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Mubadala eyes more investment in UAE
Mubadala Development, the Abu Dhabi government's investment arm, is seeking to diversify its portfolio among international and local investment, reported Gulf News. The company, which recently announced a $5bn development within a joint venture with Singapore-based CapitaLand and sold its stake in the Nigerian mobile telecommunication market to Etisalat, is spreading its investment risks in the UAE and overseas. With regard to UAE projects, the company is focusing utilities and infrastructure, especially water and energy projects, in the context of an increasing partnership with the private sector.
United Arab Emirates: Thursday, May 01 - 2008 at 08:07

DFM, ADSM end slightly lower
The Dubai Financial Market on Wednesday lost 14.04 points, or 0.24% to end the day on 5,737. Al Mazaya Holding was the day's big gainer, up 15%. Meanwhile, the Abu Dhabi Securities Market also had a slight dip, losing 1.92 points, or 0.04%, to finish on 4,988.
United Arab Emirates: Wednesday, April 30 - 2008 at 14:35

Sabic to issue its 3rd sukuk
The Saudi Basic Industries Corporation (Sabic), the Arab world's largest publicly traded company, has received approval to sell as much as 5 billion riyals ($1.33bn) of Islamic bonds. The sale, which will be the company's third sukuk, starts on May 3 and will last for 10 business days. The Sukuk will be available to eligible GCC investors and will be subject to a minimum holding of SAR 10,000.
Saudi Arabia: Wednesday, April 30 - 2008 at 10:37

Kuwait proposes Islamic food fund
Kuwait has offered to establish a fund to provide basic foods to poor people in Islamic countries and pledged to donate $100m to kickstart the initative, reported Reuters. The proposed fund would also contribute to programmes to increase agricultural production. Several Arab and Muslim capitals have witnessed protests by people demanding government intervention to ease the impact of rises in the prices of foods.
Kuwait: Wednesday, April 30 - 2008 at 07:50

DFM up, ADSM down
The Dubai Financial Market on Monday gained 36.93 points, or 0.65%, to end on 5,751. Market heavyweight Emaar was down 0.86%. Meanwhile, the Abu Dhabi Securities Market dipped 6.84 points, or 0.14%. to close on 4,990.
United Arab Emirates: Tuesday, April 29 - 2008 at 14:32

Saudi to launch $5bn SWF
Saudi Arabia is set to launch its first sovereign wealth fund with an initial capital base of 20 billion riyals ($5.3bn), reported the UK's Financial Times. Saudi officials are finalising approval for the fund, which will seek to maximise long-term returns, the Financial Times reported Tuesday, quoting Mansour Al-Maiman, secretary general of the Public Investment Fund, a group operating under the Ministry of Finance. The Public Investment Fund will set up an investment company that will launch the fund.
Saudi Arabia: Tuesday, April 29 - 2008 at 13:14

Dubai World says it is being more 'cautious'
Dubai World, the investment arm of the Dubai government, said on Tuesday it is taking a more cautious approach in its investment planning because of the subprime housing crisis, reported Reuters. CEO Yu Lai Boon said the firm, which has a portfolio of over $200bn, has no plans to sell its US real estate assets for the time being, but it is still seeking investments in transport and logistics, financial services and for opportunistic deals in the real estate market. He said the firm is in a holding pattern until it can better determine the full extent of the economic crisis on China and India.
United Arab Emirates: Tuesday, April 29 - 2008 at 12:07

SWFs hit $3.5tr in 2007
Sovereign wealth funds have surged 24% annually over the past three years to hold a total of $3.5tr in 2007, a US economic firm has reported. Global Insight said that projected on that annual growth pace, sovereign wealth funds would surpass the entire current economic output of the US by 2015, and the EU by 2016. Nigeria has grown its sovereign wealth the most rapidly over the last five years, followed by Oman and Kazakhstan. The largest player remains China, followed by Russia and Kuwait.
Tuesday, April 29 - 2008 at 09:17