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Investment Dar to freeze claims
Kuwait's Investment Dar, which is in the midst of restructuring debt, has said it has signed an agreement with creditors and investors to freeze claims temporarily, Reuters has reported. 'The consenting banks and investors will, for the duration of the standstill agreement, suspend individual claims relating to investment arrangements entered into with the company,' the firm has said in a statement. The standstill agreement is expected to run until the end of 2009, the steering committee said in a separate statement, adding it will have completed Dar's financial restructuring by then.
Kuwait's inflation rate to dip below 5%, says CBK
The Central Bank of Kuwait has predicted that the inflation rate for the last months of 2009 will maintain its decline to fall below 5%, KUNA has reported. CBK Governor Sheikh Salem Abdulaziz Al-Sabah said the inflation rate had dropped to 5.9% in February of 2009, while it was at 11.6% in August of 2008.
Nasdaq Dubai sees lacklustre trading
DP World, the world's fourth largest port operator, closed 1.27% higher at $0.557. DEPA Ltd. was the only other stock that was traded, but the interior designer remained flat at $0.781. Some 7.23m shares changed hands at the Nasdaq Dubai.
Petrochem stocks bounce back in Riyadh
The Saudi stock exchange Tadawul extended its gains from yesterday by 0.77%, closing at 6,178.14 points as shares ended mixed. Similar to the trading in Abu Dhabi and Kuwait, Saudi investors favoured shares of the real estate sector (up 2.11%). Emaar The Economic City, a $50bn real estate development in the north of Jeddah, advanced by 1.49%, finishing at SR10.20. As oil prices stabilised above $65 per barrel, shares of petrochemical leader Saudi Basic Industries Corp. (SABIC) rebounded by 0.96% and closed at SR78.75. Filing & Packing Materials Manufacturing Co. topped the gainers' list by closing 9.72% higher at SR59.25. Seventy-two stocks gained territory while 42 declined in value. Twenty shares ended unchanged.
Finance sector salaries stabilizing in UAE
A new report has found that demand for highly skilled finance and accounting, banking and technology professionals in a number of specialties remains high in the UAE. The Salary Guide UAE 2009-2010, published by recruitment company Robert Half UAE, shows a continued demand for finance and accounting specialists, with a drop in demand for support functions like Human Resources and IT and a similarly reduced demand and decrease in remuneration for front end-sales functions in the finance and technology sectors.
Institutional investors net buyers on DFM
The value of stocks bought by institutional investors on the Dubai exchange during the last week reached Dhs569.9m, comprising 21.4% of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached Dhs401.6m which constitutes 15.1% of the total value of stocks traded during the period. Net institutional investment on the market reached Dhs168.3m during the period. The value of stocks sold by foreign investors during the same period reached Dhs977.4m comprising 36.8% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs25.3m during the same period, as aggregate buy. (Mac Capital Advisors)
US Dollar rises against global currencies
The Greenback (USD) traded mixed last week, closing higher against the Euro (EUR), Sterling (GBP), Canadian Dollar (CAD), and the Australian Dollar (AUD), but lower against the Yen (JPY) and New Zealand Dollar (NZD). Though the Federal Reserve issued a more optimistic outlook on the economy, economic data suggest the US economy could still be under pressure.
Real estate shares lift Kuwait Stock Exchange
The Kuwait Stock Exchange (KSE) Price Index closed 1.25% higher at 7,897.4 points. The KSE real estate sector index led the charts with a profit of two per cent (gaining 7.46%). First Dubai For Real Estate Development posted the fifth biggest advance, finishing at KD0.072. Global Investment House (9.26% higher at KD0.118) announced today that it distributed 4.42% to the investors of its Global Opportunistic Fund I. The fund was one of the initial and leading investors in DEPA, the Dubai-based interior designer which is listed at the Nasdaq Dubai.
Qatar National Bank approaches key resistance level
The Qatar Exchange closed at 7,508.53 (up 0.27%) on rising trading volumes. Qatar National Bank added three per cent, closing at QR150.50. The country's largest lender in relation to market capitalisation is approaching a key resistance level at QR160 which it failed to crack in January this year. Al-Ahli Bank, on the other hand, posted the largest loss, ending 4.22% lower at QR44.0
Abu Dhabi bourse gains slightly
Only the real estate sector was shining today at the Abu Dhabi Securities Exchange (ADX), which saw its General Index edging higher by 0.16%, closing at 3,123.68 points. RAK Properties was most actively traded in relation to volumes, closing 2.45% higher at Dhs0.80. Abu Dhabi National Energy Co. (Taqa) lost 1.25% due to oil prices dipping below $70 during Eid. Taqa closed at Dhs1.59.
Dubai shares end mixed
Investors at the Dubai Financial Market (DFM) witnessed a rollercoaster trading session with 18 shares advancing, five declining and six remaining flat. The DFM Index eventually closed 0.55% higher at 2,197.08 points. Insurers led the rise. Islamic Arab Insurance (Salama) gained 8.21%, finishing at Dhs1.45. Real Estate contractor Drake and Scull International, which was upgraded by Credit Suisse on Friday to 'outperform', ended unchanged at Dhs0.98. Market bellwether Emaar Properties dipped to Dhs4.05 (off 0.98%).
T'azur gets Qatar licence
Bahrain-based Islamic insurance provider, T'azur has received a license from the Qatar Financial Centre Regulatory Authority (QFCRA) to operate in the country, Gulf Times has reported. The Manama-based T'azur has set out an expansion plan that is backed by an initial authorised capital of $500m, the firm said.
UAE inflation up in July
The UAE's Ministry of Economy has said inflation rose slightly in July, but continues to be at one of its lowest levels, following a sharp fall in rents and a drop in food prices. In July, there was an increase of 0.84% in the food and beverage index and a nearly 0.77% rise in rents. There was also an increase of 1.92% in home supply and 0.27% in culture, the figures showed. The Consumer Price Index rose by 0.39% in July. The country had recorded its highest inflation rate of 12.3% in 2008, due to surging rental and food prices, higher global commodity prices, and a sharp increase in its import bill due to the weakening US dollar, to which the dirham is pegged.
UAE wage protection system covers only dirham salaries
The UAE Central Bank has said that only salaries paid in the local dirham currency will be protected by the newly introduced wages protection system (WPS), Emirates Business 24/7 has reported. The scheme, designed to ensure staff are paid on time, is for companies with a minimum of 100 employees and means wages will be paid via a designated bank or exchange company. However, the Central Bank has confirmed that it applies only to employees whose full wage is paid in the local currency.
Qatar and Switzerland sign tax agreement
Qatar and the Swiss Federal Council have signed an agreement on avoidance of double taxation, the Peninsula has reported. The agreement allows for the exchange of tax information in cases such as suspected tax evasion and complies with the blueprint for international tax agreements issued by the OECD.
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