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UAE markets lose Dhs14bn
The Dubai Financial Market on Thursday lost 64.10 points, or 1.12%, to close on 5,658. Market heavyweight Emaar fell 1.32%. Meanwhile, the Abu Dhabi Securities Exchange also ended lower, down 30.82 points, or 0.60%, to finish on 5,117. Across the week, the UAE markets collectively lost Dhs14bn.
United Arab Emirates: Thursday, June 12 - 2008 at 14:52

Kuwait moves to curb inflation
Kuwait's Commerce and Industry Minister Ahmad Baqer said the country may cut import duties and increase spending on subsidies to help curb inflation, reported Bloomberg. She said the government will spend 1.8 billion dinars ($6.8bn) on subsidies in the fiscal year ending March 2009, 1.6 billion dinars of which will be for subsidizing fuel.
Kuwait: Thursday, June 12 - 2008 at 09:37

GCC markets end mixed
GCC stock markets ended mixed on Wednesday, with four registering a slight decline, and three rising, including the Doha Securities Market (DSM), which closed up 0.91%, its seventh consecutive rise. Muscat also rose 0.91%, while the Abu Dhabi Securities Exchange (ADX) was up 0.44%. The Kuwait Stock Exchange fell slightly by 0.04%, and Bahrain's stock index fell 0.07%, after leading shares such as Tameer dipped by 1.8%. In Saudi Arabia, the Tadawul finished its trading week up 0.28%, although Wednesday's index declined by 0.80%, after its petrochemical sector dropped.
Thursday, June 12 - 2008 at 07:32

ADX has slight gain
The Dubai Financial Market on Wednesday lost 3.50 points, or 0.06%, to close on 5,723. Emirates NBD was day's big gainer, up 2.11%. Meanwhile, the Abu Dhabi Securities Exchange gained 22.60 points, or 0.44%, to end the day on 5,148.
United Arab Emirates: Wednesday, June 11 - 2008 at 15:02

Egypt's inflation rate soars
Inflation in Egypt soared to a record 19.7% in May, up from 16.4% in April, reported Bloomberg. The May inflation rate is the highest since the government began regularly releasing records to the public in July 1998. The new inflation figure will put additional pressure on the central bank to raise its key interest rates for a fourth time this year.
Egypt: Wednesday, June 11 - 2008 at 07:40

UAE markets end mixed
The Dubai Financial Market on Tuesday lost 68.43 points, or 1.18%, to close on 5,726. Agility had the day's biggest loss, down 14.88%. Meanwhile, the Abu Dhabi Securities Exchange advanced 17.91 points, its first gain in three days, led by the Abu Dhabi National Energy Co. (Taqa), which gained 4.42%.
United Arab Emirates: Tuesday, June 10 - 2008 at 14:25

GCC moves closer to monetary union
Gulf Arab central bankers approved a draft agreement for monetary union yesterday and plan set up the nucleus of a regional central bank by next year. Naser Al Kaud, deputy assistant secretary-general for the Gulf Cooperation Council Secretariat, told Reuters the agreement was a 'major step' towards monetary union. Gulf central bank governors agreed to 'the most important terms' and aim to complete the framework at a meeting in August.
Tuesday, June 10 - 2008 at 13:26

Aman gets license to open in Syria
Dubai Islamic Insurance & Reinsurance Co., the UAE-based insurer known as Aman, has received a preliminary license to open a unit in Syria, reported Bloomberg. Abdul Latif Abboud, general manager of the Syrian Insurance Supervisory Commission, said Aman, Sudan-based Al Salam Bank and individual Arab investors will own between 49% and 60% of the insurer and the rest will be sold to the Syrian public. The new unit will have capital of 1.3 billion Syrian pounds ($28m).
Syria: Tuesday, June 10 - 2008 at 12:39