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Istithmar buys stake in US asset firm
Istithmar World Capital, the private equity arm of Istithmar World, has announced that it will acquire a majority stake in Gulf Stream Asset Management, a US-based institutional asset manager. Gulf Stream currently manages approximately $3.8bn of corporate credit portfolios for global institutional investors. The remainder of the business will continue to be owned by Gulf Stream Asset Management's founder and CEO, Mark Mahoney, and his team.
United Arab Emirates: Tuesday, April 29 - 2008 at 07:08

UAE markets show slight dip
The Dubai Financial Market closed down 70.73 points (1.22%). Global Investment House was the largest of the only three companies to claim a higher closing price, going up 14.04%. The Abu Dhabi Securities Market fell slightly by 20.78 points (0.41%). Al Wathba Insurance was the biggest gainer, going up 9.92%.
United Arab Emirates: Monday, April 28 - 2008 at 14:28

Saudi inflation near 10%
Inflation in Saudi Arabia neared 10% in March, driven by the peg to the weak dollar, the Saudi Press Agency has reported. The cost of living rose for the tenth consecutive month, climbing 9.6%. The rental index rose 15.8% while food and beverage prices in the kingdom climbed an average of 14.2%.
Saudi Arabia: Monday, April 28 - 2008 at 08:03

$14m in unpaid wages paid out
The UAE Labour Ministry has released its annual labour report for 2007, showing that the government forced companies to pay $14.1m in unpaid wages. The report also showed that 3.11 million workers from outside the UAE are employed in more than 260,000 companies, making up over 90% of the workforce.
United Arab Emirates: Sunday, April 27 - 2008 at 10:05

Tasi recovers due to oil hike
The Tadawul All-Share Index (Tasi) has gained 1.28% last week, closing at 9,754.10 points from 9,630.37 points in the previous week, reported Arab News. The recovery is attributed to rising oil prices and quarterly corporate results, particularly of blue chip firms.
Saudi Arabia: Saturday, April 26 - 2008 at 09:48

DFM rises, ADSM dips slightly
The Dubai Financial Market on Thursday climbed 34.63 points, or 0.61%, to end the day on 5,742. Arab Insurance Group was the day's big gainer, up 8.41%. Meanwhile, the Abu Dhabi Securities Market fell 9.03 points, or 0.18%, to end the day on 5,006.
United Arab Emirates: Thursday, April 24 - 2008 at 14:52

GHC to list $190m sukuk on DIFX
Gulf Holding Company plans to list its subsidiary Villamar Sukuk Company Limited’s $190m Sukuk bond issue on the Dubai International Financial Exchange, subject to final approval. The issue was arranged by Merrill Lynch International, and was jointly lead managed by Al Rajhi Banking and Investment Corporation. MLI were also the mandated book-runners for this issue which was launched and priced on April 18, 2008.Floating Rate Certificates of the $190-million five-year international sukuk offering will deliver a profit rate of 275 basis points over the three-month London Interbank Offered Rate (Libor).
United Arab Emirates: Thursday, April 24 - 2008 at 10:40

Meeting 5% inflation target would be 'a miracle'
The UAE's economy minister yesterday said achieving the country's inflation target of 5% this year would be 'a miracle', reported Reuters. Sultan bin Saeed Al Mansouri acknowledged that the inflation goal is an 'ambitious target' for the country, whose currency is pegged to the dollar. Inflation in the UAE hit a 19-year peak of 9.3% in 2006 and probably accelerated to 10.9% last year, according to a National Bank of Abu Dhabi estimate.
United Arab Emirates: Thursday, April 24 - 2008 at 10:18