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Kuwait seeks Iraq to pay debts
As Iraq is likely to report a budget surplus this year, Kuwait has asked the country to pay its debts, Reuters has reported. The debt is estimated at $15bn-$16bn, which are loans Kuwait made to Baghdad in the Saddam Hussein era, mostly during the 1980-1988 Iraq-Iran war. The UAE waived all of Iraq's almost $7bn debt last month.
Kuwait: Sunday, August 10 - 2008 at 13:18

Venture capital catches up in GCC
UAE-based New Enterprise East Investments has announced strong positive response from local markets, pertaining to its first round of Gulf Venture Capital Fund I, that is about to close. The company said that they have been receiving a lot of proposals and business plans from local entrepreneurs who are looking to start up business in the GCC and need venture capital to support their ideas. NEEI is working with Dubai Internet City, Intel, HP, Dubai Silicon Oasis, Khalifa Fund and ABAN to introduce selected companies into the GCC.
United Arab Emirates: Sunday, August 10 - 2008 at 12:53

Tadawul slips 3.3%
Saudi's Tadawul market witnessed a sharp decline in the last 30 minutes of trading yesterday falling to a 41-week low, amid expectations that the index will fall below 8,200 points. The market fell by 3.3%, with all 15 listed sectors seeing a general decline, with115 companies registering losses. Only four shares rose; including Sabtco by 2%, and Malath, Saudi Indian Co and Abdul Latif by less than 1%.
Saudi Arabia: Sunday, August 10 - 2008 at 09:46

Adia eyes stake in Daimler
The Abu Dhabi Investment Authority (Adia) is interested in buying a large stake in Daimler, as cited in the German Focus magazine, Reuters has reported. Kuwait is also mentioned to increase its 7.6% stake holding in the company.
United Arab Emirates: Sunday, August 10 - 2008 at 09:13

Dubai gold trade hits $13bn
Dubai Multi Commodities Centre reported that gold trade through Dubai has reached $13.07bn in the first half of 2008, 48% higher from $8.84bn during the same period in 2007. Gold exports from Dubai reached 179 tonnes, 26% higher than the corresponding period in 2007. Gold price has averaged to $910 per ounce during the first half of 2008.
United Arab Emirates: Saturday, August 09 - 2008 at 14:30

New rule turns off Saudi stocks
Continued decline in Saudi stocks may head further down as more sell-off may happen because of Tawadul's new rule to disclose names of investors holding stakes of 5% or more, Gulf News has reported. The new rule stipulates that the names of investors with stakes of 5% or more should be published in the 124 listed firms on a daily basis from August 16.
Saudi Arabia: Saturday, August 09 - 2008 at 09:02

UAE markets continue to fall
The Dubai Financial Market fell slightly, losing 0.55%. Eleven companies went up, 16 fell and five held steady. The Abu Dhabi Securities Exchange fell again, going down 1.08%. Commercial Bank International was the biggest gainer, going up by 8.42%.
United Arab Emirates: Thursday, August 07 - 2008 at 16:04

Abu Dhabi GDP passes Dhs400bn
Abu Dhabi's GDP for 2007 showed a 21.8% increase to surpass Dhs400bn from Dhs341bn in 2006. The increase is largely attributable to the rise in oil prices, which accounted for almost 90% of the total. The government plans to push the percentage share of the non-oil sector to 60% by 2030.
United Arab Emirates: Thursday, August 07 - 2008 at 09:15 |