The Dubai Financial Market rebounded from yesterday's loss with a gain of 3.02% today to close on 2,373. Emaar was the most heavily traded stock and the biggest gainer of the day, up 6.54% to finish on Dhs4.89. Other big gainers on the day were Tabreed, which climbed 5.45% to close on Dhs1.16, and Aramex, which rose 4.40% to Dhs1.90. Overall, 20 stocks rose, five fell, and four remained unchanged.
United Arab Emirates:
Wednesday, October 14 - 2009 at 16:02
Stephen Schwarzman, CEO of Blackstone Group, the world's largest private equity firm, said the company is considering an office in the Middle East, Bloomberg has reported. Speaking at a private equity conference in Dubai, Schwarzman said the worst is over for the buyout industry, adding, 'after virtually no realizations over the last year, we're seeing the beginnings of realizations through sales and equity offerings'. He declined to be more specific about the timing or location of a Middle East office.
Middle East:
Wednesday, October 14 - 2009 at 15:09
The UAE is training an elite police force to deal with financial crimes, the National has reported. The initiative is aimed at giving authorities in the country expertise in investigating and prosecuting cases that currently require experts to be brought in from foreign countries. After completing their eight-year course, the officers will have studied overseas, earned PhDs and worked at the UAE Central Bank, said Maj Gen Nasser al Naimi, the director general of the Minister of Interior's office.
United Arab Emirates:
Wednesday, October 14 - 2009 at 11:01
Dubai-based PIC, a member of the deVere Group of companies, the largest independent financial advisory in the world, has formed a strategic alliance with Jupiter Asset Management that aims to provide direct funds access and advice. Under the agreement, deVere and Partners can now access 43 funds directly through its 150 financial advisory professionals based in the region, according to a press statement.
United Arab Emirates:
Wednesday, October 14 - 2009 at 10:17
US-based private equity firm, The Carlyle Group, expects to close deals in manufacturing, food and beverage, health care and building materials in the Middle East and North Africa through its $500m fund, Reuters has reported. 'Most of our money is intact, we expect to close a number of deals in the near future,' Walid Musallam, managing director at Carlyle told the news service.
Middle East:
Wednesday, October 14 - 2009 at 10:12
Saudi Arabia-based Kingdom Holding and Indian conglomerate Tata Group are considering unspecified joint investment opportunities, Reuters has reported. Tata Group has presented 'a number of potential investment projects' which will be examined further by the two parties, the company said.
Saudi Arabia:
Wednesday, October 14 - 2009 at 10:08
The Tadawul All Share index fell 0.89% today to close on 6,343. The day's most heavily traded stock, Alinma Bank, fell 0.73% to close on 13.75 riyals. The top gainer was Saudi Investment Bank, which rose 4.27% to end the day on 19.55 riyals. Overall, 21 stocks closed higher, 104 declined, and eight remained unchanged.
Saudi Arabia:
Tuesday, October 13 - 2009 at 16:57
The Abu Dhabi Securities Exchange rose 0.14% today to close on 3,222. Commercial Bank International was the day's big gainer, up 9.68% to close on Dhs1.70. Stocks in the health care sector, which rose 2.07%, offset declines in the banking, construction, insurance and consumer sectors. Overall, 14 stocks advanced, 18 declined, and eight remained unchanged.
United Arab Emirates:
Tuesday, October 13 - 2009 at 16:33
The Dubai Financial Market on Tuesday fell 1.64% to close on 2,303. Market heavyweights Emaar and Arabtec fell 2.13% and 3.31%, respectively. Gulf Finance House was the day's big gainer, up 13.42% to close on Dhs2.62. Overall, four stocks rose, 24 fell, and three remained unchanged.
United Arab Emirates:
Tuesday, October 13 - 2009 at 16:24
The Dubai Financial Market will rise more than 28% and pass the 3,000-level by the second quarter of 2010, a fund manager at Gulfmena Alternative Investments has said. 'We will be moving toward the 3,000-level in the medium- to-long term' if the index trades above its 2,200 support level,' said Marwan Shurrab, a fund manager at the Dubai-based asset management firm. 'International market performance, third- quarter results and strong economic data' from the region will support the rally, he added.
United Arab Emirates:
Tuesday, October 13 - 2009 at 14:41
UAE Residency permits, labour cards and national ID cards will be merged into one card under a single application process from next July, The National has reported. These applications are overseen by the Ministry of Interior, the Ministry of Labour and the Emirates Identity Authority. Under the new system, which will be implemented on new arrivals from next summer, each ministry will still be responsible for approving applications in its area, but the application process will be overseen entirely by the authority. The medical tests will also include the taking of fingerprints, iris scans and facial biometrics.
United Arab Emirates:
Tuesday, October 13 - 2009 at 12:43
The UAE insurance sector will grow by 5%-8% in 2009 despite the negative impact of the financial crisis on the sector, Fareed Lutfi, President of Dubai Insurance Group and Secretary General of Emirates Insurance Association (EIA) has said, according to MAC Capital. Lutfi added that the insurance industry in the region continues to face staff shortages and there have been no redundancies in spite of the impact of the crisis.
United Arab Emirates:
Tuesday, October 13 - 2009 at 12:12
Mustafa Abdel-Wadood, managing director of Dubai-based Abraaj Capital, has said that the firm could make investments in Saudi Arabia, Egypt and Turkey, in a range of industries including logistics, transport, consumer businesses and financial services, Reuters has reported. Abraaj's sweet spot in terms of investment size was between $150m and $300m, he added.
United Arab Emirates:
Tuesday, October 13 - 2009 at 11:10
Karim el-Solh, CEO of Abu Dhabi-based private equity firm Gulf Capital has said the company is looking to invest $500m in Saudi Arabia, the UAE and Egypt, Reuters has reported. The opportunities include a deal in the healthcare sector that would be announced soon, he said. 'With so much dry powder left, regional private equity firms are under considerable pressure to close transactions,' he told the news service.
Middle East:
Tuesday, October 13 - 2009 at 11:07
Dubai-based Gulfmena Alternative Investments has announced the launch of an absolute return hedge fund focusing on equity markets in the Middle East and North Africa, Reuters has reported. An absolute return strategy aims to give positive returns, as opposed to relative returns which target beating benchmark indexes or peers. The fund targets annual returns in excess of 15% while it aims not to exceed an annual volatility of 7%.
United Arab Emirates:
Tuesday, October 13 - 2009 at 11:05