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UAE M&A deals hit $27bn
The UAE has managed to conclude a significant number of cross-border Mergers & Acquisitions (M&A) deals worth $27.45bn up to June this year, Khaleej Times has reported. The United Nations Conference on Trade & Development report has listed the UAE on top of GCC bloc countries with a total of 63 cross-border deals.
United Arab Emirates: Saturday, September 27 - 2008 at 09:30

UAE markets end higher
The Dubai Financial Market on Thursday gained 72.27 points, or 1.86%, to close on 3,962. Among the day's gainers were Arabtec, up 6.72%, Union Properties (5.00%), and Dubai Islamic Bank (2.99%). Meanwhile, the Abu Dhabi Securities Exchange gained 25.56 points, or 0.67%, to end the day on 3,836.
United Arab Emirates: Thursday, September 25 - 2008 at 14:40

EFG-Hermes offers access to Saudi market
EFG-Hermes Securities Brokerage has announced that it now offers its foreign institutional investors access to the Saudi Arabian market through its recently launched Abwab product. In line with the change in regulation from the Capital Market Authority (CMA), the investment bank has been granted permission to provide non-resident foreign investors with the ability to purchase Saudi Arabian equities through trade swap arrangements, according to a statement.
Saudi Arabia: Thursday, September 25 - 2008 at 14:33

Gulf outflows hit $41bn
A new United Nations report has found that Gulf Arab states that account for some 95% of capital outflows from the West Asian region invested a record $41bn in foreign countries last year, reported Gulf News. Foreign direct investment outflows from the GCC almost doubled last year, and were six times the figure in 2004, the UN Conference on Trade and Development said in its latest World Investment Report. FDI inflows to the six-nation bloc also jumped significantly, growing 20% to $43bn over 2006.
Middle East: Thursday, September 25 - 2008 at 07:47

UAE markets drop again
The Dubai Financial Market on Wednesday lost 160.86 points, or 3.97%, to close on 3,890. Some of the companies leading the declines were Amlak, Dubai Islamic Bank, and Emaar, which fell 10.92%, 7.12%, and 3.73%, respectively. Meanhwile, in Abu Dhabi, the ADX fell 89.24 points, or 2.29%, to end the day on 3,811.
United Arab Emirates: Wednesday, September 24 - 2008 at 14:25

Lawyer salaries climb in UAE
Lawyer salaries are on the rise in the UAE, especially in the banking and financial services sector, climbing to an average of Dhs82,000 ($22,300) per month for the head of legal, according to a study by Tessera Executive Search in partnership with the Dubai Corporate Counsel Group. According to the survey, completed by 194 in-house lawyers in the UAE, salaries of Dhs130,000 to Dhs150,000+ per month are becoming less unusual with 20% of heads of legal departments now being paid more than Dhs100,000 per month. Overall, the results show that the highest paid lawyers qualified in North America, followed closely by England and Wales. Western-qualified, bilingual Arabic/English lawyers are still the most sought after and command the highest salaries with packages in some cases reaching Dhs244,000 per month, the report added.
United Arab Emirates: Wednesday, September 24 - 2008 at 12:41

Saudi Arabia's GDP rises by 3.4%
Saudi Arabia's gross domestic product grew by 3.4% in 2007 while its budget surplus in the year reached 12.3% of the GDP, according to the 44th annual report of the Saudi Arabian Monetary Agency. Hamad Al Sayari, SAMA Governor, said the kingdom's private and public sectors grew by 5.8% and 2.7% respectively in 2007, reported Khaleej Times.
Saudi Arabia: Wednesday, September 24 - 2008 at 11:34

Dubai task force targets corruption
The ruler of Dubai has ordered a special task force to investigate corruption in the emirate's financial institutions, and more arrests could be made, reported The National. Major Gen Khamis Mattar al Mazina, deputy commander-in-chief of Dubai Police, said the UAE is the first country in the Middle East to carry out this type of operation. The investigations are being run by Dubai Public Prosecution to keep any pending arrests secret, he said. The task force has been given ample resources to deter, investigate and arrest company chiefs found to have a hand in financial irregularities, a spokesman for Public Prosecution said.
United Arab Emirates: Wednesday, September 24 - 2008 at 10:53