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'No stock market crisis' in Dubai, says Daman CEO
It is too early to tell if the Dubai Financial Market, which fell 72.4% last year, has hit rock bottom, Shehab Gargash, CEO of Daman Securities, told AME Info. 'Has it reached the bottom? I'm not sure I can answer that with a yes or no. Up front you would think it has, because it has gone down so much. On the other hand, I would want to see company results for 2008 and see some semblance of normalcy back in the economy,' he said. Gargash believes we are facing an economic crisis, not a stock market crisis. The good news, he contends, is that when the turnaround starts, it is usually the stock market that feels the positive effects first.
United Arab Emirates: Tuesday, January 06 - 2009 at 13:38

Syrian bourse set to launch
The Damascus Securities Exchange has announced that it will start trading operations in securities on Feb 23. The bourse is expected to start with two or three trading sessions each week and with a limited number of listed companies.
Syria: Tuesday, January 06 - 2009 at 10:49

Rasmala raises $120m for equity fund
Dubai-based investment bank Rasmala has raised $120m for its Sharia-compliant private equity fund, Rasmala Middle East & North Africa (Mena) Private Equity Fund 2, MEED has reported. It hopes to increase this to $350m by 30 June.The fund will focus on investing in mid-sized development opportunities in the GCC and Egypt.
United Arab Emirates: Tuesday, January 06 - 2009 at 10:18

Daman teams up with Morningstar
Daman Securities, the brokerage arm of Daman Investments, has launched a new service for its clients with the publication of independent third-party equity research from Morningstar, Inc, a leading provider of independent investment research. The new service will be available to registered Daman clients using the group's online trading portal Handal. Morningstar's equity research will provide Daman and its clients with an independent, international perspective and in-depth coverage for the UAE markets, according to a press statement.
United Arab Emirates: Tuesday, January 06 - 2009 at 07:52

DFM, ADX profit from new year
The Abu Dhabi Securities Exchange has shown a rise on its first day of trading since the new year going up by 5.64% to 2,524.81 points, despite technical glitches forcing the bourse to delay opening and then extend trading into the afternoon. Abu Dhabi Islamic Bank was the day's biggest riser. The Dubai Financial Market also posted a rise, going up by 7.76%. Emaar showed the biggest growth, rising by 14.60%.
United Arab Emirates: Monday, January 05 - 2009 at 15:58

ADX trading day extended
The Abu Dhabi Securities Exchange has extended its trading day to 14.40 after a connection fault delayed the start of trading. Market activities had to be suspended temporarily after 35 brokers were unable to access the system due to a fault.
United Arab Emirates: Monday, January 05 - 2009 at 11:50

Qatar GDP to top QR300bn
Analysts predict that the GDP of Qatar for 2008 will top QR300bn. Official figures for the year are expected to be released this month. HSBC's chief economist named Qatar as one of the regional countries that would successfully ride out the current financial crisis.
Qatar: Monday, January 05 - 2009 at 10:08

Market figures push IPOs down
A year-end IPO update prepared by Ernst and Young reveals a drop in Initial Public Offering activity in the Middle East by 99.6% in October and November 2008. The company said that issuers were not willing to accept current market valuations which was delaying scheduled IPOs.
Middle East: Monday, January 05 - 2009 at 09:31