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Al Khalij approves sale of new shares
The board of Qatar-based Al Khalij Commercial Bank has approved the issue of as much as 20% new shares to Qatar Investment Authority, the country's sovereign wealth fund, Bloomberg has reported. Al Khalij also rebranded BLC Bank (France), the UAE-based lender it acquired in November, to Al Khaliji (France) and will invest $100m in it to boost operations.
Qatar: Wednesday, December 17 - 2008 at 10:29

Kuwait cuts repurchase rates
The Central Bank of Kuwait has cut its one-month repurchase rate to 2.5% from 3% and left its benchmark discount rate unchanged, Reuters has reported. The central bank left the discount rate at 4.25% and the overnight and one-week repurchase rates at 1 percent and 2 percent, respectively.
Kuwait: Wednesday, December 17 - 2008 at 10:23

Abu Dhabi Commercial, Macquarie set up $1bn fund
Abu Dhabi Commercial Bank plans to raise up to $1bn for an infrastructure fund it has set up with Australia's Macquarie Group, Bloomberg has reported. The ADCB Macquarie Infrastructure Fund has already raised $630m from investors in the UAE, Qatar, Kuwait and Korea in addition to investments by ADCB and Macquarie. The fund will invest mainly in infrastructure projects in the GCC, although it may seek opportunities in the Middle East and North Africa.
Middle East: Wednesday, December 17 - 2008 at 07:56

UAE ID card gets new time frame
The Emirates Identity Authority has announced a new enrollment plan for expatriates living in the UAE. The authority has released a time frame and assigned batches or groups for all expatriates to complete ID registration. UAE residents working in the government and private sectors can apply for the national ID card from December 16, 2008 until February 28, 2009. The second batch of residents including those working in the administrative and craft sectors (such as receptionists, bank employees, shopkeepers and students) will start from March 1 to June 18, 2009.
United Arab Emirates: Tuesday, December 16 - 2008 at 15:27

DFM falls 1.21%
The Dubai Financial Market on Monday fell 1.21% to close on 1,925. Market heavyweight Arabtec rose 4.39%, while Emaar dipped 3.01%. In Abu Dhabi, the ADX had a slight loss of 0.14% to end the day on 2,710.
United Arab Emirates: Tuesday, December 16 - 2008 at 14:50

UAE's economy to slow, says Standard Chartered
A new report by Standard Chartered Bank says economic growth in the  UAE will slow to 2.7% in 2009 and 3.5% in 2010 as the financial crisis takes its toll. Mary Nicola, an economist of Standard Chartered Bank in Dubai, said the main factors leading to the slowdown are falling real estate prices and tight liquidity conditions.
United Arab Emirates: Tuesday, December 16 - 2008 at 13:58

Al Tamimi opens office in Riyadh
Law firm Al Tamimi & Company has announced the opening of its latest office in Riyadh, Saudi Arabia. The firm now has 8 offices across the Middle East in Dubai, Abu Dhabi, Sharjah, Qatar, Baghdad and Jordan with 24 partners and over 150 lawyers in total. Al Tamimi is the only foreign law firm licensed to practice in Saudi Arabia in its own name without a local association, according to a press statement.
Saudi Arabia: Tuesday, December 16 - 2008 at 13:12

Dubai seeks debt rating
The Dubai Government is seeking a sovereign credit rating, which would mark a significant increase in the emirate's financial transparency, The National has reported. Although Dubai issues debt, it does not have a credit rating. Both Abu Dhabi and Ras al Khaimah have credit ratings; Fitch Ratings has designated them both 'investment grade'. Analysts at Fitch Ratings and Standard and Poor's said that although they had not yet received a formal request from Dubai for the new rating, they have been discussing the possibility with representatives from the emirate for some time.
United Arab Emirates: Tuesday, December 16 - 2008 at 11:14