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Kuwait's half-year budget surplus hits $17.5bn
Kuwait's finance ministry has reported a preliminary budget surplus of KD4.99bn ($17.5bn) in the first six months of the fiscal year through March 2010, thanks to larger than expected oil revenue, Bloomberg has reported. Government revenue fell 43% to KD8.22bn, while spending amounted to KD3.23bn, the ministry said. The government had forecast a budget deficit of KD4.8bn for the fiscal year, based on an oil price of $35 a barrel.
Saudi index rises 0.27%
Saudi Arabia's Tadawul index rose 0.27% today to close on 6,272, led by the insurance sector, which climbed 1.84%. Anaam Holding was the day's big gainer, up 9.93% to 74.75 riyals, followed by Al Ahlia Insurance, which gained 9.68% to 102 riyal. Overall, 69 stocks rose while 40 fell.
ADX sees slight gain
The Abu Dhabi Securities Index had a slight gain of 0.24% today, even though there were almost twice as many decliners as gainers. The health care and industrial sectors led the way, rising 3.98% and 3.60%, respectively. Overall, 17 stocks declined, ten rose, and six remained unchanged.
DFM rises, led by Emaar
The Dubai Financial Market rose 1.44% today to close on 2,153. The day's most heavily traded stock, Emaar, climbed 2.85% to Dhs4.33. Other big gainers included Union Properties and Arabtec, which rose 4.17% and 2.90%, respectively. Overall, 23 stocks ended higher, 6 fell, and one remained unchanged.
Dubai's ruler says worst of crisis is over
Dubai has seen the worst of the economic crisis and it has not harmed the emirate's ambitions, the city's ruler said today. 'The worst is over and Dubai is now well-placed,' Sheikh Mohammed Bin Rashid Al-Maktoum was quoted as saying by Reuters. 'The global economic crisis, despite its impact, will not deter Dubai's ambitions.' He also said talk of tension between Dubai Abu Dhabi was unfounded. 'There is no Dubai and Abu Dhabi, we are one,' he said. 'Who doesn't understand this should do their homework before they start talking ... We will be there for each other when we need it. And I want to tell those people who nag about Dubai and Abu Dhabi to shut up.'
Improved insolvency rules needed in Middle East
Countries in the Middle East need to improve their insolvency regulations and contract enforcement to create better business environments, the World Bank said on Sunday. 'For the United Arab Emirates, as for most economies in the Arab world those systems could stand to improve,' Dahlia Khalifa, senior strategy adviser for the World Bank, was quoted as saying by Bloomberg.
K&L Gates opens office in Dubai
Following the opening of the international offices in Singapore and Frankfurt earlier this year, US-based law firm K&L Gates has established its 33rd office worldwide, and the firm's first in the Middle East, after receiving the necessary licence. Senior officials joining the Dubai office include corporate and projects partner Paul de Cordova, as well as senior dispute resolution partner Neal R. Brendel, who has relocated to Dubai from the firm's Pittsburgh office.
Tadawul falls slightly
Saudi Arabia's Tadawul All Share Index (Tasi) closed down 1.5% on its second day of trading, at 6,255.80. Saudi Kayan was the most active stock by value, but also registered the day's largest drop, going down 7.49% to SR17.90.
DFM climbs 1.22%
The Dubai Financial Market (DFM) closed at 2,123.26, going up by 1.22%. Fifteen stocks rose, 10 fell and five remained unchanged. Mazaya posted the biggest gains of the day, climbing 14.81% to Dhs3.10. Alfirdous fell the steepest, losing 4.64% to Dhs1.85.
ADX posts gains
The Abu Dhabi Securities Exchange (ADX) began the week on a high, rising by 0.74% to 2,941.72. Twenty-one stocks rose, while seven fell and seven held steady. Sorouh, Aldar and RAKProperties were all among the top five most active stocks by value and by volume, going up to Dhs3.18, Dhs5.38 and Dhs0.71 respectively.
Weekly FX roundup: Dollar drops as stocks climb
The Greenback had a disappointing week, dropping against all major currencies. Latest data released on Friday showed unemployment rising to a 26-year high of 10.2%, thus preventing risk appetite as stock continued to climb ending a two-week retreat. The Dow Jones Industrial Average again rose above 10,000 levels to 10,023.42 while Standard & Poor's 500 Index and Nasdaq composite both gained 3.2% each.
UAE brings in anti-laundering measures
The UAE has introduced new anti money-laundering measures in the insurance sector, Wam has reported. The new measures are applicable to all insurance companies, including foreign firms operating in the UAE. The insurance firms and the related professions are urged to rectify their status as per these instructions within three months, said Fatima Mohammed Ishaq Al Awadhi, deputy director general of the National Insurance Authority.
Lebanon predicts 7% GDP growth
Lebanon's central bank has forecast that the country's GDP will reach 7% in 2009, while inflation will set at 3%, the Daily Star has reported. Lebanon's balance of payments for the first nine- month period of 2009 had recorded a surplus of $4.8bn, according to Makram Bou Nassar, deputy director of the Foreign Affairs Department at the Central Bank. Customer deposits are growing by 20% annually and are expected to reach $100bn at the end of 2009, he said. The central bank's foreign assets, excluding gold, had reached a new historical high of $26bn, Bou Nasser noted.
Saudi scores in business confidence over UAE
US-based research and polling firm Zogby International has released a survey of business confidence in the Gulf revealing that senior executives in the UAE are much less confident about their economic prospects than their counterparts in Saudi Arabia, Khaleej Times has reported. The findings were based on interviews with 126 chief executives and other senior managers in the UAE, Saudi Arabia and Qatar — during October 22 and 23. From 47 respondents in the UAE, 15% said their businesses were flourishing while 57% said their businesses were in decline, while among 67 Saudi respondents, 46% said they were prospering, and only 15% said they were in decline.
ADX ends week on slow fall
The Abu Dhabi Securities Exchange (ADX) ended the day down by 1.04% after slow losses throughout the day, closing at 2,920.14. Abu Dhabi National Hotels posted the biggest rise, going up by 4.40% to Dhs4.67. Four stocks rose, three held steady and 28 fell.
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