|TASI (Saudi Stock Market)||6144.35||-0.47%|
|DFM (Dubai Financial Market)||1471.58||0.26%|
|ADX (Abudhabi Securities Exchange)||2570.82||-0.23%|
|KSE (Kuwait Stock Exchange)||6003.3||-0.39%|
|BSE (Bahrain Stock Exchange)||1264.23||-0.08%|
|MSM (Muscat Securities Market)||5742.74||0.34%|
|QE (Qatar Exchange)||8431.54||1.00%|
|LSE (Beirut Stock Exchange)||1244.47||-0.22%|
|EGX 30 (Egypt Exchange)||4325.7||-0.89%|
|ASE (Amman Stock Exchange)||2029.41||-0.25%|
|TUNINDEX (Tunisia Stock Exchange)||4554.29||0.57%|
|CB (Casablanca Stock Exchange)||11433.2||-0.33%|
|PSE (Palestine Securities Exchange)||480.83||0.44%|
Sunday, 18 September 2011
The UAE, the second largest Arab economy with the biggest regional banking system, enforced the bank deposit guarantee system in October 2008, just a month after the global crisis jolted the economies and banks of most nations.
In a report on Sunday, a Dubai-based Arabic language daily said it asked finance ministry undersecretary Younus Khoury if there is any plan to extend that system once it is expired next month.
The United Arab Emirates member, which sits on 10 percent of global oil reserves and accounts for 90 percent of UAE oil output, felt the pinch of the global financial crisis in 2009 after crude prices tumbled from 2008 record highs LCOc1.
With oil price recovery in 2010, the crude-reliant Abu Dhabi economy picked up speed again to see its nominal gross domestic product rise to 620.3 billion UAE dirhams ($169 billion), Abu Dhabi Statistics Centre's (SCAD) yearbook showed.
Japan's largest investment bank Nomura (8604.T: Quote) has shut down its research department, a person with knowledge of the matter said.
Deutsche Bank (DBKGn.DE: Quote) and Credit Suisse have cut their top equity research jobs for the Middle East and North Africa (MENA) region, four sources said.
Dubai’s shares rose to the highest level in a week, led by Dubai Islamic Bank PJSC, after European government officials and central bankers took steps to ease the region’s debt crisis and oil advanced. Qatari shares gained.
Dubai Islamic, the biggest Shariah-compliant lender in the emirate, climbed 1.5 percent. Air Arabia PJSC, the Middle East’s biggest low-cost airline, increased for the second time in three days. The DFM General Index added 0.3 percent to 1,471.58, the highest since Sept. 11, at the 2 p.m. close in the emirate. Qatar’s QE Index rallied the most in two weeks.
“Stock prices are mainly positive today after a rebound in global equities markets,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. “However, the volume of trades is still weak, reflecting weak liquidity in the system.”
"The global markets are in a risk-off mode. I would expect the regional markets to trade sideways until we get some resolution from Europe with regard to the Greek situation," Mark Watts, head of fixed income, asset management group at the National Bank of Abu Dhabi told Gulf News.
"There has to be more clarity from Europe for trading volumes to increase in the region. We believe, once the current uncertainties are removed, investors will return to the regional markets to pick up value securities," Watts added.
The UN Chief praised Qatar’s efforts at the local and regional levels to combat the scourge of corruption which he said it undermines the economy and development efforts and adversely affect the daily lives of people around the world.
Following the meeting, a signing ceremony of the memorandum of understanding was held to establish an Office to support anti-corruption efforts in the Arab region through a regional specialised project to provide specialized technical assistance based on best international standards and practices.
Members of the Qatari government met two weeks ago with German Economy Minister Philipp Roesler for initial talks, said the magazine in its edition to be published Monday.
Defence group EADS is the parent company of plane maker Airbus.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker, advanced the most since April. National Industrialization Co., the petrochemicals company known as Tasnee, gained the most in two weeks. Al Rajhi Bank (RJHI), the kingdom’s largest lender by market value, climbed the most in a week.
The Tadawul All Share Index (SASEIDX), the largest bourse in the Middle East by market value, advanced 1.7 percent to 6,173.49, the highest level since Aug. 3, in Riyadh. The 148-company gauge has declined 6.8 percent this year.
While the media attention has focused, perhaps unsurprisingly, on the $21bn figure, the truth is that this actually spells pretty good news for Nakheel going forward. If there’s one thing from which investors will run screaming, that’s a lack of accountability.
In March last year, I spoke to Jan Plantagie, the regional head of Standard & Poor’s. At the time, his firm was in the spotlight after Dubai Holding Commercial Operations Group (DHCOG) – which oversees, amongst others, the Jumeirah Group, Dubai Properties Group and Tecom – dropped its relationship with the ratings agency after a disagreement over transparency.
"The growth in manufacturing, though vigorous, has not been enough to close the gap with Sing-apore and there remains space for future improvement in Dubai.
"The more backward sector seems to be that of social and personal services," the ERPC experts said in a study, the findings of which were released yesterday.
Its entry into the $75 million IPO, which was completed last month and was the second listing on Rwanda's nascent bourse, is the first deployment from the $75 million Invest AD Emerging Africa Fund.
'Because of strong economic growth, Africa has a very interesting IPO pipeline,' David Sanders, Invest AD's chief investment officer, said in a statement.
NCB Capital has more assets under management (AUM) than any other in the region and commands nearly 21% of market share by the first quarter of the year, according to Kuwait Financial Centre, or Markaz research.
Indeed, the Gulf asset management industry is dominated by Saudi institutions, with Sambacapital, Riyad Capital, Al Rajhi Capital, HSBC Saudi and Caam Saudi Fransi, among the top 10 managers.