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UAE markets fall
The Dubai Financial Market fell 1.02% on Thursday to close on 1,909. Global Investment House plunged nearly 10% to post the day's biggest loss. For the week, Arabtec led gainers with a rise 18.64%. In Abu Dhabi, the ADX dipped 1.31% to end the day on 2,676. First Gulf Bank was the index's top performer of the week with a gain of 9.81%. Abu Dhabi Commercial Bank and Taqa fell 19.92% and 10.77%, respectively, to lead decliners for the week.
United Arab Emirates: Thursday, December 18 - 2008 at 15:37

Jordan's trade deficit climbs 27%
Jordan's trade deficit rose during the January-October period of this year by 27% to JD5,675 million compared to JD4,467 million during the same period last year, reported Jordan Times, citing the Department of Statistics. At the end of October, the kingdom's total exports were valued at JD3,371 million, an increase by 39%. Imports were valued at the end of October at JD10,303 million compared to JD7,795 million, registering a 32% increase.
Jordan: Thursday, December 18 - 2008 at 13:52

Qatar, Saudi Arabia plan commercial agency
Saudi Arabia and Qatar have announced plans to set up a joint commercial agency to boost trade and investment links, reported The Peninsula. The move aims to create a new bilateral relationship in all sectors and also promote commercial activities between the two Gulf neighbors.
Qatar: Thursday, December 18 - 2008 at 13:33

Al Jazeera Steel debuts on DFM
Dubai Financial Market today announced the listing of Al Jazeera Steel Products Co, incorporated in Oman. Company shares began trading on Thursday, December 18, 2008, under the trading symbol 'ATMI' within the materials sector, which will appear on DFM screens, trading systems and publications. Al Jazeera is the first Omani public joint stock company to list in DFM.
Oman: Thursday, December 18 - 2008 at 13:11

Investors slightly more upbeat, says survey
The number of investors who expect the global economy to worsen in 2009 has dropped, according to Merrill Lynch's Survey of Fund Managers for December. While 88% of the panel believe that the world economy is in recession, December's survey contains evidence that the rate of deterioration is slowing. The net balance of investors who expect the global economy to worsen in the coming year has fallen to 36%, down from 60% in October. More than a quarter of respondents believe the economy will strengthen in 2009. A widespread perception exists that stocks are cheap, both in absolute terms and relative to bonds. The survey also found that the proportion of investors who view monetary policy as too restrictive has tumbled to 29% from 68% in October.
Thursday, December 18 - 2008 at 10:30

Basket of currencies for GCC proposed
Economists at Dubai International Financial Centre on Wednesday proposed an anchor basket for the Gulf common currency to be introduced from January 1, 2010, Gulf News has reported. The recommendation comes ahead of the meeting of the Gulf heads of states on December 29 and 30 in Muscat. The proposed basket would give a 45% weightage to the US dollar, followed by the euro at 35%, the yen at 20% and sterling at 5%.
Middle East: Thursday, December 18 - 2008 at 08:28

UAE markets gain slightly
Stock markets in the UAE had slight gains on Wednesday. The Dubai Financial Market rose 0.19% to end the day on 1,929. Arabtec was the day's big gainer, up 5.81%, while Shuaa Capital fell 7.80%, the day's biggest loss. In Abu Dhabi, the ADX gainer 0.05% to end the day on 2,711.
United Arab Emirates: Wednesday, December 17 - 2008 at 14:42

Credit Suisse: Only Emerging Markets will grow in 2009
According to Credit Suisse research department, major economic worries will continue to spread in 2009, and only emerging markets will generate growth. The state of the G3-economies US, Europe and Japan will not improve before the 2nd half of 2009, according to Credit Suisse. The Swiss Bank also points out that, Stock markets came down to 'attractive levels', but uncertainties remain.
Wednesday, December 17 - 2008 at 11:02