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Shuaa loss hits Dhs371m
Shuaa Capital has reported a net loss of Dhs371.1m during first half of 2008 compared to a net profit of Dhs128.6 million during the same period last year, Gulf News has reported. The losses were attributed to the global market downturn.
United Arab Emirates: Saturday, October 18 - 2008 at 09:15

Law firm Curtis opens in Dubai
New York firm Curtis Mallet-Prevost Colt & Mosle is the latest international firm to open in the UAE through the launch of an office in the Dubai International Financial Centre (DIFC). Peter Stewart, corporate partner and co-chair of the firm's private equity practice, will serve as managing partner for the Dubai office. Corporate partner and head of Curtis London Charles Buderi will divide his time between Dubai and London. The firm will also relocate further lawyers from other offices to Dubai. Curtis Dubai will cover mergers and acquisitions, private equity, project development, tourism and hospitality projects, energy and commodities, sovereign wealth funds, private equity funds, and dispute resolution in the DIFC.
United Arab Emirates: Thursday, October 16 - 2008 at 15:07

UAE markets fall sharply
The Dubai Financial Market fell sharply again on Thursday, losing 223.76 points, or 6.53%, to close on 3,204. Twenty-eight of the 29 stocks in the index finished lower, including Emaar (down 9.66%) and Arabetc (down 9.94%). Meanwhile, the Abu Dhabi Securities Exchange lost 159.10 points, or 4.51%, to end the day on 3,366.
United Arab Emirates: Thursday, October 16 - 2008 at 14:54

Islamic finance learning centre launched in Dubai
Amanie, an Islamic finance consulting company, has launched an Islamic finance learning center in Dubai. The center will offer a range of Islamic finance, banking and takaful training programs and services to help meet the significant demand for training and human development from the Islamic finance industry in the Gulf region. Apart from the focus of practitioners in the Gulf region, the center aims to attract practitioners from countries with large Muslim populations, including the USA, the UK, Germany, France and Holland.
United Arab Emirates: Thursday, October 16 - 2008 at 14:40

ADX to study foreign investors' trading patterns
The Abu Dhabi Securities Exchange ADX will analyse trading patterns of foreign investors to study whether there are some systemic gaps which are detrimental to the market's growth, said Rashed Al Baloushi, deputy chief executive of ADX. He told reporters yesterday that substantial institutional investment has been coming into the market due to the economic boom being taking place in the UAE, but foreign investment has shrunk recently due to current global financial crisis, reported Khaleej Times.
United Arab Emirates: Thursday, October 16 - 2008 at 14:33

Global markets plunge
The Dow Jones on Wednesday fell 733 points, or 7.9, to 8,577, the second largest daily point loss ever, behind the 777-point loss on September 29. The drop on Wall Street came amid the worst US retail sales figures in three years, a surge in UK unemployment and predictions that recessions were unavoidable in the US and Europe. The FTSE 100 closed the day 7.16% down, while the CAC 40 in Paris lost 6.82 percent of its value and the German DAX 30 fell by 6.49%. The falls came as EU leaders met in Brussels to hammer out the details of their $2.7 trillion banking bailout.
Thursday, October 16 - 2008 at 08:03

DFM falls 7.44%
The roller coaster ride of the UAE's stock markets continued today, as the Dubai Financial Market fell 7.44%, one day after gaining 10.76%. The index lost 275.48 points to close on 3,427. Emaar tumbled 9.88% and Arabtec fell 9.93%. Meanwhile, the Abu Dhabi Securities Exchange also dropped today, down 76.63 points, or 2.13%, to end the day on 3,525.
United Arab Emirates: Wednesday, October 15 - 2008 at 14:51

Istithmar opens office in New York
Dubai government investment agency Istithmar World is opening an office in New York in an effort to tap investment opportunities in America created by the financial crisis. New York will be the second city in which Istithmar World Capital has opened an international office after Shanghai in China.
United Arab Emirates: Wednesday, October 15 - 2008 at 14:37