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Global sukuk sales rise 40%, Moody's says
Moody's Investors Service has said that Islamic bond issues worldwide had increased 40% in the 10 months to October, compared with the same period a year earlier, Bloomberg has reported. The introduction of sukuk funds by asset management houses will encourage more trading of Islamic bonds in secondary markets whereby 'investors, including banks, can price their Sukuk fairly, enhancing both liquidity and secondary market tradability', Moody's said.
Saudi index dips slightly
Saudi Arabia's Tadawul Index fell 0.59% today to close on 6,238, led by the industrial investment sector, which dipped 1.34%. Jazan Development was the day's big gainer, up 5.86% to 12.70 riyals. Overall, 94 stocks fell while 22 gained.
Real estate stocks lead ADX rise
The Abu Dhabi Securities Exchange gained 0.66% today to close on 2,968, led by the real estate and energy sectors, which rose 3.02% and 1.72%, respectively. Aldar rose 3.81% to Dhs5.76 and Taqa gained 2.92% to Dhs1.42. Overall, 21 stocks gained, 10 declined, and three remained unchanged.
DFM sees slight gain
The Dubai Financial Market rose 0.74% today to close on 2,169. Market heavyweight Emaar climbed 2.31% to Dhs4.43, while Global Investment House led all gainers, rising 5.7% to Dhs1.46. Overall, 13 stocks gained, 11 declined, and five were unchanged.
Egypt's inflation rises to 13.3%
Egypt's inflation rate has risen for a second month in a row, official figures show. Urban inflation, the benchmark that the central bank monitors, climbed to 13.3% in October from 10.8% the month before, the Cairo-based Central Agency for Public Mobilization and Statistics said today on its Web site. Urban prices increased 2.2% in the month.
Abu Dhabi looks to private sector for economic growth
The private sector will play a critical role in the future economic development of Abu Dhabi, as it moves towards the implementation of its plan 2030. Speaking today at the Meed Abu Dhabi Conference in Emirates Palace HE Nasser Al Sowaidi, Chairman of the Department of Economic Development (DED) - Abu Dhabi, said that the emirate was opening the door to the private sector and wanted to see its contribution to GDP rise.
ONIC posts $15m Q2 profit
Oman National Investment Corporation Holding (ONIC) has reported a net profit of RO5.7m ($15m) in the second quarter of its financial year, Reuters has reported. ONIC, whose financial year starts on April 1, had recorded a net loss of RO2.8m in the same period last year, the firm said in a statement.
Kuwait's half-year budget surplus hits $17.5bn
Kuwait's finance ministry has reported a preliminary budget surplus of KD4.99bn ($17.5bn) in the first six months of the fiscal year through March 2010, thanks to larger than expected oil revenue, Bloomberg has reported. Government revenue fell 43% to KD8.22bn, while spending amounted to KD3.23bn, the ministry said. The government had forecast a budget deficit of KD4.8bn for the fiscal year, based on an oil price of $35 a barrel.
Saudi index rises 0.27%
Saudi Arabia's Tadawul index rose 0.27% today to close on 6,272, led by the insurance sector, which climbed 1.84%. Anaam Holding was the day's big gainer, up 9.93% to 74.75 riyals, followed by Al Ahlia Insurance, which gained 9.68% to 102 riyal. Overall, 69 stocks rose while 40 fell.
ADX sees slight gain
The Abu Dhabi Securities Index had a slight gain of 0.24% today, even though there were almost twice as many decliners as gainers. The health care and industrial sectors led the way, rising 3.98% and 3.60%, respectively. Overall, 17 stocks declined, ten rose, and six remained unchanged.
DFM rises, led by Emaar
The Dubai Financial Market rose 1.44% today to close on 2,153. The day's most heavily traded stock, Emaar, climbed 2.85% to Dhs4.33. Other big gainers included Union Properties and Arabtec, which rose 4.17% and 2.90%, respectively. Overall, 23 stocks ended higher, 6 fell, and one remained unchanged.
Dubai's ruler says worst of crisis is over
Dubai has seen the worst of the economic crisis and it has not harmed the emirate's ambitions, the city's ruler said today. 'The worst is over and Dubai is now well-placed,' Sheikh Mohammed Bin Rashid Al-Maktoum was quoted as saying by Reuters. 'The global economic crisis, despite its impact, will not deter Dubai's ambitions.' He also said talk of tension between Dubai Abu Dhabi was unfounded. 'There is no Dubai and Abu Dhabi, we are one,' he said. 'Who doesn't understand this should do their homework before they start talking ... We will be there for each other when we need it. And I want to tell those people who nag about Dubai and Abu Dhabi to shut up.'
Improved insolvency rules needed in Middle East
Countries in the Middle East need to improve their insolvency regulations and contract enforcement to create better business environments, the World Bank said on Sunday. 'For the United Arab Emirates, as for most economies in the Arab world those systems could stand to improve,' Dahlia Khalifa, senior strategy adviser for the World Bank, was quoted as saying by Bloomberg.
K&L Gates opens office in Dubai
Following the opening of the international offices in Singapore and Frankfurt earlier this year, US-based law firm K&L Gates has established its 33rd office worldwide, and the firm's first in the Middle East, after receiving the necessary licence. Senior officials joining the Dubai office include corporate and projects partner Paul de Cordova, as well as senior dispute resolution partner Neal R. Brendel, who has relocated to Dubai from the firm's Pittsburgh office.
Tadawul falls slightly
Saudi Arabia's Tadawul All Share Index (Tasi) closed down 1.5% on its second day of trading, at 6,255.80. Saudi Kayan was the most active stock by value, but also registered the day's largest drop, going down 7.49% to SR17.90.
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