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Manpower Inc. acquires Clarendon Parker
US-based Manpower Inc., a world leader in the employment services industry, has announced that it has acquired Dubai-based Clarendon Parker Middle East, the region's largest professional recruitment provider. CPME has operations in the UAE, Bahrain, Kuwait, Qatar and Saudi Arabia.
Qatar to issue bonds in 2-3 weeks
A Qatari official has said the country's move to issue bonds and treasury notes will take place in two to three weeks, reported Khaleej Times. H E Yousef Hussein Kamal, Qatar's Minister of Finance and Acting Minister of Economy and Commerce, said the country will issue a mix of bonds, including conventional, but will start with sukuk.
UK, Asian stocks plunge
The UK's FTSE 100 index fell 323.5 points, or 5.5% on Monday, its largest one-day loss since September 11 2001 as the index mirrored other global markets that have fallen on deepening fears of a possible U.S. recession, reported Reuters. The index had its lowest close since June 2006, wiping nearly 77 billion pounds from the value of its constituent stocks. Markets in Asia also tumbled, as Hong Kong's Hang Seng Index had its biggest drop in six years, India's benchmark index tumbled 7.4%, and South Korea and Australia nursed falls of almost 5%.
DFM, ADSM down sharply
The Dubai Financial Market fell sharply on Monday, dropping 312.66 points, or 5.33%, to finish on 5,555. Du had the day's biggest loss, down 10.53%. Meanwhile, the Abu Dhabi Securities Market also finished lower, down 73.71 points, or 1.57%, to end on 4,618. Al Wathba Insurance had the index's biggest loss, down 9.39%.
Qatar must address inflation to sustain growth
Marios Maratheftis, Head of Research for the Middle East, North Africa & Pakistan at Standard Chartered Bank, has advised the government to address the currency inflation issue in order to maintain growth levels. Speaking at the MEED Qatar Conference he said: 'Right now the region is not prepared to drop the peg to the dollar as the issue is too sensitive, but the second best action would be to revalue the riyal by about 8 to 10 per cent.'
Qatar not affected by US economy drop
Yousef Hussain Kamal, Qatar's Minster of Finance, Economy and Commerce, said the US economy's slowdown will not affect Qatar's economy growth. "The US is not Qatar's main trading partner, but countries in Asia and Europe are, so we won't be impacted by its drop," he said at the MEED Qatar Conference.
EU trade deal faces hurdles
Qatar's deputy prime minister Abdullah Al-Attiyah said a free trade agreement between Gulf Arab states and the EU could be delayed for months because of 'endless' conditions by the European bloc, reported Reuters. He said the EU gets very favorable deals with the GCC, while the GCC incurs 'losses and burdens, especially in the petrochemicals sector'. However, when free trade negotiations take place, the EU adds new conditions - some of which are 'unjustifiable' - which never ends, he added.
Dubai, Abu Dhabi bourses fall sharply
Shares in the Dubai Financial Market and the Abu Dhabi Securities Market fell heavily yesterday at over three per cent each to close at 5,868.35 and 4,691.76 respectively, reported Khaleej Times. Stocks also dropped in other Gulf markets due to speculation of overpricing.
Qatar to keep dollar peg
Qatar Central Bank Governor Shaikh Abdullah Bin Saud Al Thani said in a TV interview that Qatar will keep its currency pegged to the dollar until at least 2010, reported Gulf News. Speaking on the Lakom Al Qarar (The Decision Is Yours) show, Al Thani said more than 50% of Qatar's imports 'are from the dollar zone which means that the advantages of de-pegging are exaggerated'. He also said the dollar peg is enhancing monetary stability and retaining the confidence of foreign investors.
Qatar to sell bonds to slow inflation
Qatar's central bank plans to sell bonds to absorb liquidity and slow inflation, reported Reuters. Sheikh Abdullah bin Saud Al-Thani said rents and real estate prices were driving up the cost of living, not the currency peg. He said Qatar will keep its riyal pegged to the dollar for at least two years. Inflation in Qatar hit 13.73% in September, just below a record.
Mideast IPOs raise $12.8bn in 2007
A total of $8bn was raised through IPOs in the Middle East during the third and fourth quarters of 2007 combined, bringing the total funds rose last year to $12.8bn, according to the Global Ernst & Young quarterly IPO update. The largest IPO was that of Kingdom Holding in KSA which raised $860m. Saudi Arabian IPOs raised the most funds in Q3, followed by Egypt, where GB Auto raised $216m.
Savola eyes Asian firms
Saudi food company Savola Group is seeking to acquire cooking oil firms in India, Indonesia and Pakistan, reported Reuters. The firm, which is also the second-largest sugar refiner and owner of the largest retail chain in the Middle East, reported a 24% drop in fourth-quarter profit as high global commodity prices cut margins and it spent more on marketing.
New investment firm formed in Oman
A leading securities trading bank in Europe and the largest brokerage firm in Oman have formed a joint venture investment company that will be based in Muscat, reported Khaleej Times. The new Gulf Baader Capital Markets will be 70% owned by Oman's Gulf Investment Services, 25% owned by Baader Wertpapierhandelsbank of Germany, and 5% owned by Silver Circle Overseas. GIS, the Sultanate's top brokerage company in terms of trading volumes on the Muscat Securities Market, will cease operations as a result of the joint venture.
US recession would have slight impact on Gulf
Bankers and finance professionals anticipate only short-term setbacks for the Gulf region if the credit crunch escalates into a full-blown recession, reported Gulf News. John W Snow, former US Secretary of Treasury and Chairman of Cerberus Capital Management, a private equity firm, said a US recession would have only a marginal impact on the Gulf due its strong liquidity position. Meanwhile, Monica Malik, an economist with EFG Hermes, said that although a slowdown in the US economy will adversely impact the oil demand from the US, the shortfall will be covered by demand from Asia.
Saudi boycott on milk fails to drop sales
Results of the five-day campaign boycotting local fresh milk and dairy producers are in and has proven to have had no impact whatsoever on sales, according to leading Saudi dairy companies and store owners Kingdomwide, reported Arab News.
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