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Mumtalakat's portfolio hits $10bn
Bahrain's Mumtalakat Holding Company, which controls the government's non-oil and gas assets, said on Tuesday its total portfolio is worth $10bn. Created in June 2006, it now has 35 commercial enterprises in its portfolio. The company's investment strategy is to enter into partnerships with local and international institutions targeting opportunities for long-term, sustainable financial returns.
Bahrain: Wednesday, September 24 - 2008 at 10:31

Dubai Investments divests 40% stake in M'Sharie
Dubai Investments has divested 40% of its shareholding in M'Sharie, its private equity arm, via a private placement targeted towards selected strategic investors across the GCC. The private placement was oversubscribed by more than 100%. Valued at Dhs1bn ($272m), M'Sharie holds ownership interest in 16 companies operating in diversified businesses, of which 14 are fully-owned subsidiaries and two are joint venture affiliates. The divestment of M'Sharie will allow Dubai Investments to raise capital of Dhs400m, according to a press statement.
United Arab Emirates: Wednesday, September 24 - 2008 at 08:02

UAE announces Eid holidays
The UAE government has announced Eid holidays for all ministries and federal-government institutions from September 29 to October 4. A circular to the effect was issued by Humaid Mohammad Al Qatami, Minister of Health and Chairman of the Civil Service Commission, according to the Gulf News report. The public sector will resume work from October 5.
United Arab Emirates: Tuesday, September 23 - 2008 at 15:15

World markets fall
Markets in Europe and Asia tumbled on Tuesday as uncertainty grew in the US over a $700 billion financial rescue plan. In Hong Kong, the Hang Seng index was down 3.9. In Europe, London's FTSE index fell 2.0, and the Paris CAC 40 was down 1.4. The falls follow losses Monday on Wall Street, where The Dow slid 373 points, or 3.3%, reported AP.
United States: Tuesday, September 23 - 2008 at 15:00

UAE stocks tumble
The Dubai Financial Market on Tuesday lost 149.51 points, or 3.56%, to close on 4,051. Shares of Union Properties fell by 6.33%, Ajman Bank by 5.78%, Arabtec by 5.02%, and Emaar by 3.97%. Meanwhile, the Abu Dhabi Securities Exchange dropped 114.15 points, or 2.84%, to end the day on 3,900. Shares of Sorouh fell by 7.45%, First Gulf Bank by 6.55%, and Aldar by 5.48%.
United Arab Emirates: Tuesday, September 23 - 2008 at 14:57

Egypt's inflation to ease, says minister
Egypt's Finance Minister Yousuf Boutros-Ghali said lower global food prices will bring down the inflation rate in the most populous Arab country, reported Bloomberg. Boutros-Ghali told reporters that inflation, at a 16-year high, has now peaked and would not stop the government from pursuing economic reforms.
Egypt: Tuesday, September 23 - 2008 at 10:33

Malaysian law firm wins DFSA licence
A top Malaysian law firm, Zaid Ibrahim & Co, has become the first South East Asian law firm to receive a license from the Dubai Financial Services Authority. The firm will provide legal services to clients in and from the Dubai International Financial Centre (DIFC). The firm's operations in Dubai is headed by Senior Associate Farid Hussain
United Arab Emirates: Tuesday, September 23 - 2008 at 10:27

Qatar's export earnings to hit $98bn
Qatar's export earnings are expected to rise to nearly $98bn in 2009, more than double the level attained in 2007, according to a report by the US-based Institute of International Finance. The report said Qatar's external performance is set to 'improve significantly' from an already 'strong position' as further LNG output comes onstream and oil prices continue to climb, reported Gulf Times.
Qatar: Tuesday, September 23 - 2008 at 10:10