Finance and Economy

Related Content

Business and Finance (video)

Saudi budget surplus may hit $133bn
Saudi Arabia's budget surplus in 2008 may have reached 500 billion Saudi riyals ($133bn) as oil prices hit record levels, the Saudi Gazette has reported, citing forecasts from analysts. The kingdom has enough currency reserves to maintain spending on major economic projects even if crude oil prices continue to fall next year. King Abdullah is expected to release the 2009 budget today, the newspaper reported.
Saudi Arabia: Monday, December 22 - 2008 at 12:04

UAE's liquidity shortage to ease
A new report from Standard Chartered Bank says the UAE's shortage of adequate monetary tools is undermining the process of addressing liquidity into the system. However, it's predicted that the situation will ease by the first quarter of 2009. The report also stated that the UAE's economic growth is expected to slow from 4.8% in 2008 to 2.7% in 2009.
United Arab Emirates: Monday, December 22 - 2008 at 09:36

Abu Dhabi to establish financial auditor
The Abu Dhabi government plans to create a state auditing arm that would investigate the management of state funds and firms in which it owns more than a 50% stake, according to the official WAM news agency. Among the goals of the watchdog is 'increasing accountability and transparency in entities that fall under its jurisdiction', according to a law creating the body. It will seek to ascertain that 'the management, collection and disbursement of funds of the entities it oversees are carried out in an efficient and economically viable manner'.
United Arab Emirates: Sunday, December 21 - 2008 at 16:16

UAE stocks tumble
The Dubai Financial Market plunged 5.58% on Sunday to close on 1,802. Emaar, Arabtec, Aramex, and Dubai Islamic Bank each lost nearly 10%. In Abu Dhabi, the ADX dropped 3.72% to end the day on 2,576. Market heavyweights Sorouh and Abu Dhabi Commercial Bank fell 9.51% and 8.45%, respectively.
United Arab Emirates: Sunday, December 21 - 2008 at 16:07

NBD Sana Capital raises $170m
NBD Sana Capital, the private equity unit of UAE's Emirates NBD, raised almost $170m at its first close and is eyeing buyout opportunities in the Middle East, North Africa and South Asia, Bloomberg has reported. Suresh Kumar, group director at Emirates NBD, said 'there is no better time' for a private equity fund to invest than now due to the decline in valuations. NBD Sana aims to raise the size of the fund to $250m in 2009 and eventually to $500m, he added.
United Arab Emirates: Sunday, December 21 - 2008 at 15:16

Omani infation falls to 13.2%
Omani inflation slowed to 13.2% in October from 13.4% in September, according to Oman's Ministry of Economy. The cost of personal-care items and other services fell to 6.4% from 14% and of educational services dropped to 5.9% from 8%.
Oman: Sunday, December 21 - 2008 at 15:11

Saudi stock index falls
The Tadawul All Share Index dropped 4.1% to 4,705.44 in Riyadh yesterday, with shares worth 3.4 billion riyals changing hands. Some 104 shares fell and 18 rose. Alinma Bank fell 2.2% to 11.30 riyals and Saudi Basic Industries, or Sabic, declined 6.8% to 55 riyals.
Saudi Arabia: Sunday, December 21 - 2008 at 10:28

Tasi gains 5.35%
The Tadawul All-Share Index (Tasi) has gained 5.35% since the resumption of trading after a week-long Eid Al-Adha holiday, and has turned over SR22.42bn last week, Arab News has reported. Saudi Basic Industries Corp. shares has jumped 10.8% last week to SR59.
Saudi Arabia: Saturday, December 20 - 2008 at 09:36