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DGCX sets new record worth $25.20m
Dubai Gold and Commodities Exchange (DGCX) announced the successful completion of its largest-ever physical settlement of gold and steel rebar futures contracts, valued at $25.20m, by the Dubai Commodities Clearing Corporation (DCCC). The settlement involved the physical delivery of 908kgs of gold and 40 metric tonnes of steel rebar for October 2008. The transaction saw participation by prominent banks and industry players of the physical market.
United Arab Emirates: Thursday, October 09 - 2008 at 11:52

Akin Gump opens office in Abu Dhabi
US-based law firm Akin Gump Strauss Hauer & Feld, whose lawyers have been advising clients in the Middle East for decades, has opened an office in Abu Dhabi, bringing to 13 its number of offices around the world, according to a press statement. The new office will advise clients within and outside the region in areas including global transactions, private equity, investment funds, communications, international dispute resolution, international tax, media and entertainment, capital markets, energy and project finance and development.
United Arab Emirates: Thursday, October 09 - 2008 at 10:05

UAE economy to grow 6% in 2009
A new report by Morgan Stanley says the UAE's economy will grow 6% in 2009, boosted by declining inflation and record oil revenues, reported Bloomberg. Inflation will slow to 9.7% next year after peaking at 12% in 2008. Analyst Mohamed W. Jaber said the government's fiscal accounts would remain balanced even if oil prices were to drop to around $25 a barrel, and its current account would remain in surplus even if oil prices were to drop to around $35 a barrel.
United Arab Emirates: Thursday, October 09 - 2008 at 08:23

ADX, DFM slump continues
The Dubai Financial Market lost a further 8.43% of it value, as 28 of the 32 listed stocks fell. Emaar's slump continued, with the shares falling 7.41% to Dhs5.50. The Abu Dhabi Securities Exchange fell 6.43%, with 32 of the 36 listed stocks falling.
United Arab Emirates: Wednesday, October 08 - 2008 at 16:51

Kuwait cuts discount rate
The Kuwait Central Bank has cut the discount rate by 1.25% to 4.5% in a bid to increase liquidity in the market. The measures come as traders called on the government to temporarily halt trading, and are due to go into effect today.
Kuwait: Wednesday, October 08 - 2008 at 15:13

Dow falls for fifth straight day
US stocks on Tuesday dropped for a fifth straight session, prolonging a sharp sell-off that had the S&P 500 ending at a five-year low. The Dow Jones ended down 508.39 points, or 5.1%, at 9,447.11. The Dow is now 1,400 points lower than where it stood at last Tuesday's close, reported CNNMoney.
Wednesday, October 08 - 2008 at 09:05

UAE markets continue slide
The Dubai Financial Market on Tuesday lost 182.64 points, or 5.14%, to close on 3,369. Among the day's big losers were Arabtec, down 12.09%, and Tamweel, which dipped 10.48%. The Abu Dhabi Securities Exchange also fell sharply, down 162.87 points, or 4.58%, to end the day on 3,395.
United Arab Emirates: Tuesday, October 07 - 2008 at 16:43

Kuwaiti investors call for market shutdown
A group of Kuwaiti investors have urged the government to temporarily shut the stock market to protect small investors from losses, reported Bloomberg, citing Al-Arabiya television. The Kuwaiti court has slated Oct. 9 to hold a hearing on the possible closure of the Kuwait Stock Exchange, Adel Abdul-Hadi, one of 20 lawyers representing the investors, said in an interview. The investors were not identified.
Kuwait: Tuesday, October 07 - 2008 at 16:31