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Ithmar plans new fund
Dubai-based Ithmar Capital plans to raise $1bn by launching its third close-ended private equity fund during the second half of this year, Faisal Bin Juma Belhoul, Ithmar's founder and managing partner, told Gulf News. The company currently has $500m worth of assets under management through its two funds. Ithmar raised $250m of committed capital through its second fund in 2006, Belhoul said.
United Arab Emirates: Tuesday, May 27 - 2008 at 07:10

DFM down, ADX slight up
The Dubai Financial Market ended the day down slightly by 1.17% or 66.96 pips. Dubai Insurance once again showed the biggest growth, rising 5% to 27.25dhs a share. The Abu Dhabi Securities Exchange rose slightly by 0.22% or 10.87 points. Abu Dhabi National Takaful showed the biggest increase, going up 9.99%.
United Arab Emirates: Monday, May 26 - 2008 at 15:06

US 'supports' currency reforms
Analysts have said that the latest International Economic and Exchange Rate Policies report by the US Treasury, also known as the FX Manipulation report, signals approval for GCC currency reforms. The report recognises the inflationary pressures being felt by Gulf countries through the dollar peg, which analysts say may show political support for revaluation.
Middle East: Monday, May 26 - 2008 at 08:31

DFM, ADX rise slightly
The Dubai Financial Market finished slightly up by 0.12%, ending the day 6.96 pips higher. Of the 25 companies traded, 14 saw an increase, with Dubai Insurance once again recording the biggest growth. The Abu Dhabi Securities Exchange saw a 44.15 point, or 0.89% increase on Sunday. The Ras Al Khaimah Cement Company shot up 9.96% to 2.65dhs.
United Arab Emirates: Sunday, May 25 - 2008 at 15:32

Inflation threatens monetary union
A report by credit company Fitch Ratings has found that widely varying inflation rates could threaten a 2010 GCC single currency. The variances could hamper decisions such as settling on an international exchange rate. Recent figures place the UAE inflation rate at close to 11%, on a par with Saudi Arabia, while Bahrain's inflation figures stand at $5.2%.
Middle East: Sunday, May 25 - 2008 at 07:49

Egypt reports payment surplus
The Egyptian central bank has announced a balance of payment surplus of over $4.9bn in the first nine months of its fiscal year. The figure has been fuelled by strong Foreign Direct Investment, which rose $2.3bn from the same period last year to $11.3bn.
Egypt: Sunday, May 25 - 2008 at 07:42

Iraq audit slams contractors
An audit by the US Department of Defence on spending by army contractors in Iraq has found that none of the $8.2bn has been properly accounted for. A New York Times report also claims that $1.8bn in confiscated assets was handed out in 'bundles of cash' during the early part of the war.
Iraq: Saturday, May 24 - 2008 at 09:10 |

Saudi to launch new labour contract
From 1 June Saudi Arabia will begin implementing a mandatory new unified labour contract aimed at curtailing the role of agents in the hiring of foreign workers. The new contracts stipulate employee rights such as offered salary and leave allowance.
Saudi Arabia: Saturday, May 24 - 2008 at 08:47 |