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Saudi inflation rises in September
According to Saudi Arabia's official statistics authority, the kingdom's rate of inflation climbed to an annual 4.4% in September from 4.1% in August, Reuters has reported. The kingdom's cost of living index was 123.5 points in September up from 118.3 points a year earlier, the data showed. The index was at 122.7 in August.
Gulf states need to diversify economies, says IMF chief
Dominique Strauss-Kahn, managing director of the International Monetary Fund, has said the GCC countries should be commended for cushioning the impact of the crisis through strong countercyclical fiscal policy, Reuters has reported. However, there is a need to continue to diversify the financial sector, and more broadly the economy, he added. 'Doing so would reduce both, volatility in economic activity and financing costs for private investment, which is key to providing jobs for a growing labour force,' he was quoted as saying.
Tadawul posts slight losses
Saudi Arabia's Tadawul index ended its second day of trading down slightly by 0.57% to 6,396.10. Al-Rajhi Company for Cooperative Insurance posted the biggest rise going up by 4.68%. Thirty-eight companies rose while 78 fell.
DFM down over 2%
The Dubai Financial Market began the week's trading by falling 2.49% to 2,292.33. Only two companies rose, with 27 falling. Emaar was again the most active by value and by volume, but ended the day down by 4.75% at Dhs4.61.
ADX starts week down
The Abu Dhabi Securities Exchange (ADX) started the week slowly, going down by 1.02% to 3,206.62. Only eight companies posted gains, while 26 fell. Oman & Emirates Inv. Holding Co. posted the biggest gains of the day, going up by 9.26% to Dhs1.75.
Weekly FX roundup: Dollar pressure continues
With equity markets and commodity prices rising to new highs, the greenback was put under a lot of pressure last week, falling to new lows against the Euro (EUR), Swiss Franc (CHF), Australian Dollar (AUD), and Canadian Dollar (CAD).
Bahrain banks covered against Saad, Algosaibi impact
Bahrain's central bank governor has said that the kingdom's banks are well covered against the impact of debt troubles at Saudi conglomerates Saad Group and Ahmad Hamad Algosaibi & Brothers, Reuters has reported. 'As far as we're concerned we're happy. Banks are well-covered and there's nothing to worry about,' Rasheed al-Maraj said
Lebanon plans Eurobond issue
Lebanese caretaker finance minister Mohammad Shatah has said that the country is planning a new Eurobond issue in the coming weeks valued at up to $500m to help service existing debt and subsidize a state-owned power company, the Daily Star has reported. 'It's going to be a limited issue: limited by what the government is authorized to issue without new legislation. There will be one soon ... not exceeding $500 million,' Shatah said.
Oman banks 'unlikely' to use $1.7bn fund
Hamood Sangour al-Zadjali, governor of Oman's central bank has said that only $300m out of its $2bn support fund has been used to aid local banks and that it was unlikely to use the rest, Reuters has reported. The Sultanate's economy is recovering which limits the need for entities to access the funds, the central bank chief said.
GCC Monetary Council eyed in January
A Monetary Council will be established beginning early next year as a precursor to a joint central bank for four countries planning a single currency, according to Gulf Cooperation Council's Secretary General Abdul Rahman al-Attiyah, Bloomberg has reported. Al-Attiyah said he was 'absolutely' confident that the monetary council would set up by January. Earlier, Saudi Arabia's central bank Governor Muhammad al-Jasser has said four GCC states Saudi Arabia, Kuwait, Qatar and Bahrain are 'on track' to create a new shared currency.
ADX registers slight increase
The Abu Dhabi Securities Exchange closed up by 0.34% at 3,239.74, after early rises were reduced through the day. The Construction sector showed the highest increases, with Arkan Building Materials moving up 9.62% to Dhs3.77. Twelve companies rose, eight held steady and 21 fell.
DFM drifts down 0.95%
The Dubai Financial Market ended its trading week down 0.95% on the day at 2,350.91. Only three companies rose, while 25 fell and three remained unchanged. The Arab Insurance Group posted the biggest rise of the day, going up by 14.87% to Dhs2.24.
Dubai World to 'save $800m' through restructuring
Dubai World has announced that it has largely completed its organisational restructuring. As a result of the reorganisation, the company says that it is scheduled to benefit by $800m in operating savings over the next three years. The total workforce managed by Dubai World companies globally has been reduced by approximately 15% to less than 70,000 (including the 45,000 international workforce of DP World and Drydocks World).
DIC launches $550m loan syndication
Dubai-based DIC, a subsidiary of Dubai Holding, has launched syndication of a $550m loan, Reuters has reported, citing banking sources close to the deal. Bookrunners include Mashreqbank, Noor, Standard Chartered Bank and Royal Bank of Scotland, one of the sources added.
Kipco to launch pension wing
Kuwait's biggest privately owned investment firm, Kuwait Projects Co. (Kipco) has said that it plans to establish a company early next year to sell pension products as part of a business expansion in the Middle East and North Africa, Bloomberg has reported. 'This will be the first pension product promoted by a private company aimed at the mass market in Mena,' Kipco's Group Communications Director Robert Hipkins said.
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