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UAE markets close higher
The Dubai Financial Market on Monday gained 67.24 points, or 1.66%, to close on 4,127. The day's big gainer was Gulf Finance House, up 14.98%. Emaar also ended higher, up 3.33%. Meanwhile, the Abu Dhabi Securities Exchange gained 16.74 points, or 0.42%, to end the day on 3,956.
United Arab Emirates: Monday, September 29 - 2008 at 15:29

Kuwait inflation rises to 11.35%
Kuwait's inflation rate rose to 11.35% in June from 11.1% in May on increases in the cost of housing and food, reported Bloomberg citing an interview with a government official. The inflation rate on food rose to 14.2% in June from 10.8% a month earlier, while housing costs gained an annual 13.1%, compared to 14.9% in May.
Kuwait: Monday, September 29 - 2008 at 09:40

Moody's upbeat on Gulf ratings
A Moody's senior analyst said Gulf countries are among the best positioned in the world to withstand the effects of the credit crisis, reported Reuters. There is currently no downward pressure on any sovereign ratings in the Gulf, Tristan Cooper said, adding that Gulf banks have mostly avoided exposure to the types of assets that turned 'toxic' during the credit crisis in the United States.
Middle East: Monday, September 29 - 2008 at 07:47

UAE markets end higher
The Dubai Financial Market on Sunday gained 97.95 points, or 2.47%, to close on 4,060. The day's big gainers were Dubai Islamic Bank, up 5.63%, and Emirates NBD, which rose 4.79%. Meanwhile, the Abu Dhabi Securities Exchange gained 103.34 points, or 2.69%, to end the day on 3,939.
United Arab Emirates: Sunday, September 28 - 2008 at 15:12

Kuwait SWF ploughs $1.1bn in local market
Kuwait's sovereign wealth fund - The Kuwait Investment Authority - is stepping up investments at home and preparing to hunt for bargains in Asia, after saying it had lost interest in US bank bailouts, reported Retuers. KIA has invested up to 300 million dinars ($1.12bn) in local stock market funds after the recent slide in shares. KIA is also seeking to boost investments in Asian emerging markets, among them Singapore.
Kuwait: Sunday, September 28 - 2008 at 15:04

US bailout plan to boost ME indexes
The US bailout plan is expected to have a positive impact on Middle East markets, which plummeted under the 'psychological' fallout of the US financial crisis over the past few weeks, according to financial analysts. Riyadh-based Bakheet Investment Group expects the Saudi market to 'react positively' to the US rescue plan, while investors keep an eye on the third quarter results which usually start to come out in the first week of October. Wajdi Makhamreh, Chief Operating Officer at the Sanabel International Holding, said Arab bourses had tumbled over the past couple of weeks as a result of a 'psychological sentiment rather than logical reasons' in the wake of the collapse of the US Lehman Brothers bank and its repercussions.
Middle East: Sunday, September 28 - 2008 at 14:51

KSA's current account surplus to hit $138bn
Saudi Arabia's current account surplus, driven by high oil export revenues, is expected to reach an all-time high of SR517.5bn ($138bn) this year compared to SR356.25bn ($95bn) in 2007. According to the National Commercial Bank's Saudi Economic Perspectives report, July 2008, which was released recently, the kingdom's oil export revenues are expected to increase by 26% to a new record of around SR971.25bn ($259bn) in 2008.
Saudi Arabia: Sunday, September 28 - 2008 at 14:44

Asian central banks cut rates
Asia's central banks have started to cut interest rates, judging they need to counter the effect of the US financial crisis on their export-dependent economies as inflation peaks, reported Bloomberg. Taiwan cut borrowing costs on September 25, joining China, Australia and New Zealand in easing the price of money this month. Inflation rates have slowed in Thailand and Sri Lanka, and policy makers in the Philippines, India and Indonesia forecast price gains will cool before the end of the year.
Middle East: Sunday, September 28 - 2008 at 07:54