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Dubai World to up its investment in Africa
Dubai World, the investment group of the Dubai government, plans to increase its $4bn investments in Africa over the next few years, reported Reuters. The company's chairman, Sultan Ahmed bin Sulayem, says he is confident Dubai World's investment aross the continent would 'grow beyond expectations'. The company currently invests via subsidiaries Nakheel and Istithmar.
United Arab Emirates: Thursday, June 05 - 2008 at 15:13

Kuwait mulls bigger Citi, Merrill stakes
State-owned Kuwait Investment Authority is considering raising its stakes in US banks Citigroup and Merrill Lynch, its managing director told Reuters. Bader Al Sa'ad said KIA is looking at more investment in the financial sector, and may increase its stake in Merrill Lynch and Citigroup after it already invested $5bn in the two banks' capital raising efforts in January.
Kuwait: Thursday, June 05 - 2008 at 10:53

UAE has no plans to drop peg
The UAE has no plans to drop its peg to the US dollar or revalue its currency, the country's central bank governor said yesterday. Sultan Nasser Al Suweidi said the decision was based on safeguarding the national interests of the country. He added that the UAE is under no foreign pressure to keep its link to the dollar, reported Al Bayan newspaper.
United Arab Emirates: Thursday, June 05 - 2008 at 08:06

UAE markets end higher
The Dubai Financial Market on Wednesday gained 16.40 points, or 0.28%, to close on 5,807. Arab Insurance Group was the day's big gainer, up 8.15%. Meanwhile, the Abu Dhabi Securities Exchange rose for the fifth straight day, gaining 24.01 points, or 0.47% to finish on 5,137.
United Arab Emirates: Wednesday, June 04 - 2008 at 15:34

GCC plans 100% luxury tax
The Gulf Cooperation Council is planning to introduce up to 100% tax on luxury goods such as private planes, yachts, and high-end cars, reported Al Watan. Abdulaziz Al Uwaisheg, the GCC's head of studies and integration, said the council is reviewing a list of items that could be subject to the new tax from 2012. He said the list could include 'harmful items', which is a likely reference to cigarettes. The team looking into the proposed taxes will next meet in October.
Wednesday, June 04 - 2008 at 09:34

Marsh gets Saudi licence
New York-based Marsh Inc. has been granted a licence in Saudi Arabia, reported Khaleej Times. Marsh says it will provide insurance and reinsurance services through Marsh Saudi Arabia Insurance and Reinsurance Brokers, and provide consultancy and risk advisory services through Marsh Insurance Consulting Saudi Arabia.
Saudi Arabia: Wednesday, June 04 - 2008 at 08:04

UAE markets end mixed
The Dubai Financial Market on Tuesday lost 22.35 points, or 0.38%, to close on 5,790. Agility was the day's big gainer, up 14.71%. Meanwhile, the Abu Dhabi Securities Exchange gained 20.56 points, or 0.40%, to finish on 5,113.
United Arab Emirates: Tuesday, June 03 - 2008 at 14:48

India-Dubai trade jumps 74%
Non-oil trade between Dubai and India reached $19bn in 2007, a rise of 74% from $10.9bn the previous year, according to figures released by Dubai Customs. Imports from India to Dubai increased by 55% from $6.4bn in 2006 to $9.9bn in 2007. Exports from Dubai to India increased 113% from $1.5bn in 2006 to $3.2bn in 2007.
United Arab Emirates: Tuesday, June 03 - 2008 at 13:57