|TASI (Saudi Stock Market)||6702.76||-0.71%|
|DFM (Dubai Financial Market)||1546.65||-2.03%|
|ADX (Abudhabi Securities Exchange)||2631.83||-0.56%|
|KSE (Kuwait Stock Exchange)||6443.4||-0.74%|
|BSE (Bahrain Stock Exchange)||1364.04||-0.04%|
|MSM (Muscat Securities Market)||6070.93||0.11%|
|QE (Qatar Exchange)||8441.35||-1.92%|
|LSE (Beirut Stock Exchange)||1375.95||-0.30%|
|EGX 30 (Egypt Exchange)||5333.73||-1.33%|
|ASE (Amman Stock Exchange)||2192.03||0.37%|
|TUNINDEX (Tunisia Stock Exchange)||4136.36||-0.14%|
|CB (Casablanca Stock Exchange)||11926.5||0.39%|
|PSE (Palestine Securities Exchange)||488.9||0.25%|
Monday, 23 May 2011
The Dubai Financial Market General Index fell 2 per cent to 1,546.65 points as shares in Emaar Properties, Dubai Islamic Bank and the only publicly listed Gulf market, DFM Company fell to new lows, weighing on the wider benchmark.
Shares in those companies slipped 3.2 per cent to Dh3.04, 2.3 per cent to Dh2.10, and 4 per cent to Dh1.20 respectively.
Local GCC investors expect to get 11 per cent returns annually and typically hold on to investments for just 2.2 years, according to the survey of more than 100 institutional and retail investors. Indian expatriates living in the GCC also expected to make 11 per cent a year, but they intended to hang on for longer - 5.7 years, on average.
That contrasted starkly with the views of western expatriates, who were expecting just 7 per cent returns over an average holding period of 6.7 years. Historically, developed-world stock market returns have averaged between 7 and 8 per cent per year.
The World Bank and others are close to finalising a fund intended to raise up to $1bn for much-needed investment in infrastructure projects in the region, said Raymond Bourdeaux, lead infrastructure specialist for Mena at the World Bank.
Investment in hospitals, schools, roads and other public services is viewed by the World Bank as a way of easing social tensions and laying foundations for economic growth.
The five-year bonds will be backed by a U.S. “sovereign guarantee,” Finance Minister Samir Radwan said by telephone from Cairo today. “We should tap the market quickly. We need to diversify because the local market is squeezed.”
Egypt’s budget gap may widen to the highest level in more than a decade in 2012 after a popular revolt ended the three- decade rule of President Hosni Mubarak, according to the Ministry of Finance. The turmoil prompted tourists to flee, lowered the country’s credit ratings and raised borrowing costs. President Barack Obama promised last week $2 billion in loan guarantees and debt forgiveness.
“[Dubai has] more than enough malls,” Mohi-Din BinHendi, president of BinHendi Enterprises, told the 4th Arabian Business Forum in Dubai.
“If anyone wants to add another mall, they need to visit a psychiatrist.”
Gulf hub city Dubai is pinning its hopes on a bright future as an aerotropolis by building the world’s largest airport at the recently inaugurated Maktoum International Airport linked by a 10-kilometre corridor to the Jebel Ali Free Zone, an economics workshop at the Dubai International Financial Centre heard today.
Chief operating officer at Dubai World Central, the free zone surrounding the new airport, Rashed Buqara’a said: ‘Maktoum International is already needed right now to meet air cargo capacity requirements for Dubai and will open for passengers in 2012.
‘Ultimately the new airport will be the biggest in the world handling 120 million passengers a year and 12 million tonnes of cargo. That compares with 47.2 million in 2010 (handled at the existing airport) and 2.27 million tonnes of cargo.’
Turmoil has spread across the Arab world since January, leading to the ouster of longtime regimes in Tunisia and Egypt as well as clashes in Libya, Syria, Yemen and Bahrain.
Steve Bottomley, regional head of strategy and planning for HSBC, said revenue growth will be constrained by the political instability, especially ongoing uncertainty in Egypt, one of the largest markets for the bank in the region.
This amount is 62 percent of the Aayar's total debts, it said in a statement.
The firm, which was hit during the global financial crisis, has signed an agreement with nine creditors, seven of which are local, including Kuwait Finance House , Burgan Bank and Gulf Bank .
At a round table meeting held by the company to review world energy expectations until 2030, Saleh Bin Saad Al Mana , the Vice-President of Government and Public Affairs at ExxonMobil, Qatar, said the company will invest some 217 million Qatari riyals in the Qatar Science and Technology Park by 2014.
According to a report released on the same occasion, steady population growth in the world will lead to an increase in energy demand by 35 per cent in 2030, compared to 2005, Qatar's official news agency said.
Over the years, Deloitte has assisted clients in setting up Islamic finance operations, obtaining Sharia-compliant funding, advising on Sharia-compliant product structures and their tax implications, as well as market entry and operational strategies.
Gulf News caught up with David Vicary, Deloitte's Global Islamic Finance Leader, to discuss the future of Islamic finance, the range of investment options it provides customers as well as to gauge the reasons for its growing popularity among investors.
"The project to import Iranian gas is currently halted because of the blatant Iranian interference," said Sheikh Khalid bin Ahmed bin Mohammed Al Khalifa, the Bahraini foreign minister, according to Bahrain's official news agency, BNA.
"The repeated provocative statements from Tehran would no doubt be an obstacle to any agreement between the two parties," he told the local Al Watan newspaper.
More than a third of executives in the region reported at least one instance of fraud during the past year, the web-based survey found. Of those, 14 per cent were valued at more than US$1 million (Dh3.6m) and 7 per cent at more than $10m.
The high incidence of fraud may be linked to stepped-up efforts to detect and prosecute it, rather than an actual increase in fraudulent activity, lawyers and fraud investigators said. "People are more willing to take action now," said Stephen Millington, who heads financial investigations in the Middle East for Kroll, a corporate investigations company. "Before, a fraud may have happened but it was resolved quietly and in-house, whereas now shareholders and boards are acting."
Both countries' markets have to meet various MSCI criteria before an upgrade from "frontier" to "emerging market" status, but neither has so far fulfilled all the requirements.
The limit on foreign ownership in the country's stocks and putting into practice a key settlement mechanism, the so-called delivery versus payment system (DvP), are still a problem for both markets.
“Right now, socially, we are disintegrating,” ElBaradei said on CNN’s “Fareed Zakaria GPS,” scheduled to air today. “Economically we are not in the best state. Politically it’s -- it’s like a black hole. We do not know where we are heading.”
ElBaradei said many Egyptians don’t feel secure as the country struggles to create a new government after former president Hosni Mubarak was forced from power by protests earlier this year.
Earlier in May, Oman's absolute ruler, Sultan Qaboos, issued a royal decree paving the way for the authorization of the country's first standalone Islamic bank and for other interested banks to set up dedicated Islamic banking windows.
The first application to launch an Islamic bank, Nizwa Bank, has already been submitted. However, the authorization process may take more than a year because the Central Bank of Oman has yet to develop and adopt a regulatory and supervisory regime for Islamic banking and the government has yet to introduce an enabling Islamic banking law. This will depend on the priority with which these government agencies implement the royal decree.
"OIF has agreed to pick up 5% in the commodity exchange from NSE and a hedge fund will buy 1.1% at a little under Rs 145 a share, the price Renuka Sugars paid to buy 7% in NCDEX from Crisil last year," said a person aware of the development. If the deal goes through, it will mark the entry of a sovereign fund into India's seven-year-old commodity futures market that posted turnover in excess of Rs 100 lakh crore in the previous financial year (FY11). The number of shares subscribed to by NCD-EX's shareholders is 5.06 crore of Rs 10 face value each. The valuation of Rs 700 crore is based on a share price around Rs 140, valuing the 6.1% stake at Rs 43 crore, or close to 10 times what NSE had invested in NCDEX to buy 15% stake at its inception in 2003.
An e-mail query and telephone call to NSE's corporate communications asking for a confirmation of the development remained unanswered till the time of going to press, as did an e-mail to OIF. JM Financial is the advisor to NSE on the deal.
CSST joined the Dubai International Financial Exchange (DIFX) in 2008, becoming the first company from China to join the bourse, which was later renamed Nasdaq Dubai.
The company listed its ordinary shares on Nasdaq Dubai in a secondary listing. Its primary listing is on the New York Stock Exchange. CSST did not give any specific reason for its decision to delist.