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Naeem Investment loses Saudi licence
The Saudi Capital Market Authority has revoked the licence of Naeem Investment Company for violating the Capital Market Law and deliberately giving false and misleading information to the CMA, reported Khaleej Times. Naeem Investment received a CMA license to conduct discretionary portfolio management in November 2006. The CMA also allowed the concerned department to take necessary actions against the company.
Saudi Arabia: Wednesday, July 09 - 2008 at 10:49

Kuwait GDP growth slows
In its latest economic brief on the macroeconomic indicators in Kuwait, NBK reports that Kuwait's gross domestic product grew 8% to KD 31.8 billion ($112bn) in 2007 following four consecutive years of double-digit growth. The figures, which have just been released by the Central Statistical Office, also indicate a slowdown in non-oil sector growth though, at 13.3%, bested the oil sector. Despite this slowdown, domestic demand growth accelerated to 19%.
Kuwait: Wednesday, July 09 - 2008 at 07:18

Gulf stock markets fall
The Tadawul in Saudi Arabia declined sharply today, falling 2.3%. It lost all gains from the past two months, as markets around the Gulf suffered. Only Muscat rose, while Bahrain closed unchanged. The Abu Dhabi Securities Exchange fell 0.81%, Doha 0.48%, Dubai Financial Market 0.41% and Kuwait 0.18%.
Middle East: Tuesday, July 08 - 2008 at 19:50

UAE markets fall
The Dubai Financial Market on Tuesday lost 21.86 points, or 0.41%, to close on 5,362. Gulf Finance House had the day's biggest loss, down 14.50%. Meanwhile, the Abu Dhabi Securities Index dipped 40.80 points, or 0.81%, to end the day on 5,001.
United Arab Emirates: Tuesday, July 08 - 2008 at 15:02

Damas lists on DIFX
The Dubai International Financial Exchange (DIFX) welcomed the listing today of the ordinary shares of Damas International Ltd., the international jewellery retailer, following its initial public offering. Damas raised $270.6m from institutional investors at a price of one dollar per share. The company has more than 430 stores across the Middle East, North Africa and South Asia and is the leading jewellery retailer by number of stores in the GCC.
United Arab Emirates: Tuesday, July 08 - 2008 at 14:26

Gulf Holding profit up 59%
Kuwait-bsed Gulf Holding Company has announced a net profit of KD18.72m ($71m) for the financial year 2006-07, an increase of 59% over the previous year. Net earnings per share stood at 26.75 fils, compared to 16.8 fils in fiscal 2006.
Kuwait: Tuesday, July 08 - 2008 at 11:33

US tightens rules for Dubai exchange
US regulators have imposed new trading conditions on certain Dubai Mercantile Exchange contracts as part of an effort to limit excess speculation in futures markets, reported Bloomberg. The Commodity Futures Trading Commission has amended a letter that gave the exchange permission to offer electronic trading in the US. The Dubai exchange, a joint venture with the New York Mercantile Exchange, is considering whether to begin trading of a contract for West Texas Intermediate oil. The Dubai Mercantile Exchange will have to provide more data about traders and adopt US position limits if it wants access to US customers.
United Arab Emirates: Tuesday, July 08 - 2008 at 10:24

Dubai International Capital eyes Asia
Dubai International Capital, an asset management firm with more than $12bn, has earmarked $5bn over the next two to three years for Asia, especially China and India, Sameer Al Ansari, the company's chief executive officer told Bloomberg. He said any new investments the company makes in 2008 will be in Asia because economies there may be expanding faster than the global average this year.
United Arab Emirates: Tuesday, July 08 - 2008 at 07:52