7% in May, up from 16.4% in April, reported Bloomberg. The May inflation rate is the highest since the government began regularly releasing records to the public in July 1998. The new inflation figure will put additional pressure on the central bank to raise its key interest rates for a fourth time this year.
Egypt: Wednesday, June 11 - 2008 at 07:40

UAE markets end mixed
The Dubai Financial Market on Tuesday lost 68.43 points, or 1.18%, to close on 5,726. Agility had the day's biggest loss, down 14.88%. Meanwhile, the Abu Dhabi Securities Exchange advanced 17.91 points, its first gain in three days, led by the Abu Dhabi National Energy Co. (Taqa), which gained 4.42%.
United Arab Emirates: Tuesday, June 10 - 2008 at 14:25