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Kuwait works out visa for Indians
Minister of state for external affairs is hopeful that the stalemate over a Kuwait work visa for Indians will end soon and the Kuwaiti authorities will find the new guidelines submitted by India acceptable. Kuwaiti missions in India stopped stamping work visas for Indians in December 2007 after India introduced new employment conditions for protecting its nationals, which were rejected by Kuwait. India has now forwarded a new proposal after considering the objections raised by Kuwait.
Kuwait go-ahead for Citigroup plan
A unit of Citigroup has won approval from Kuwait's Ministry of Commerce and Industry to invest in a new Islamic investment firm. Citigroup Global Markets will invest 2.5m dinars ($9.16m) in Al Raya Investment, according to a decree from the ministry, reported Gulf Daily News. Kuwaiti fund manager KIPCO Asset Management Company (Kamco) said earlier it had finalised selling shares in a private placement in a new Islamic investment firm after raising its capital to 25m dinars from 17m dinars, divided into 250m shares.
Bush recognizes weakening US economy
US President George W. Bush on Friday said there were troubling signs of economic weakening and urged Congress to move on a stimulus package to help prop up the economy, which has been hit by a housing slump and credit crisis, reported Reuters. Bush's comments mirrored his efforts in his State of the Union address to calm Americans' recession fears and came on the heels of a government report earlier on Friday showing US employers cut payrolls for the first time in four and a half years in January.
Al Ahlia registers 29% growth
Damac-owned Al Ahlia Insurance reported a net profit of Dhs32m for the year 2007 as against 2006 net profit of Dhs24m, registering a growth of 29%. Shareholders equity increased by 110%during 2007 while the investment fair value reserve increased by 528%.
Petro Rabigh sells in Tasi
The Tadawul All-Share Index (Tasi) gained 3.4% last week, which closed at 9,675.02 points, but is currently 13.4% lower than the year's start, reported Arab News. Newcomer Petro Rabigh was reported as most active by value selling shares worth SR32.53bn last week.
DFM ends higher, ADSM lower
The Dubai Financial Market ended the week on a positive note, closing up 82.41 points, or 1.49%, to finish on 5,615. The Dubai Financial Market was the day's big gainer, up 7.64%. Meanwhile, the Abu Dhabi Securities Market was down 15.82 points, or 0.34%, to end on 4,569. Abu Dhabi National Insurance had the day's biggest loss, down 10%.
OMX 4th quarter profit falls
Nordic exchange owner OMX, whose board has recommended a takeover offer from Borse Dubai, has reported a drop in fourth-quarter operating profit to 255m Swedish crowns ($39.96m), reported Reuters. That compared with 320m crowns in the third quarter and 355m in the year-earlier period. Revenues rose to 1.1bn crowns from 1bn a year ago.
Gulf countries cut rates
Interest and deposit rates were lowered throughtout the Gulf on Thursday in response to the US rate cut on Wednesday, reported Reuters. Kuwait lowered its repurchase rate by 50 basis points to 3.5%, bringing total cuts since the US started dropping its rates in September to 2 percentage points. The UAE also lowered its repo rate by 50 basis points to 3%. Meanwhile, Qatar cut its deposit facility rate by 50 basis points but left its benchamrk lending rate unchanged on Thursday. Finally, Bahrain lowered its benchmark one-week deposit rate by 50 basis points on Thursday but left its lending rates on hold.
Saudi non-oil exports to GCC up 25%
Saudi non-oil exports to GCC states jumped 25% during the third quarter of 2007 to reach 6.3bn Saudi riyals ($1.7bn) compared to 5.1bn riyals in 2006, an increase of 1.2bn riyals, reported Gulf News. The UAE topped the list of countries that received Saudi exports, according to a report released yesterday by the Department of General Statistics and Information of the Saudi Ministry of Planning. China came second on the list of countries that received Saudi exports, followed by Kuwait and Qatar.
New qualification requirement for stockbrokers
The Emirates Stocks and Commodities Authority plans to establish a new licensing requirement for stock brokers, under which they have to attain mandatory technical qualifications by the middle of the year, reported Khaleej Times. Shaikha Lubna Al Qasimi, UAE Minister of Economy, said the new qualifications are designed to promote integrity and fairness and boost investors' confidence.
FTSE Shariah Global Equity Index launched
The Dubai International Financial Centre has launched the FTSE Shariah Global Equity Index Series, with 96 new Shariah compliant indices, reported Khaleej Times. The indices include the FTSE Shariah Developed Index Series, the FTSE Shariah Emerging Index Series, the FTSE Shariah All-World Index Series and FTSE Shariah Multinationals150 Index. Twelve of these indices are calculated in real time.
GCC faces 'inflationary spiral'
A new report by Moody's Investors Service said Gulf states may be creating an 'inflationary spiral' by boosting spending in response to higher prices, reported Khaleej Times. The reporte said increased government spending on salaries and subsidies, aimed at alleviating the effects of inflation, may stimulate demand, leading to further price hikes. Inflation accelerated to records in all six GCC states during the past year, fuelled by higher government spending and a falling dollar, to which most of their currencies are linked.
UAE sovereign wealth funds praised
UAE's sovereign wealth funds are 'reliable partners' and have a stabilising effect in today's volatile currency market, said Donald Tsang, the chief executive of Hong Kong, who is heading a high-profile business delegation to Abu Dhabi to explore investment opportunities in the emirate. The value of trade between Hong Kong and the UAE amounted to $3.4bn in 2007, recording an average annual growth rate of 11% from 2002 to 2006.
US cuts interest rates
The US Federal Reserve cut interest rates by a half-percentage point on Wednesday as part of an ongoing effort to halt an economic slowdown, reported Reuters. The Fed's action, the second cut in over a week, lowered the bellwether federal funds rate to 3%, the lowest since June 2005. U.S. stock markets initially rallied in response to the rate cut, but renewed credit crunch fears erased the gains by the close. The Dow Jones industrial average finished down 37 points at 12,442.
Dubai shares advance
Dubai stocks rose after Dubai Investments PJSC reported a 52 per cent increase in earnings. Saudi Arabian shares also advanced, reported Bloomberg. The Dubai Financial Market General Index gained 0.8 percent to 5,494.20, while the Kuwait Stock Exchange Index increased 0.6 percent to 13,416.50. Saudi Arabia's Tadawul All Share Index added 1.7 percent to 9,545.13. Dubai Investments jumped 7.5 per cent to 5.59 dirhams. The company, which owns stakes in more than 40 companies, said annual net income surged to $408.5m.
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