Dubai shares declined for a second day on speculation gains this month are overdone and as global markets fell on concern that economic growth may slow. Crude oil dropped, ending a four-day rally.
Emaar Properties PJSC retreated 0.8 percent after the builder of the world’s tallest tower postponed a board meeting. Gulf News reported Indian officials blamed Emaar’s local unit for poor facilities at the Commonwealth Games village. The share have surged 16 percent this month. Dubai Islamic Bank PJSC, the biggest shariah-compliant lender in the United Arab Emirates, decreased for the first time in four days. The DFM General Index slipped 0.5 percent to 1,690.19 at the 2 p.m. close in Dubai, trimming the gain for September to 14 percent.
“Keeping in mind September’s strong performance for the market, it is natural to see profit-taking,” said Marwan Shurrab, assistant fund manager and chief trader at Gulfmena Alternative Investments Ltd. in Dubai. “We follow international markets, so if they sell off, we sell off. Nevertheless the bullish sentiment is still intact.”
Tuesday, 28 September 2010
Khorafis appeal court ruling in fraud case - The National Newspaper
A Dubai International Financial Centre (DIFC) court heard appeals yesterday from three members of a prominent Kuwaiti family who say they lost US$75 million (Dh275.4m) due to fraud and the misrepresentation of “safe” investments.
Rafed Khorafi and his wife and mother are seeking triple damages, or $225m, under DIFC laws covering improper financial advice.
The family are trying to have an earlier decision by the court to strike out their claims reversed."
Rafed Khorafi and his wife and mother are seeking triple damages, or $225m, under DIFC laws covering improper financial advice.
The family are trying to have an earlier decision by the court to strike out their claims reversed."
Fiscal stimulus, prudent policies help Saudi banks weather crisis - Arab News
Despite the continued challenging operating conditions, the outlook for the Saudi banking system is stable, reflecting its resilience and strong financial fundamentals, Moody's Investors Service said Monday. The stable outlook expresses Moody's expectations for the fundamental credit conditions in the Saudi banking system over the next 12 to 18 months.
The Saudi banking sector remains sound due to the government's fiscal stimulus, which has sustained macroeconomic growth, the banks' robust financial fundamentals, including strong liquidity and adequate profitability and capitalization, and a prudent regulatory environment, said Moody's in its annual Banking System Outlook on Saudi Arabia.
Catalysts for potentially greater lending activity could include banks' strong liquidity and expectations of a peak in provisioning levels in conjunction with banks' efforts to maintain market share and margins in the current low-interest/low-growth environment. Indications already point to a pick-up in loans to the private sector, with a healthy pipeline of projects expected over the next 18 months, which — coupled with banks' growing emphasis on retail banking — is conducive to stronger private sector growth.
The Saudi banking sector remains sound due to the government's fiscal stimulus, which has sustained macroeconomic growth, the banks' robust financial fundamentals, including strong liquidity and adequate profitability and capitalization, and a prudent regulatory environment, said Moody's in its annual Banking System Outlook on Saudi Arabia.
Catalysts for potentially greater lending activity could include banks' strong liquidity and expectations of a peak in provisioning levels in conjunction with banks' efforts to maintain market share and margins in the current low-interest/low-growth environment. Indications already point to a pick-up in loans to the private sector, with a healthy pipeline of projects expected over the next 18 months, which — coupled with banks' growing emphasis on retail banking — is conducive to stronger private sector growth.
FT.com / Middle East / Economy - Half of Dubai’s property projects scrapped
Dubai’s government has cancelled almost half the emirate’s property projects as it grapples with mounting oversupply and a debt crisis, according to a new bond prospectus.
The document, released on Monday as Dubai seeks to raise $1bn this week, provides a window on the emirate’s state finances.
The prospectus said the real estate regulator has cancelled, or is cancelling, 495 projects – about half of all developments planned in the emirate – amid fears that market demand would have been unable to cope."
The document, released on Monday as Dubai seeks to raise $1bn this week, provides a window on the emirate’s state finances.
The prospectus said the real estate regulator has cancelled, or is cancelling, 495 projects – about half of all developments planned in the emirate – amid fears that market demand would have been unable to cope."
Subscribe to:
Posts (Atom)