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Kuwait Financing and Investment Q1 profit falls 37%
Kuwait Financing and Investment Co, a commercial and personal-financing company, has reported that its first-quarter profit fell 37%. Net income declined to 4 million dinars, ($15m), or 10 fils a share, from 6.3 million dinars, or 15 fils per share, a year earlier. The company did not indicate a reason for the profit loss, reported Bloomberg.
Kuwait: Wednesday, May 14 - 2008 at 09:09

India seeks investment from Gulf
India is urging Gulf investors to take part in an estimated $500bn worth of infrastructure projects the country will be launching in the coming few years, reported Gulf News. Indian External Affairs Minister Pranab Mukherjee said the investment will be used to help address India's 'inadequate infrastructure', which is hampering its development. He said there also will be many opportunities in the oil and gas sector, including refining, pipelines, storage and retail, that will appeal to investors.
Wednesday, May 14 - 2008 at 07:14

UAE stocks end lower
The Dubai Financial Market on Tuesday lost 78.00 points, or 1.35%, to end the day on 5,721. Market heavyweight Emaar dipped 1.69%. The Abu Dhabi Securities Exchange also ended lower, down 4.43 points, or 0.09%, to finish on 5,022.
United Arab Emirates: Tuesday, May 13 - 2008 at 14:35

Dubai's ruler to buy Aussie horse business
Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum, has received approval to buy Australia's largest thoroughbred horse breeding business, reported Bloomberg. The Foreign Investment Review Board has approved the Sheikh's purchase of Inghams Enterprises, which is estimated to be worth $473m. Sheikh Mohammed, who owns stud farms in five countries, will take ownership 1,000 Australian thoroughbreds, the Woodlands stud farm, and racetrack training facilities in Sydney and Melbourne.
United Arab Emirates: Tuesday, May 13 - 2008 at 13:19

Inflation is long-term problem for GCC
Rising inflation is a long term problem for all GCC countries as many of the contributing factors to the rising prices are not strictly short term in nature, according to Mohsin Khan, Regional Director of International Monetary Fund's Middle East and Central Asia Department. Khan said the factors that are fuelling inflation, which include delays in real estate supply and rising costs of imported food, are not short term issues, which means the region will need to learn to adjust to higher inflation. The IMF estimates that inflation will average 7.1% this year across the entire GCC, compared to 6.1% last year.
Tuesday, May 13 - 2008 at 09:16

Dropping peg would not be 'quick fix'
Dropping their currency pegs to the dollar would not provide a 'quick fix' for Gulf states in their efforts to slow inflation, an IMF official told Bloomberg. Mohsin Khan, International Monetary Fund regional director for the Middle East and Central Asia, pointed out that Kuwait has allowed the dinar to appreciate 7.6% against the dollar since it dropped its dollar peg in favor of a basket of currencies. Inflation has since accelerated to 9.5% from 5.3% last May.
Tuesday, May 13 - 2008 at 08:18

UAE stocks end positive
The Dubai Financial Market end the day, Monday, ending at 5,799.15 and has gained 1.00%. Top gainers include IAIC, Emaar, DFM, Gulfnav and DIB. The Abu Dhabi Securities Exchange also showed positive results at 5,026.57, higher by 0.41%.
United Arab Emirates: Monday, May 12 - 2008 at 14:35

Al Mana sells $163m bond
Qatar-based Al Mana Group has sold $163.4m of United Arab Emirates dirham-denominated Islamic bonds, reported Reuters. The bond is intended to help finance real estate projects in its home country. The 5-year floating-rate mudaraba sukuk, were priced at 250 basis points. Al Mana's businesses involve car dealerships to construction. The bonds will be listed on the Dubai International Financial Exchange.
Qatar: Monday, May 12 - 2008 at 09:24