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Oman says it will not join monetary union
Oman will not join the Gulf monetary union, an Omani minister said yesterday. Yousuf Bin Alawi, Omani Minister in charge of Foreign Affairs told Arabic daily Al Bayan that Oman did not find any advantages for replacing the six 'strong and stable' currencies with one currency. The minister clarified that Oman is not obstructing the monetary unity project, which was initiated at the GCC 2001 Summit in Muscat.
Oman: Monday, December 29 - 2008 at 11:09

Oman's index up sharply
Oman was the biggest gainer in the region yesterday, surging more than 4%, its biggest one-day rise in more than seven weeks. Muscat's benchmark rallied 4.28% to 5,211. Kuwait experienced the biggest losses with the country's benchmark falling 2.4% to 8,043 points. Saudi Arabia's benchmark closed 3.14% higher at 4,686 points, Qatar's index climbed 1.19% to 6,714, while Bahrain fell 0.47% to 1,824 points.
Oman: Monday, December 29 - 2008 at 09:11

Sabic plunge takes Tasi down
Saudi Arabia's petrochemical sector, particularly the Saudi Basic Industries Corp. (Sabic) has led the decline of Saudi bourse last week as the company's shares plunge 11.86% with market turnover of over SR2bn, Arab News has reported. The Tadawul All-Share Index (Tasi) has extended losses on Wednesday to close at 4,669.05 points, 4.79% decline from the previous week.
Saudi Arabia: Saturday, December 27 - 2008 at 10:19

GCC to introduce monetary council
According to the head of the Gulf Cooperation Council, 2009 will see the Gulf Arab states launch a common monetary council, the precursor to a regional central bank. The GCC plans to have a joint Gulf Arab central bank that will be independent from the governments of its member countries. Oman has opted out of the planned monetary union.
Middle East: Wednesday, December 24 - 2008 at 09:44

ADX and DFM markets fall further
The Abu Dhabi Securities Exchange closed 3.69% down today to 2,409.94. The Dubai Financial Market also closed down, falling 2.22% to 1,693.74. The ADX has now fallen 47% year to date and the DFM 71%. Top performers today included Ras Al Khaimah White Cement on the ADX, up 8.99% to close at Dhs0.99 and Gulf General Investment on the DFM, up 4% to Dhs5.99. Worst performers included Union National Bank and Arabtec Holding, both down by just over 9%. Emaar shares continued their miserable run, dropping 3.6% to close at Dhs2.41.
United Arab Emirates: Tuesday, December 23 - 2008 at 15:40

Saudi Arabia to post deficit
According to the country's finance ministry, Saudi Arabia forecasts a deficit of SR65bn ($16bn) in 2009, as it raises its expenditures to an expected SR475bn. This will be the first budget deficit since 2002.
Saudi Arabia: Tuesday, December 23 - 2008 at 12:41

UAE stock markets fall
The UAE's stock markets have experienced steep losses of around Dhs29bn in two days. According to Shiv Prakash, equity investment analyst at Mac Sharaf Securities, the real estate and the banking sectors have in particular suffered, with fears that many are facing a tough time with loan defaulters. Real estate and banking have been among the worst performers this year on the Abu Dhabi Securities Exchange and Dubai Financial Market. The slump in oil prices is also likely to weaken region's economic growth.
United Arab Emirates: Tuesday, December 23 - 2008 at 09:30

Gulf economies to slow
A new Reuters poll shows that most Gulf Arab economies will grow at their slowest pace in 2009 since the oil boom began six years ago. The poll of 11 economists showed real economic growth in Saudi Arabia, the UAE and Kuwait will slow down below 3% next year as the global recession and tight credit markets hurt activity in the region.
Middle East: Monday, December 22 - 2008 at 12:50