Saturday 20.02.10

Fed’s Bernanke to Assure Congress Higher Rates Not Imminent

Feb. 20 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke will probably assure Congress that the central bank is mindful of the lack of job growth in the U.S. and an increase in the benchmark interest rate isn’t imminent after the Fed’s decision to raise the cost of direct loans to banks. The Fed chief will deliver his semi-annua...

Wednesday 09.12.09

US hedge fund DE Shaw sees chance in Gulf region

DE Shaw, the world''s fourth largest hedge fund, is opening in Dubai to tap public and private opportunities in the world''s largest oil exporting region and ease Gulf Arab investors moves into overseas markets. "We wanted to be here because the region is home to many investors with deep regional knowledge and global reach," Trey Beck, a...

Tuesday 24.11.09

UAE economy could expand 5% in 2010

The UAE is poised to make a strong comeback from the nearly flat growth it experienced last year and growth next year will be more sustainable compared to the boom of 2008, according latest projections. “We are seeing a fundamentally strong recovery taking shape in the Gulf region with the UAE and Saudi Arabia leading the trend. We estimate ...

Experts urge fresh thinking on dollar peg

Dubai: The Gulf should consider independent monetary policy as economies recover, said Standard Chartered economist Marios Maratheftis. "We were in a position of strength in 2008 to change the currency policy. Then the crisis came. Now we have the opportunity again as economies recover," he said. UAE Central Bank Governor Sultan Bin Nas...

Wednesday 28.10.09

Dubai''s GDP rises 0.3% in first quarter despite global downturn

Dubai: Dubai''s GDP rose in the first quarter of the year despite the global financial downturn, according to newly released figures by the Dubai Statistical Centre. GDP in constant prices rose 0.3 per cent in the first quarter of 2009 compared with the first quarter of 2008. In the first quarter last year it was Dh68.21 million. It rose to Dh68.3...

Gulf recovery outlook favourable

Dubai: The Gulf economies are poised to recover faster than many of their global counterparts from the financial crisis. However, they should be vigilant against potential asset bubbles in the future, said Masoud Ahmad, Director of the Middle East and Central Asia Department of the International Monetary Fund. Delivering a keynote address at t...

Wednesday 30.09.09

IMF Cuts Forecast for Global Financial Losses to $3.4 Trillion

The International Monetary Fund cut its projection for global writedowns on loans and investments by 15 percent to $3.4 trillion, citing improvements in credit markets and initial signs of economic growth. The tally, released in a semiannual report today, was based on a new methodology after criticism of an April estimate of about $4 trillion. Ban...

Tuesday 01.09.09

EIS Asset Management candidates achieve 100% pass rate in CFA exams

EIS Asset Management (EIS AM) congratulates Haroon Ahmad and Taghrid Hassan on passing Level 3, which is the final stage, of obtaining the Chartered Financial Analyst (CFA) designation. As part of the same sitting Serkan Altay also successfully completed Level 2, and is only one stage away from becoming a charter holder. &n...

Saturday 29.08.09

Asset classes and time horizons

How long is a piece of string? When you know the answer to that question you will be well positioned to answer this one: how long is a short-term investment? Which, in turn, helps you with the related question: how long is a medium or long-term investment? Many a layman will think that professional fund managers, brokers, traders, financia...

Wednesday 26.08.09

Emirates Sukuk Fund No1 Limited wins awards for “best new entrant in the Sukuk market”

EIS Asset Management (EIS AM), a division of Emirates NBD, registered in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority, won the award for the “best new entrant in the Sukuk market” at the recently held London Sukuk Summit. The London Sukuk Summit is an annual event, initiated i...

Tuesday 18.08.09

UAE, China officials discuss cooperation

Beijing: The business delegation accompanying General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Monday held a series of talks with senior officials in the Chinese business sector. Khaldoon Khalifa Al Mubarak, chairman of the Abu Dhabi Executive Affairs Authority (EAA) met w...

Gold hits low as risk aversion aids dollar

London: Gold slipped to its lowest since late July in Europe Monday as the dollar firmed against a basket of currencies and as a 2 per cent decline in crude prices dented the precious metal''s appeal as an inflation hedge. Silver tumbled more than 3 per cent after hitting a two-month high on Friday, meanwhile, as a slide in global equity markets p...

Wednesday 12.08.09

GCC vulnerable to price rises

Dubai: The Gulf countries remain ''highly vulnerable'' to commodity price volatility on international markets as they remain heavily dependent on imports, analysts say. "The GCC countries are indeed highly vulnerable to global soft commodity price volatility since they import almost all of their foodstuff needs. When the dollar - to which the regi...

UAE markets gain, led by realty stocks

...

UAE inflation rate might ease further

Frankfurt: The inflation rate in the UAE may turn negative in the second half of the year, pulled down by housing and food prices, according to Deutsche Bank AG. "Headline inflation has declined sharply year-to-date and looks set to slip into negative territory," Caroline Grady, a London-based economist for the bank, wrote in a note to clients ...

Tuesday 04.08.09

Oil tops $71 on China stocks data and US rebound hopes

London: Oil rose to a one-month high to top $71 (Dh260) a barrel on Monday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand. US crude added $1.80 to $71.25 a barrel by 1128 GMT, having hit an intra-day high of $71.30, the highest since July 1 according to Reuters charts. Brent crud...

Monday 03.08.09

U.A.E. Central Bank to Buy Dubai Bonds, Barclays Capital Says

The central bank of the United Arab Emirates probably will be among the biggest buyers of more bonds being sold by the Dubai government, Barclays Capital said. The central bank may subscribe alongside a few Dubai-based banks, Barclays Capital economist Alia Moubayed said in e-mailed comments. Central Bank Governor Sultan bin Nasser al-Suwaidi said...

Thursday 30.07.09

Working towards rational exuberance - Article by Deon Vernooy in "The National"

Working towards rational exuberance - Article by Deon Vernooy in "The National" http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090622/BUSINESS/706229944...

Wednesday 29.07.09

Are Reagan’s dark days of inflation returning? - Article by Sean Daykin in "The National"

Are Reagan’s dark days of inflation returning? - Article by Sean Daykin in "The National" http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090729/BUSINESS/707299940/1137...

Monday 13.07.09

Rebuilding something better - Barack Obama, President of the United States

Nearly six months ago, my administration took office amid the most severe economic downturn since the Great Depression. At the time, we were losing, on average, 700,000 jobs a month. And many feared that our financial ...

Oil prices slip below $59 on economic outlook

London: Oil prices slipped more than $1 to below $59 a barrel on Monday, hitting their lowest in almost two months on concerns over the state of the global economy. The market dropped 11 per cent last week in their biggest weekly decline since late January as investors raised the possibility of another economic dip before any recovery, whi...

Wednesday 10.06.09

Oil continues to make the world go round

Recently, the McKinsey Global Institute disseminated a forecast of energy demand through 2020 based on different scenarios involving four variables: gross domestic product, light vehicle fuel efficiency standards, electric vehicle sales and energy productivity. Not surprisingly, gross domestic product (GDP) has a significant effect especially in t...

Tuesday 09.06.09

Dubai’s Property Market Is Stabilizing, Standard Chartered Says

Dubai’s property market, which was hurt more than others by the global financial crisis, is beginning to stabilize as mortgages become easier to obtain, according to Standard Chartered Plc. “The end of the freefall is encouraging,” Philippe Dauba- Pantanacce, a Dubai-based senior economist at Standard Chartered, said in a report ...

Saturday 23.05.09

Rise in risk appetite batters greenback Currencies

The US dollar started the week on a strong note, but rapidly lost ground, hitting lows against a whole host of currencies. This trend stemmed from a rise in risk appetite among investors, as well as rising equities. Next week, we can expect a flurry of US economic releases including the Conference Board''s consumer confidence index, the Na...

Thursday 21.05.09

Aldar Properties Raises $1.25 Billion From Bond Sale

May 21 (Bloomberg) -- Aldar Properties PJSC, the Abu Dhabi- based developer of Ferrari-branded theme parks, sold $1.25 billion of bonds, the first real-estate company in the United Arab Emirates to issue debt since August. The five-year notes were priced at face value to yield 8.75 percent, Bloomberg data show. The debt was issued through Atlantic...

Saturday 16.05.09

Dubai will probably help Nakheel with $3.52b bond repayment

Dead Sea, Jordan: Dubai''s government will probably help property developer Nakheel PJSC repay a $3.52 billion (Dh12.9 billion) Islamic bond due this year as it qualifies for assistance under a $10 billion support programme. "There is a criterion that has to be met, and if that happens we will support any government-related entity," Nass...

Investment purchasing power peaks in crisis

Dead Sea, Jordan: The purchasing power of investment money is at its highest ever and there are tremendous opportunities across the world, said the executive chairman of Dubai Group, Soud Ba''alawy. Ba''alawy was speaking at a discussion about the role of the Middle East in the world economic order after the international financial crises, at the ...

Sunday 10.05.09

Middle Eastern, North African economies coping well with global crisis: IMF

Dubai: The International Monetary Fund (IMF) said that economic growth in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region is projected to decline from 5.7 per cent in 2008 to 2.6 per cent in 2009. ''); //--> Releasing the IMF''s ''May 2009 Economic Outlook for the Middle East and Central Asia''...

Saturday 02.05.09

Emirates NBD launches Sukuk fund

DUBAI, February 3rd, 2009 -Emirates NBD has launched a fund to take advantage of the high yields currently available in Islamic bonds following the steep price declines in Q4 2008 caused by the wider turmoil in global financial markets. The Emirates Sukuk Fund No 1. Limited (the "Fund"), which will be managed by Emirates Investment Serv...

Thursday 30.04.09

Nakheel debt may be restructured

Dubai: Dubai World, the government-owned investment group, may be forced to restructure a $3.5 billion bond issued by property unit Nakheel, driving a review of the emirate''s companies by Standard & Poor''s. Nakheel''s sukuk bond due in December has slumped to 83 cents on the dollar, raising the yield to 52 per cent, on concern the company ma...

Monday 27.04.09

Moves to enhance liquidity in banks ''have been fruitful''

Abu Dhabi: A slew of measures taken by the UAE Central Bank and the Ministry of Finance to improve liquidity in the banking system and to restore market confidence have been successful and the focus for the rest of 2009 and 2010 would essentially be on liquidity and assets quality, a senior official of the UAE Central Bank said on Monday. "Th...

Saturday 25.04.09

G-7 Says ‘Weak’ Global Economic Recovery Should Begin This Year

Finance chiefs from the Group of Seven predicted a “weak” economic recovery will start to take hold in coming months as evidence mounts that the worst of the recession is over. “Economic activity should begin to recover later this year amid a continued weak outlook, and downside risks persist,” the G-7 finance ministers and...

Wednesday 22.04.09

Diversify Your Investments Even If It Hurts: Jane Bryant Quinn

April 22 (Bloomberg) -- Everything you thought you knew about diversification is wrong. So is everything you thought you knew about portfolio risk. It took the meltdown of September and October 2008 to flesh out the story, but the plot outlines have been in place since the 2000 tech-stock bust. The measure of stock-market risk typically ...

Saturday 18.04.09

Appetite for safe havens diminishes

Dubai: The dollar remains the world''s premier currency. It still accounts for nearly two-thirds of all foreign reserves. Moreover, the recycling of excess savings globally into US capital markets enabled US consumers to buy imported goods and real estate far beyond their means during the great economic boom, and also enabled the US governm...

Sunday 12.04.09

UAE weathers global financial storm - FCCI

Abu Dhabi : The UAE economy navigated safely and confidently through the rough sea of the 2008 global financial crisis which rocked most of the world economies, according to a report by the UAE Federation of Chambers of Commerce and Industry (FCCI). "The UAE economy has made economic gains in various sectors despite obstacles the glob...

Regional markets gain 7.5% as confidence rises

Dubai: Equity indices in the Middle East and North Africa (Mena) markets rose 7.5 per cent in March, following ten consecutive months of losses, according to a new report by investment bank Rasmala. The UAE equity markets recorded a second month of gains, up nearly 7 per cent, resulting in a slight increase for the year. Qatar recor...

Saturday 28.03.09

Dollar gains on safe-haven bids and euro zone turmoil

Dubai: Despite views that the world will not heave out of the disintegrating financial crisis sooner than 2010, recent forecasts say the market calamity may bottom out by the end of 2009. Mixed events last week spurred such a shift in beliefs as equity markets coiled between highs and lows, amplified activity in winding and unwinding...

Saturday 21.03.09

Investors calculate risk factor

Mumbai: After rising for two weeks in a row, Indian shares are expected to pause as investors gather their thoughts and take a fresh look at the risks facing the market in the near term. While hopes the worst may be over for the ailing US banking system have injected a glimmer of optimism into global markets, there is yet no sign of a revi...

Saudi stocks climb after global rally, oil price rise

Dubai: Saudi Arabian shares gained, led by Saudi Basic Industries Corp, the world''s largest chemicals maker, after global markets rose during the Saudi weekend and oil prices rebounded. The country''s benchmark stock index, the Tadawul All Share Index, rose 70.5, or 1.6 per cent, to close at 4,470.70. The index has declined 6.9 per cent this year...

Time to make an educated choice

Recession, depression, inflation, deflation - it does your head-in looking for the silver lining. Fortuitous then, is today''s pregnant mum; she should consider this year''s baby as delivered in the year of the bull. This is no bull! The 1930s were the last time a pregnant mother could look at deflated and worthless asset prices and con...

Sunday 15.03.09

Do not believe reports of Dubai’s demise

Dubai must feel a little like Mark Twain, these days. Upon reading his own obituary in the newspaper, Twain wrote: “The report of my death was an exaggeration.” Dubai has had its share of obituaries as it suffers from a property bust and contagion from the global credit crisis. Headlines from Cairo to London to New York, laced with s...

Monday 09.03.09

U.A.E. Faces $30 Billion Gap Between Loan, Deposits

The United Arab Emirates’ faces a 110 billion dirhams ($30 billion) gap between loans and stable deposits as the credit crisis prompted foreign investors to withdraw their money from the regional banks, central bank governor said. “The current situation requires a stimulus plan for banks and the economy in view of this gap,” Sult...

Sunday 08.03.09

Bearish spell continues unabated leaving clueless investors reeling

New York: The deep slide in US stocks last week to 12-year lows along with lowered economic expectations has sapped investor sentiment and led many on Wall Street to wonder how low equity markets can go. US stocks are now down from their all-time peaks in October 2007 by more than 55 per cent, eclipsed only by an almost 80 per cent plunge ...

Pressure mounts over recipients of AIG cash

New York: Where, oh where, did AIG''s bailout billions go? That question may reverberate even louder through the halls of government in the week ahead now that a partial list of beneficiaries has been published. The Wall Street Journal reported on Friday that about $50 billion (Dh183 billion) of more than $173 billion that the US governmen...

Saturday 28.02.09

Middle East can benefit from crisis

Dubai: The onset of the global recession last year was a "defining moment in history", says an influential Dubai-based economist, illustrating how the economic geography of the world is shifting eastwards to the advantage of the Middle East and Asian economies. "In the past 15 years, the bulk of world output is now produced ...

Meltdown could last for years

Cha-Am, Thailand: Singapore''s leader has warned the global economic slump may last several more years if the US doesn''t fix its creaking banking system, a newspaper reported on Saturday. Prime Minister Lee Hsien Loong also called on US President Barack Obama to resist pressure from the American public for protectionist policies such as t...

Wednesday 25.02.09

Property firms first in line for bond boost

Dubai’s property companies will probably be the first to get support from the emirate’s $10bn bond sale, according to the director general of Dubai’s Department of Finance. Details of how the first tranche of a $20bn sovereign bond package, announced by the Dubai government on Sunday, will be used were given by Nasser Bin Hassa...

Wednesday 18.02.09

Saudi finance minister confirms new mortgage law

Saudi Arabia''s first mortgage law is expected to be implemented this year and its provisions will protect all parties involved, Finance Minister Ibrahim al-Assaf said on Tuesday. "It should be in 2009, definitely," Assaf told Reuters in an interview. "I agree that it has taken us much longer than we had hoped at the beginning&quo...

UAE''s oil surpluses can shore up banks

Dubai: Aggressive federal spending will help the UAE economy navigate its way out of the economic crisis, according to Standard Chartered Bank''s research experts. The country''s vast surpluses, accumulated during the boom years of record high oil prices should be tapped to shore up the UAE''s banks as a matter of urgency. "Governmen...

UAE''s oil surpluses can shore up banks

Dubai: Aggressive federal spending will help the UAE economy navigate its way out of the economic crisis, according to Standard Chartered Bank''s research experts. The country''s vast surpluses, accumulated during the boom years of record high oil prices should be tapped to shore up the UAE''s banks as a matter of urgency. "Government expend...

UAEs oil surpluses can shore up banks

Dubai: Aggressive federal spending will help the UAE economy navigate its way out of the economic crisis, according to Standard Chartered Bank''s research experts. The country''s vast surpluses, accumulated during the boom years of record high oil prices should be tapped to shore up the UAE''s banks as a matter of urgency. "Government expend...

Monday 16.02.09

Dubai realigns investment arm

Dubai: Dubai Holding, the government''s investment arm, on Sunday said it will realign Dubai Group and Dubai International Capital under Dubai Holding Investment Group while merge the back-office operations of three of its real estate entities - Dubai Properties Group, Sama Dubai and Mizin. Under the new arrangement, Soud Ba''alawy, execut...

Thursday 05.02.09

Emirates NBD launches Sukuk fund

Emirates NBD has launched a fund to take advantage of the high yields currently available in Islamic bonds following the steep price declines in Q4 2008 caused by the wider turmoil in global financial markets. The Emirates Sukuk Fund No 1. Limited (the "Fund"), which will be managed by Emirates Investment Services Ltd ("EIS")...

Tuesday 03.02.09

The Emirates Sukuk Fund No. 1 Ltd

Feb. 3 (Bloomberg) -- Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, expects to raise as much as $100 million for an Islamic bond fund and aims for annualized returns of 12 percent over four years. The Emirates Sukuk Fund No. 1 Ltd. will seek to take advantage of the high yields currently available in Islamic bonds beca...

Saturday 24.01.09

Global stock outlook bleak

Beijing: Stocks will retreat around the world because of shrinking demand from China as growth in the third-biggest economy slows, said Nouriel Roubini, the New York University professor who predicted last year''s financial crisis. Global equities will fall 20 per cent from current levels as China, which contributed 19.5 per cent to total ...

Rescue package puts tough restrictions on banks

Washington: President Barack Obama signalled that he would toughen restrictions on an oversight of banks as part of a fresh plan to aid the battered industry. Obama blasted the banks on Friday over reports that they have spent money renovating offices after having received billions of dollars from the government, and vowed they would be he...

Monday 15.12.08

UAE stocks reverse gains, close lower

Dubai: UAE stocks closed lower on Sunday, reversing gains of Thursday, as investor sentiment continued to weaken in the light of a major slowdown expected in the local economy and a deepening worldwide recession. The UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said Thursday that the country''s growth is poised to witness a slump...

Sunday 14.12.08

Dubai gets $8b finance from Citi

Dubai: Citigroup Incorporated has arranged more than $8 billion (Dh29.3 billion) finance for various Dubai government entities in recent months, the global banking group said. "This is in line with our commitment to the UAE market in general, and reflects our positive outlook on Dubai in particular," said Citi''s chairman, Sir Wi...

Saturday 13.12.08

Wall Street to hit speed bumps

New York: Wall Street''s recovery push from 11-year lows could hit major speed bumps this week as investors fret about the US automakers'' fate and the Federal Reserve holds its last scheduled policy meeting of 2008. The market''s other big test will be the start of the quarterly reporting season for investment banks when Goldman Sachs and...

Bailout flop puts currencies in a see-saw

Last week was marked by the failure of the bailout plan for the ''Big Three'' US automakers to pass US Senate approval, which increased the already high levels of risk-aversion in the currency markets. The US government has indicated that it might use part of the $700 billion (Dh2,571.17 billion) bank bailout package to rescue the troubled...

Sunday 16.11.08

G-20 Calls for Action on Growth, Overhaul of Financial Rules

Nov. 16 (Bloomberg) -- Leaders from the biggest developed and emerging nations agreed to further steps to shore up a global economy sliding into recession, and laid out regulatory proposals to prevent a recurrence of the financial crisis. The Group of 20 yesterday urged a ``broader policy response,'' citing the potential for additional interest-ra...

Saturday 15.11.08

Financial crisis focus of Dubai meet

Dubai: World business and political leaders began discussions on Saturday at the Leaders in Dubai Business Forum 2008, focusing on the worsening global financial crisis. Carrying the theme of "Emerging Strategies for Tomorrow''s Challenges", the forum''s discussions were expected to concentrate on the ramifications of the credit ...

Monday 20.10.08

US stocks mark roller-coaster week with huge climb and fall

New York: US stocks ended a roller-coaster week with the Dow Jones Industrial Average climbing 4.8 per cent after the government''s plans to buy stakes in banks spurred the biggest one-day rally since the Great Depression. The weekly gains, the best for the Dow since 2003, came despite the steepest one-day drop since the October 1987 crash. ...

European stocks end week of steep rises, deep tumbles

Zurich: European stocks climbed last week, sending the Dow Jones Stoxx 600 Index to its biggest gain since March 2007, after governments announced bank rescue packages to shore up the financial system and restore investor confidence. Credit Suisse Group AG posted a record weekly advance and Barclays Plc climbed 6.5 per cent as European lea...

Investors rely on patience as they wait for tide to turn

Abu Dhabi: "I lost over 50 per cent of my savings which I invested in the market," said Mohammad Ganem, a retired Palestinian who is now an investor at the Abu Dhabi Securities Exchange. Having worked for over three decades for an oil field company, Ganem invested his own money and did not take any loans to invest. Nevertheless, ...

Sunday 05.10.08

Bloody Sunday for UAE stocks

Dubai: UAE shares plunged on the first day after the markets opened following the Eid al Fitr holidays, dashing expectations of a positive opening after the US president signed the revised $700 bailout package into a law late on Friday. The Dubai Financial Market General Index nosedived 283.35 points or 6.86 per cent to close at 3,844.27, its lowe...

Monday 15.09.08

Bank of America buys Merrill Lynch for $50 billion

Washington/New York : Bank of America Corp said it agreed to buy Merrill Lynch & Co Inc in an all-stock deal worth $50 billion (Dh183.5 billion), snagging the world''s largest retail brokerage after one of the worst-ever weekends on Wall Street. The deal came after tense negotiations over the fate of Lehman Brothers Holdings Inc, which triggered c...

Tuesday 09.09.08

UAE stocks crash led by real estate firms

Dubai: The Dubai Financial Market plunged 4.64 per cent to close at 4,471.71 and the Abu Dhabi Securities Exchange slid 3.74 per cent to end at 4,149.57 on Sunday. Real estate stocks continue to be battered in both the markets with Emaar Properties, Union Properties, Aldar Properties and Sorouh Real Estate falling substantially. Regional a...

Wednesday 03.09.08

Shares in GCC countries fall after crude price drop

Dubai: Shares in Gulf countries retreated after crude oil fell for a fourth day and as foreign investors exited the region''s markets. Bank Muscat SAOG, Oman''s largest lender, declined to its lowest in 11 months. Industries Qatar slid to the lowest in almost a week and Arab National Bank, Saudi Arabia''s sixth- largest publicly traded len...

Saturday 30.08.08

Will the foreigners return?

Dubai: So how did fund managers fare during the tumultuous first half of August? Thankfully, most of them were away for the summer as the Saudi Tadawul tumbled 5.16 per cent, Abu Dhabi 8.4 per cent, Cairo 10 per cent, Dubai 7.26 per cent and Doha 5 per cent in the first few weeks of the month. Nearly a quarter of the funds tracked by Zawya ...

Wednesday 27.08.08

If this is not bottom, we are close to it

UAE markets have fallen so far so fast that the question on virtually every investor’s lips is: have the indices now reached rock bottom? A bloodbath of this magnitude and duration has left both players and pundits groping for answers. The continuing weakness has wiped out billions of dirhams in market capitalisation. Liquidity is flying out ...

Thursday 21.08.08

GCC oil earnings to touch $562bn

Gulf oil producers are expected to earn a record $562 billion (Dh2.06 trillion) in 2008 as crude prices are projected to remain above $100 and they are pumping at one of their highest levels, according to new data obtained by Emirates Business yesterday. The UAE''s income will swell to an all time high of $97bn while that of Kuwait and Qatar a...

Monday 11.08.08

Opec income hits record as oil prices soar

By Javier Blas in London, Krishna Guha in Washington and Andrew England in Abu Dhabi Published: August 10 2008 23:30 | Last updated: August 10 2008 23:30 function floatContent(){var paraNum = "3" paraNum = paraNum - 1;var tb = document.getElementById(''floating-con'');var nl = document.getElementById(''floating-target'');if(tb.getElementsByT...

Monday 04.08.08

Hundreds of US banks will fail as recession bites

New York: The United States is in the second inning of a recession that will last for at least 18 months and help kill off hundreds of banks, influential economist and New York University Professor Nouriel Roubini told Barron''s in Sunday''s edition. Taxpayers will pay a big price for helping bail out the rest of the financial services ind...

Dirham undervalued 25%, says Big Mac survey

The UAE dirham, like other Gulf currencies, is undervalued against the US dollar by nearly 25 per cent, says the Big Mac Index survey, conducted by the Economist magazine. The new data, based on the price of Big Mac burger in various countries, showed the decline of the US dollar versus major currencies, which again strengthens the case for dir...

Fed and ECB may leave interest rates unchanged

The US Federal Reserve and the European Central Bank are expected to leave interest rates unchanged when they meet this month, analysts say. Most economists are betting that the Federal Open Market Committee (FOMC) will keep the federal funds rate firmly anchored at two per cent amid lackluster economic growth. Analysts say the Fed is caught ...

Tuesday 22.07.08

Islamic bonds issuance defies gloom

Islamic corporate bond issuance in the Gulf has soared in the past year in spite of the credit crisis and deteriorating global economic outlook. Corporate bonds issued in the Gulf rose to $17bn at the end of June, compared with $14.5bn at the end of June 2007 – a 17 per cent increase, according to Trowers & Hamlins, the international law...

Thursday 17.07.08

Political support for dollar to bar Saudi revaluation

Saudi Arabia''s monarchy is set to reject any call from the influential Shura advisory body to revalue the dollar-pegged riyal, as the economic case for reform takes second place to a political pledge to support the dollar. Bids on Saudi riyal one-year forwards rose to their highest in more than a month after Shura Council member Waleed Arab Hache...

Credit crunch leading to polarised investments

Investors are offering the clearest signal yet that the global economic slowdown is forcing them to overhaul their asset allocation, according to Merrill Lynch''s Survey of Fund Managers for July. The credit crunch is leading to polarised investment allocations and is taking survey readings into uncharted territory. The survey found that net...

EIB records 321% rise in H1 earnings

Emirates Islamic Bank has recorded 321 per cent increase in its net profits during the first half of 2008 compared to the same period last year. The EIB said its net profit, excluding the depositors'' share, reached Dh320 million during the first six months of 2008 compared to Dh76m during the same period last year. Depositors'' share of profi...

Tuesday 15.07.08

Whose money is it anyway?

It''s been a challenge to keep current on the US government''s efforts to help homeowners facing foreclosure. Between official testimony and speeches, between politicians'' promises and legislative compromises, some of the details, I''m embarrassed to say, slipped through the cracks. For example, I missed the April announcement of an expa...

Monday 14.07.08

Gulf countries to earn $1b surplus a day from oil

Dubai: Gulf countries are likely to earn export surplus of $1 billion (about Dh3.67 billion) a day if the oil prices remain above $135 (about Dh496) a barrel, according Global banking major Merrill Lynch. Analysts estimate that a $10 (about Dh37) increase in the oil price could boost GCC export revenues by $55 billion (about Dh202 billion)...

Gulf remains safe haven for investments

Dubai: With oil prices above $135 a barrel, the six Gulf countries together are estimated to accumulate their current account surplus by $1 billion a day, adding up to $360 billion for 2008, according to Merrill Lynch, a global investment bank. The bank estimates that in the short to medium term, the Gulf region will have abundant liquidit...

UAE stocks end in red on local selloff

Dubai: With foreigners remaining quiet, local selling drove the market on the first day of the week when UAE shares fell for the second straight session. Dubai shares were down 1.13 per cent, their lowest close since March 30. The benchmark closed at 5,728.63. The Abu Dhabi index dropped 1.42 per cent to 4,925.45. "Geopolitical conce...

GDP growth likely to be at 7.2% for 2008

The UAE''s real GDP growth rate is projected to slow down to 7.2 per cent this year against 7.4 per cent in the previous year, says a new Merrill Lynch report. The forecast by the world''s leading financial and advisory company is in line with the UAE''s Ministry of Economy statement last week that real GDP grew by 7.4 per cent last year. The...

Tuesday 08.07.08

Emaar drags Dubai down while Aabar leads slide in Abu Dhabi

Dubai: Shares of Emaar Properties declined, pulling Dubai''s main index to close lower for the fourth straight session as investors expect the firm to post weak profit growth. Emaar lost 1.42 per cent, pulling the index down 0.79 per cent to 5,384.77 points. "Emaar is leading the decline as expectations for the second-quarter profit ...

Iran sees Mideast tension pushing oil price up

Tehran: Iran''s Organisation of Petroleum Exporting Countries (Opec) governor warned on Monday that heightened Middle East tension would push oil prices further up, an Iranian news agency reported. "The increase in tension in the Middle East will prompt the oil price to experience levels higher than the ones already experienced,"...

Monday 30.06.08

Gold likely to match oil''s rally as equities slump on high inflation

New York: The spectre of inflation and a bear market in equities is a powerful formula to rekindle investor interest in gold, which looks to be staging a catch-up rally after lagging other commodities in 2008. Bullion, which has often moved in lock-step with oil because of the metal''s appeal as a hedge against inflation, has in the last s...

OPEC leader Khelil says dollar will drive oil to $170

OPEC President Chakib Khelil predicted that the price of oil will climb to $170 a barrel before the end of the year, citing the dollar''s decline and political conflicts. "Oil prices are expected to reach $170 as demand for fuel is growing in the U.S. during the summer period and the dollar continues to weaken against the euro,'' Khelil sa...

Inflation in UAE is stabilising

Basel: Inflation in the UAE, which pegs its currency to the dollar, is stabilising and likely US interest rate hikes will lift the ailing greenback, the UAE central bank governor said on Sunday. Speaking to Reuters on the sidelines of the annual central bankers meeting in Basel, Sultan Bin Nasser Al Suwaidi said Gulf Arab oil producers are...

Thursday 19.06.08

Dubai rejects two US deals fearing political backlash

Washington: Dubai International Capital (DIC), the private equity arm of Dubai''s sovereign wealth fund, has rejected two deals in the past month because they might meet political opposition in the US, managing director Andrew Wright said. The company, which invests $12 billion, frequently rejects proposed transactions that risk opposition...

Inflation threatens Gulf Arab banks

Gulf Arab banks face a host of dangers from rising inflation as surging prices may dampen growth, reverse a credit cycle upswing or force a regulatory response, analysts at Citigroup said in a research note. For more on this article please visit the below link: http://www.arabianbusiness.com/522410-inflation-threatens-gulf-arab-banks?ln=en...

Monday 16.06.08

Rising prices ''overshadow'' credit crunch

Finance ministers from the Group of Eight nations said surging food and fuel prices have replaced the credit squeeze as the biggest threat to the world economy. For more on this article please visit the below link: http://www.business24-7.ae/Articles/2008/6/Pages/06162008_75bfd30e64ab44a98192897718f5d5ed.aspx...

Fed will not rock shaky US boat

One week ago, the likelihood that the Federal Reserve would raise its benchmark interest rate at its August 5 meeting was zero, according to Fed funds future prices. Now, the odds are better than 65 per cent. Expectations travel faster than the speed of sound nowadays. No moorings to come unhinged here, thank you very much. This boat is drifting a...

Monday 09.06.08

Bury dollar peg to end inflation woes

It''s time for emerging-market countries to ditch Bretton Woods II and either revalue their currencies against the dollar or let them float freely, which would probably achieve the same result. A system originally considered a boon to help developing countries boost exports and achieve price stability, Bretton Woods II is evolving into an in...

Monday 02.06.08

Oil leads commodities lower

Oil prices fell by more than $1 a barrel on Monday while base metals and agricultural commodities put on a mixed performance at the start of the new trading week. For more of this article click on the below link: http://www.ft.com/cms/s/0/04b37496-3088-11dd-bc93-000077b07658.html?nclick_check=1...

Thursday 29.05.08

UAE firms should prepare for long inflationary spell

Dubai: Companies in the UAE should prepare themselves for a long spell of inflation because the problem "is here to stay," prom-inent businessman Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan has said. Shaikh Khalid, chairman of home finance provider Tamweel and head of the Bin Zayed Group of Companies, said cost escalation is "dangero...

Mideast banks to invest heavily on technology

Dubai: Banks in the Middle East are expected to spend about $1 trillion on technology and outsourced services during the next ten years and about 100 banks in the region will invest more than $3.5 billion in core banking solutions during the next five years, technology facilitators and industry sources said on Tuesday. "We expect the ...

Thursday 22.05.08

UAE mortgage assets set to touch Dh64b by 2011

Dubai: The UAE''s housing mortgage assets are projected to double to Dh64 billion by 2011 from Dh32 billion in 2007, according to estimates by leading mortgage providers in the country. "The key factor that is driving growth of the mortgage sector is the strong performance of the real estate market. Real estate in turn is buoyed by ma...

UAE ranks 63rd in global index of economic freedom

Dubai: The UAE economy is 62.8 per cent free and is ranked as the world''s 63rd freest economy, according to the 2008 Index of Econ-omic Freedom (IEF), which covers 162 countries. Out of the six countries in the Middle East, the UAE economy is the fifth freest, still lagging behind its counterparts such as Bahrain, Kuwait, Oman and Saudi A...

Product Announcement – Introduction of new share classes

Launch of new share classes Emirates Investment Services Limited (“EIS”) is pleased to announce the launch of new share classes for two of its Jersey based Islamic and conventional funds. The new share classes aim to provide additional flexibility, choice and liquidity and are an addition to the existing share classes currentl...

Sunday 18.05.08

UAE diamond trade set to touch $13.5b

Dubai: The UAE''s diamond trade is projected to touch $13.5 billion this year, according to a senior official of Dubai Multi Commodities Centre (DMCC). "Diamond trade in the UAE has witnessed tremendous growth in the past few years with trade volumes expected to touch to $13.5 billion this year, up from $11.5 billion in 2007. However,...

Sunday 11.05.08

Emirates NBD Wins ‘Best Bank in the UAE’ Award

Emirates NBD, the largest banking group in the Middle East in terms of assets has been named as the best bank in the United Arab Emirates (UAE) by the renowned Global Finance Magazine. In an exclusive survey to be published in the May 2008 issue of the publication, Global Finance editors along with industry analysts and banking consultants selec...

Emirates NBD merger Wins ‘Deal of the Year’ Awards for UAE and Middle East

Emirates NBD, the largest banking group in the Middle East in terms of assets has been awarded the “Deal of the Year Award” for the United Arab Emirates (UAE), and for the Middle East by The Banker Magazine in association with the Financial Times Group. The award ceremony took place during The Middle East Financial Services Summit in Ma...

Sunday 04.05.08

Emirates NBD reports net profits of AED 1,196 million for the first quarter ending on 31st March 2008

Total Income for first three months of 2008 up by 49% to AED 2,198 million Financial Performance Emirates NBD recorded a net profit of AED 1,196 million for the three months ended 31 March 2008 compared to AED 874 million (on proforma basis) earned over the same period in 2007. The core profits during the First three months of 2008 grew by 37%. ...

Monday 28.04.08

Oil hits $120 on supply concerns

Singapore: Oil prices hit an all-time high near $120 a barrel Monday after a weekend refinery strike closed a pipeline system that delivers a third of Britain''s North Sea oil to refineries in the UK. BP shut down the Forties Pipeline System on Sunday because of a 48-hour walkout by employees at a refinery in central Scotland. Meanwhile in ...

Saudi inflation nears 10% in March

Riyadh/Dubai: Inflation in Saudi Arabia, the world''s largest oil exporter, accelerated to almost 10 per cent in March, its highest since at least the oil boom of the 1970s, on soaring rents and food prices. The rental index of the largest Arab economy, which pegs its currency to the ailing dollar, soared 15.8 per cent, while food and beve...

Sunday 27.04.08

Emirates NBD integrates smart machines

Dubai: Emirates NBD, banking group and holding company of Emirates Bank, National Bank of Dubai and Emirates Islamic Bank, has announced the integration of its network of smart deposit machines (SDM). This will result in one aligned platform and more services across the network of 92 smart deposit machines owned by the banking group. Emir...

Thursday 24.04.08

Gulf Holding plans to list sukuk on DIFX

Dubai: Gulf Holding Company (GHC), a Kuwaiti holding company, plans to list its subsidiary Villamar Sukuk''s successful $190-million sukuk issue on the Dubai International Financial Exchange (DIFX). The issue was arranged by Merrill Lynch International (MLI), and was jointly lead managed by Al Rajhi Banking and Investment Corporation. MLI ...

Thursday 17.04.08

Damas plans $272mn IPO

Dubai jewellery group Damas plans to sell shares to the public before the end of the year and is talks on merging with or acquiring a regional jewellery chain, its managing director was quoted as saying on Monday. Family-controlled Damas was in advanced talks with another company and should complete the merger or acquisition after an initial pub...

Tuesday 15.04.08

Emirates NBD Receives Two Top International Awards

Global Finance Magazine singles out Emirates NBD as a leading participant in the region’s banking sector Emirates NBD, the largest bank in the Middle East in terms of assets has received two leading international banking awards from the New York based banking publication, Global Finance Magazine. Emirates NBD has been named as Best Emerging ...

Thursday 10.04.08

Dubai''s $4bn bond to spark boom in local market

Dubai''s decision to raise $4 billion through dirham-based bonds will likely spark a boom in the market with local businesses shunning riskier dollar-based debt, Mashreq Capital’s CEO has told ArabianBusiness.com. Dubai announced on Monday it plans to borrow as much as 15 billion dirhams ($4.09 billion) to help finance development of its i...

No revaluation, depegging before year-end

Gulf central banks are unlikely to revalue their currencies or depeg from the dollar before the end of the year, despite record inflation and the weakening US currency, Mashreq Capital''s CEO has told ArabianBusiness.com. “Maintaining a peg is becoming more and more challenging in a situation of negative real interest rates,” Abdul K...

Wednesday 09.04.08

At least 120 IPOs planned through to 2010

At least 120 initial public offerings (IPOs) are planned in the GCC through to 2010 as more and more companies look to equity markets to raise funds for expansion, Abu Dhabi-based Gulf Capital said on Tuesday. The investment bank said the total value of IPOs over the next 21 months would be $24 billion, far exceeding the 83 IPOs reported for the...

Kuwait inflation jumps to fresh record

Annual consumer inflation in Kuwait, which dropped its dollar peg last year in an effort to curb rises in the price of imports, accelerated to a record 7.54% in December. The All Items Consumer Price index rose to 124.1 points at December 31, compared with 115.4 points a year earlier, government data obtained by newswire Reuters on Tuesday showe...

Tuesday 08.04.08

Emirates NBD Group (''Emirates NBD'') announces launch of new product: ''Emirates Islamic Global Property Fund''

Emirates NBD Group, announced today the launch of the Emirates Islamic Global Property Fund (the ''Fund''), an open-ended daily dealing investment fund that will provide investors with access to real physical property globally in a manner compliant with Islamic Shari''a. The Fund will be available to investors in the UAE as well as through the p...

Monday 07.04.08

Dell will focus on UAE, Asia markets to boost growth

Dubai: Michael Dell, the chairman and CEO of Dell Inc, on Sunday said the computer giant is targeting emerging markets as a key area of growth. "When we look at our business, it''s emerging countries like the UAE and [regions like] Asia that are absolutely the fastest growing part of our business," Dell said. "I think, generally sp...

Sunday 06.04.08

Monetary union: Gulf Central Banks urged to step up efforts

Doha: Gulf Central Banks will need to step up efforts to achieve monetary union as regional economies come under mounting pressure from interest rates and exchange policies, Qatar''s Governor said here on Monday. Shaikh Abdullah bin Saud al Thani urged Gulf Central Banks to pursue additional consultations and better coordination of their j...

Thursday 03.04.08

Etisalat in talks with Spice to enter Indian market

Dubai, Mumbai: etisalat said on Wednesday it had talks with India''s Spice Communications and others about possibly making an investment to enter the Indian telecom market. Shares of Spice have surged almost 30 per cent during the last three trading days. They jumped 10.24 per cent yesterday. "India is a very attractive market for etis...

SWFs alone cannot resolve global financial crisis

Sovereign wealth funds (SWF) have once again come under the spotlight in the wake of crises facing the global financial system. There has been an increasing interest by countries and economic institutions in investing in SWF to prevent the financial system from collapsing. Some economists believe in the enormous financial capabilities of ...

Sunday 30.03.08

Gulf''s private wealth to swell

Dubai: The Gulf''s private wealth is estimated to swell by a massive 81 per cent to $3.8 trillion by 2012 from an estimated $2.1 trillion in 2007, according to Oliver Wyman, a global management consultancy. According to a recent study The Future of Private Banking - A Wealth of Opportunity? by the firm has found that the bull run in ...

Lehman hit by deal involving fake Marubeni papers

Tokyo: US investment bank Lehman Brothers was defrauded of about $242 million after it and other investors were caught in a scam in Japan, a newspaper reported on Saturday, with Japanese trading house Marubeni confirming some of its staff were involved. Another daily, Asahi Shimbun, said Goldman Sachs was also among the investors, citing source...

Thursday 27.03.08

Damac''s buyback plan angers investors

Dubai: Investors in Damac''s Palm Springs project on Palm Jebel Ali are furious at being ''bought off'' by Damac due to project alteration. Damac is now trying to ''buy back'' its Palm Springs plot on Palm Jebel Ali five years after its launch. Damac cannot go ahead and build the development without incurring a significant loss as the maste...

Gulf banks will continue to perform strongly

Dubai: Banks in the Gulf are set to continue performing strongly even amid the current market turmoil, said Standard & Poor''s Ratings Services in a report published on Wednesday. "Gulf banks are benefiting from the rosy environment in their home markets and carry limited exposure to US subprime and structured investment products,...

Wednesday 26.03.08

UAE markets register strong performance

Abu Dhabi: UAE markets gained on Tuesday, recovering Dh6.75 billion in market capitalisation after the strong losses of Dh15.67 billion recorded on Monday. The Emirates Securities General Index advanced 0.85 per cent to 5,787.94, lifting the market capitalisation to Dh798.65 billion, while the value of traded shares increased to more than ...

Tuesday 25.03.08

Serco to run Dubai Metro system for ten years

Dubai: A UK-based international service company Serco will operate and maintain the Dubai Metro system for the first ten years of its operation, said a senior official. "The operator has been finalised after eight months of hectic work," Mattar Al Tayer, chairman and Chief Executive of the Dubai Roads and Transport Authority, sai...

Gulf poised for major growth in syndicated loans

Dubai: The Gulf region is poised for big growth in syndicated borrowings as companies from the region seek to expand regionally and globally through organic expansion and acquisitions, Declan McGrath, managing director and head of European Corporate Loan Markets told Gulf News. "Prior to the past year, most of the loans from the regio...

Wednesday 19.03.08

Budget airline to operate out of Jebel Ali

Dubai: The new budget airline announced by the Dubai Government will base its operations at the new Al Maktoum International Airport, a top official told Gulf News on Wednesday. "We expect to start the airline within a year''s time from the Jebel Ali airport," Ghaith Al Ghaith, the airline''s new chief executive said in an exclusive i...

Visa raises $17.9 billion as stock goes public

New York: Visa Inc, the credit card giant, went public Tuesday in the largest initial public offering in American history. San Francisco-based Visa, the world''s largest credit card network, sold 406 million class A common stock for $44 per share, above the forecast range of $37 to $42, raising $17.9bn in the biggest initial public offerin...

Tuesday 18.03.08

Gulf Capital ties up with CS Securities

Abu Dhabi: Gulf Capital, the regional private equity investment firm, announced on Monday a strategic alliance with Credit Suisse''s (CS) alternative asset management arm. The agreement entails the Swiss bank''s commitment to an unspecified yet significant amount of investment capital to the alliance. "Our policy does not allow for d...

Non-financial listings could challenge bank stocks'' reign on Gulf exchanges

Dubai: Banking sector stocks continue to dominate the universe of listed companies in the Gulf countries. However this could change as a more diverse universe of listings emerges, according to international rating agency Moody''s Investors Service. The banking sector presently dominates Gulf Cooperation Council (GCC) exchanges in terms of ...

Monday 17.03.08

Oil hits record high as dollar slides

Singapore: Crude oil hit a record $111 in New York as a sliding dollar and credit market losses in the U.S. prompted investors to buy commodities. The dollar dropped to record low against the euro and to the weakest in 12 years versus the yen after the U.S. Federal Reserve reduced the discount rate it charges commercial banks. The cut spurr...

Sunday 16.03.08

UAE central bank ''studies revaluation''

Dubai: The UAE''s central bank has launched a study into a revaluation of the dirham, the Middle East Economic Digest (MEED) reported late on Friday, citing a bank official. "There is a study group that has been looking at the effects a revaluation would have for several months now as part of the planning for the long-term strategic f...

Wednesday 12.03.08

BoJ nominee faces veto despite independence pledge

Tokyo: Japan''s main opposition party rejected the government''s pick to run the central bank of the world''s second-largest economy yesterday, despite the nominee''s pledge at parliamentary hearings to act independently in the job. The row over whether Toshiro Muto should head the Bank of Japan (BoJ) raises the risk of a monetary po...

Tuesday 11.03.08

Shuaa ready to start Saudi operations

Dubai: Shuaa Capital Saudi Arabia, the Saudi Arabian subsidiary of Shuaa Capital psc, on Tuesday said it has received final approval to commence operations from the Saudi Arabian Capital Markets Authority. In anticipation of the final approval, it also plans to manage a Sharia-compliant $550 million hospitality fund that will bui...

Thursday 06.03.08

In depth: Beware the skimmers

Dubai: Banks in the UAE have undertaken strict security measures ever since fraudsters stole millions of dirhams from ATMs here in 2003. But no system is foolproof and there is a constant battle between financial institutions and thieves to gain the upper hand. We speak to security and banking expertise to see what measures they are undertaking to ...

Wednesday 05.03.08

Market volatility squeezes Gulf fund profits

A turbulent start to the year has eroded returns in Gulf stock markets and forced equity funds to downsize allocations to the GCC in an effort to preserve capital, according to Markaz research. Markaz, the Kuwait Financial Centre research department, said that after rallying 10% in December, the returns of GCC Equity Funds succumbed to the worst...

Dubai International Capital confirms bid for Liverpool

Dubai: Dubai International Capital, the private equity arm of the Dubai Holding, said on Tuesday that it is bidding to buy the Liverpool football club, but said the company has not reached an agreement with the American owners of the club on the valuation. "It''s no secret that we have been in discussions with the current owners. But valuatio...

Tuesday 04.03.08

Buffett rebukes wealth fund critics

Billionaire US investor Warren Buffett has blamed his government’s trade policy for the rise of sovereign wealth funds (SWF), rebuking critics fearful that such funds are driven by political rather than financial motives. “This is our doing, not some nefarious plot by foreign governments,” Buffett said in his recently published...

Etisalat in talks with Spice to enter Indian market

Dubai, Mumbai: etisalat said on Wednesday it had talks with India''s Spice Communications and others about possibly making an investment to enter the Indian telecom market. Shares of Spice have surged almost 30 per cent during the last three trading days. They jumped 10.24 per cent yesterday. "India is a very attractive market for etisalat and...

Monday 03.03.08

DIC plans $500mn Saudi private equity fund

Dubai International Capital (DIC) plans to launch a $500 million private equity fund dedicated to investing in Saudi Arabia in an effort to tap growth in the Gulf''s largest economy, the company''s chief executive said on Monday. Speaking at a press conference in Dubai, Sameer Al Ansari said Saudi Dubai Capital would replicate the structure used...

Abu Dhabi to get 200 new buildings by ''09 - ADCB

More than 200 addition buildings will completed in Abu Dhabi by the end of 2009 as the government attempts to solve a severe housing shortage in the emirate, a senior official said on Sunday. The buildings will be delivered under the management of Abu Dhabi Commercial Bank (ADCB) as part of its mandate to take over the management of the Commerci...

Sunday 02.03.08

Dubai is the leading financial centre in the Middle East

Dubai is the leading financial centre in the Middle East and the fourth most competitive in Asia, according to the latest Global Financial Centres Index (GFCI) The emirate saw its competitive rating of 585 points increase by 10 points over the last report in September 2007, despite slipping two places in the ranking to 24th out of 50 global financ...

Firms to shun dollar for project financing

Gulf Arab firms seeking project financing this year could refrain from US dollar-denominated loans on expectations regional oil producers will allow their dollar-pegged currencies to appreciate, a magazine reported. Banks in the world''s top oil-exporting region are finding it more difficult to raise loans in dollars and are moving toward other ...

Thursday 28.02.08

DP World invests Dh121m in Adelaide Port expansion

Adelaide: Global terminal operator DP World is investing Dh121 million (A$35 million) in the expansion of the quay and other facilities in Adelaide Port, where it operates a container terminal, according to a top official. "We have recorded 28 per cent growth in container throughput to 255,000 twenty foot equivalent units (TEUs) in 20...

UAE stock markets end flat as dull trading prevails

Abu Dhabi: UAE stocks ended flat yesterday as trading continued to be dull in the markets. The DFM general index added a tiny 0.07 per cent to its value to close at 5,931.66, as the strong gains reported by Dubai Islamic Bank, which advanced 3.78 per cent to Dh12.35, were offset by the 1.2 per cent losses recorded by Emaar Properties that ...

Wednesday 27.02.08

Citigroup could post first-quarter loss

New York: Citigroup may suffer its second straight quarterly loss because of more write-downs tied to subprime mortgages, risky corporate debt and consumer loans, Oppenheimer & Co analyst Meredith Whitney wrote. Whitney, who in October correctly predicted that Citigroup would cut its dividend and raise some $30 billion of capital, said...

Tuesday 26.02.08

Visa plans biggest IPO ever

New York: Visa Inc, the world''s largest credit card network, said yesterday it may raise up to $18.8 billion in the largest initial public offering ever, amid concern the global credit crunch could eat into card volumes. The company filed with the US Securities and Exchange Commission to sell 406 million Class A shares at $37 to $42 each, resulti...

Gold nears high but dollar weighs

London: Gold advanced yesterday to trade just below a recent historic high on investor buying, but pared gains later as the dollar rose against the euro, traders said. Silver eased after hitting a 27-year high above $18, while platinum slipped after moving towards its record high. Palladium rose more than two per cent and traded above $500...

Monday 25.02.08

Former Fed chief Alan Greenspan says dollar peg ''needs to go''

Abu Dhabi Floating the Gulf currencies is the best means to relieving the region''s rising inflationary pressures, former Federal Reserve Chairman Alan Greenspan said in Abu Dhabi on Monday. The dollar peg forces the Gulf states to follow US monetary policy at a time when the Fed is cutting rates to ward off recession and Gulf economies are experi...

Sunday 24.02.08

Saudi stocks rise by 940 points to reverse its long downward trend

Riyadh: The Saudi stock market gradually returned to its rising trend last week ending Wednesday, recording a significant rise of 940 points. This increase was fuelled by a number of factors, mainly the low prices of blue chips, reflecting attractive P/E ratio and in the performance of Saudi companies, particularly in the petrochemical sec...

UAE ranks 32nd in UNDESA e-government readiness index

Dubai: The UAE was ranked 32nd in e-government readiness index among the 192 member states in the fourth-edition of the eGovernment survey conducted by United Nations Department of Economic and Social Affairs (UNDESA). The country, which came 42nd in 2005, has outperformed other Gulf countries. The report ranks Bahrain 42nd, followed by Qa...

Thursday 21.02.08

Oil falls from historic highs

Abu Dhabi: Crude oil futures for March delivery on the New York Mercantile Exchange fell below the psychological $100 per barrel on Wednesday after touching a new all-time high of $100.10 a day earlier on a sliding dollar and fears the Organisation of Petroleum Exporting Countries (Opec) may cut output at its next meeting, to be held on March 5. T...

Emirates raises $253m to finance Boeing 777s

Dubai: Emirates has raised $253 million to finance two new Boeing 777 aircraft, the airline said on Wednesday. "The 12-year finance leases were underwritten by three global financial institutions, namely HSH Nordbank, mashreq and Mizuho Corporate Bank. HSH Nordbank also acted as facility and security agent for the lenders," the a...

HSBC sees upward potential in beleaguered Emaar''s stock

Dubai: Real estate major Emaar''s stock has more than 100 per cent upward potential and it is probably one of the most misunderstood and undervalued large market-cap companies, HSBC said in a research report on Wednesday. Walid Khalfallah and Majid Azzam, analysts with HSBC Middle East, said, "In our view, Emaar is probably one of the most mi...

Wednesday 20.02.08

NBAD to manage wave of 2008 IPOs

National Bank of Abu Dhabi (NBAD) expects to manage eight UAE initial public offerings this year, with three aiming to raise at least 4 billion dirhams ($1.09 billion) by the end of June. "Our reading is we might do eight IPOs this year," Majd Maaitah, senior manager for securities services at NBAD, told Reuters on Tuesday. "These...

Dubai to invest $5bn in emerging markets

Dubai International Capital, an investment fund owned by the ruler of Dubai, said it planned to invest about $5 billion in China, India and Japan over three years as a play on the rapid growth of emerging markets. The fund''s chief operating officer, Anand Krishnan, also told a news conference on Tuesday that the fund could raise its stake in ex...

Tuesday 19.02.08

UAE money supply growth surges 34%

Abu Dhabi: Annual money supply growth in the UAE, an indicator of future inflation, jumped 33.8 per cent at the end of September, central bank data showed on Monday. M3, the broadest measure of money circulating in the economy, was Dh623.4 billion on September 30, compared with Dh466.08 billion a year earlier, data obtained by Reuters show...

Oil continues to advance on supply concerns

London: Oil advanced for a fourth day on Monday, supported by an escalating row between Opec member Venezuela and oil major ExxonMobil. The quarrel between Venezuela and Exxon has helped oil bounce back from this year''s low of $86.11, but worries about a slowdown in top oil consumer the United States could prevent a return to record highs...

Monday 18.02.08

More scope for Islamic banking

The newly-created Ajman Bank is the first Islamic bank to be incorporated in Ajman. Gulf News spoke to CEO Yousif Khalaf, a veteran of the GCC financial services sector and till recently the head of Bahrain Islamic Bank, about the scope of Islamic banks in the region as well as Ajman Bank’s priorities and services on offer. Gulf News: Why di...

Iran opens oil exchange

Tehran: Iran launched an oil exchange yesterday with the first trade made in a petrochemical product but planning to expand to include transactions in crude in future. The bourse, based on the Gulf economic free zone island of Kish, has been planned for years but has faced repeated delays. When plans were first mooted, some analysts specu...

Sunday 17.02.08

UAE could set up financial regulator

Dubai: The UAE could set up a body to regulate the financial services sector, leaving the central bank the sole mandate of setting monetary policy, the Middle East Economic Digest (MEED) reported, citing sources. The new regulator is expected to take over the central bank''s banking sector supervision duties, as well as those of the Securities and...

DIFC seeks feedback on Arbitration Law revisions

Dubai: The Dubai International Financial Centre (DIFC) on Saturday issued consultation papers to seek comment on a new Arbitration Law, which seeks to replace the existing law. The proposed law, which contains a significant number of enhancements, is designed to accommodate and facilitate the setting up of an Arbitration Centre, DIFC said ...

Thursday 14.02.08

Emirates NBD nets Dh4b profit

Dubai: Emirates NBD yesterday announced a net profit of Dh4 billion for the year ending December 31, 2007, up 35 per cent over 2006. This is the first full-year result following the merger of Emirates Bank and National Bank of Dubai last year. The income statement is based on the consolidated income statement of Emirates Bank Internationa...

UAE raises crude output in January

Abu Dhabi: The UAE raised its crude oil output to 2.59 million barrels per day in January, 1.97 per cent higher than the previous month, led by the resumption of full production at Abu Dhabi''s major offshore fields after maintenance, the International Energy Agency (IEA) said yesterday. In its latest oil market report, the IEA said t...

Wednesday 13.02.08

Soaring prices of essential goods bite into consumers'' pockets

Dubai: As 2008 began, UAE consumers have been crying over skyrocketing prices as basic commodities have become more expensive in many places in the past few months, posting increases as high as 25 per cent. Click here to the prices of selected commodities Increases in consumer prices are not unique to the UAE. It is a worldwide phenomenon ...

Emaar proposes 20% cash dividend from 2007 profit

Dubai: Dubai-based Emaar Properties on Tuesday proposed a dividend of Dh0.20 ($0.054) per share from its 2007 profit, unchanged compared with the year before when the payout disappointed investors. The remaining profit will be allocated to reserves, the largest Arab real estate developer by market value said on the Dubai bourse website. E...

Tuesday 12.02.08

Adic ties up with UBS for joint venture

Abu Dhabi: The Abu Dhabi Investment Company (ADIC) said on Monday it has joined hands with UBS Global Asset Management, one of the world''s leading asset management firms, to form a 50:50 joint venture that will develop, promote and manage infrastructure investment funds focused on the Middle East and North Africa (MENA) region. At a news conferen...

UAE bourses end flat as shares move within tight range

Abu Dhabi: UAE markets ended Monday''s session on a flat note, maintaining its ground after the steep decline recorded on Sunday. Dubai Financial Market''s (DFM) general index retreated marginally by 0.03 per cent, as the 1.32 per cent worth of losses recorded by Emaar was offset by the strong gains of more than two per cent recorded by Em...

Monday 11.02.08

$5.2tn wiped off world equity markets

A total of $5.2 trillion was wiped off world equity markets in January as emerging markets fell 12.44% and developed markets 7.83% to register one of the worst ever starts to a new year, ratings agency Standard & Poor’s said on Saturday. Fifty of the 52 global equity markets ended last month in negative territory, with 25 of them posti...

UAE retailer, developer plan IPOs

The government of Dubai plans to set up a supermarket company and raise some of the capital by selling shares in an initial public offering (IPO), UAE daily Khaleej Times reported on Sunday, citing a company statement. Abu Dhabi-based Manazel Real Estate is also planning an IPO, Emirates Business reported, citing the company''s chairman. The ...

Sunday 10.02.08

Emaar pulls India IPO as market plummets

Emaar MGF withdrew its initial public offering (IPO) on Friday, becoming the second Indian company in 24 hours to abandon an IPO and adding more gloom to a market that has fallen 17% in a month. The Indian joint venture of Dubai''s Emaar Properties, which aimed to raise up to $1.64 billion, pulled out after cutting its price twice and extending ...

NBAD plans $545mn bond

National Bank of Abu Dhabi said on Saturday it would sell 2 billion dirhams ($544.7 million) worth of convertible bonds to help finance investment banking operations and expansion overseas. The second-largest UAE lender by market value said in the 10-year floating rate convertible bonds would be listed on the London Stock Exchange. "It (...

Thursday 07.02.08

DP World achieves 19% growth in UAE container throughput

Dubai: DP World''s UAE region yesterday said it achieved 19 per cent growth in throughput with the handling of 11 million TEUs (twenty-foot equivalent container units) at its marine terminals in 2007 compared with the previous year. Throughput at Dubai''s two ports, Jebel Ali and Port Rashid, increased 20 per cent over 2006 to 10.7 million TEUs. ...

Oil prices at $60 gain currency

Hidden amid grotty fourth-quarter figures from BP on Tuesday was the disclosure that it now believes oil prices will stay stronger for longer. BP will test projects'' net present value on the basis of a Brent crude price of $60 per barrel for at least five years, up from $40. For chief executive Tony Hayward this marks a shift from his predeces...

Wednesday 06.02.08

Gulf attracting world''s largest contractors

Dubai: The massive infrastructure growth in the Gulf is attracting world''s largest contractors, according to the Middle East Business Intelligence Contractors Survey 2007, conducted by the Middle East Economic Digest. It said contracts worth $193 billion were awarded last year. Currently, an estimated $884 billion worth of projects are in the ...

Greenback''s steady decline will hit asset valuations in the UAE

Dubai: The valuation losses of foreign assets due to the sharp decline of the dollar will be the second highest in the world for the UAE after China, according to international credit rating agency Moody''s. Assuming the exchange rate of the dollar falls from about 0.67 euro currently to 0.50 euro over the next two years - a very bold assumptio...

Tuesday 05.02.08

Dirham could be revalued: DCCI

Dubai: As part of meeting the convergence criteria to achieve GCC monetary union by 2010, the UAE is likely to revalue the dirham, the Dubai Chamber of Commerce and Industry said in a report on Monday. Last December, Gulf leaders at the Doha Summit made a unanimous commitment to overcome the economic challenges facing the 2010 GCC monetary union t...

Industrial investments in UAE increase to Dh72.63b in 2007

Dubai: Investments in the UAE''s industrial sector hit Dh72.63 billion in 2007, an increase of 3.14 per cent over the Dh70.42 billion of 2006, according to the Ministry of Finance and Industry. Abu Dhabi received the largest portion of these investments with Dh38.92 billion in 2007 while Dubai attracted Dh17.11 billion. Dr. Mohammad Khalfan Bi...

Monday 04.02.08

Abu Dhabi economy will grow by at least 8.2% this year - top officials

Abu Dhabi: The gross domestic product (GDP) of Abu Dhabi will grow by at least 8.2 per cent in 2008 and an average of 13 per cent in the years to follow, top officials announced at the Abu Dhabi Economic Forum which opened on Sunday. The emirate has allocated more than $10 billion to develop its infrastructure in the coming few years, including...

UAE stocks win back more than Dh22.5b of January''s losses

Abu Dhabi: UAE markets recorded substantial gains on Sunday, recovering more than Dh22.5 billion of last month''s losses to return to the levels of January 1. The Emirates Securities general index restored 2.82 per cent of its value to close at 5,997.64, 0.31 per cent less than its value on December 31. In Dubai, the general index advanced by ...

Sunday 03.02.08

Gulf firms plan Asian currency bonds

Dubai: Faced with tight liquidity and widening credit spreads in the US and the Western markets, a number of Gulf-based firms are expected to raise funds in the Asian markets through conventional and Islamic bonds this year, according to banking industry sources. "A number of regional firms are keen on issuing bonds in Asia and that too in loca...

Bush sees signs of weakening US economy

Kansas City: US President George W. Bush on Friday said there were troubling signs of economic weakening and urged Congress to move on a stimulus package to help prop up the economy, which has been hit by a housing slump and credit crisis. Bush''s comments mirrored his efforts in his State of the Union address on Monday to calm Americans'' rece...

Thursday 31.01.08

US economy weakest in five years

Washington: US growth skidded lower in the fourth quarter and was the weakest in five years for all of 2007, according to a government report yesterday that highlighted the toll an enfeebled housing sector has taken on the national economy. The Commerce Department said gross domestic product, which measures total goods and services output ...

Consumers seek alternatives to beat price rise

Dubai: With prices of basic commodities skyrocketing, consumers seek more value for their money, which usually means looking for cheaper alternatives for products or services. Click here for selected commodities prices (pdf) According to the latest consumer price index released by the UAE Ministry of Economy, a kilo of Oman Robian (big) h...

Wednesday 30.01.08

RAK''s GDP rises over 50% to Dh11.12b in four years

Ras Al Khaimah: Ras Al Khaimah''s Gross Domestic Product (GDP) has grown by more than 50 per cent over the last four years to Dh11.12 billion and the fast- growing emirate is expected to clock an annual growth rate of over 15 per cent in the next few years, a top government official told the Ras Al Khaimah Conference 2008 on Tuesday. Dr Kh...

Tuesday 29.01.08

New DIFC court judges take oath before Dubai ruler

Dubai: The Dubai International Financial Centre Courts (DIFC Courts) on Monday announced the appointment of six new judges to interpret laws and issue orders for the enforcement of laws at the Dubai International Financial Centre (DIFC). The judges are David A.R. Williams QC; Sir Anthony Colman; Tan Seri Dato Siti Norma Yaakob; Sir John Chadwick; ...

Product diversification key to long-term growth

As the developing and maturing markets in the Middle East look to provide us with increased amounts of retail space in the coming years, the questions that are typically being asked as we move forward are usually associated with brand and market saturation. "How long before we have too many malls" and "don''t we have enoug...

Monday 28.01.08

Damac says Gulf stands to benefit from US recession

Dubai: A recession in the US and the developed markets could benefit the GCC economies and the regional stock markets, according to Dubai-based Damac Securities. Contrary to the general belief that the Gulf countries could be adversely affected, Hany Hussain, Vice-President and Head of Asset Management and Equity Research, Damac Securities...

Sunday 27.01.08

Currency gains hurt expatriates

Dubai: The surging Indian rupee and Philippine peso are hurting the earnings of two leading expatriate groups in the UAE, making the country a less attractive employment destination than it once was. The Indian currency, which rose 12.3 per cent in 2007, may appreciate further on higher overseas inflows as foreign investors try to take adv...

UAE should curb rising inflation

Davos: Inflation is the United Arab Emirates'' biggest enemy and the country must control rising prices with steps such as curbing lending to overheated sectors, the country''s advisory council head said on Friday. Abdul Aziz Abdullah Al Ghurair, speaker of the UAE Federal National Council, told Reuters in an interview that revaluing the dirham ex...

Dubai''s gold trade exceeds $19b amid robust demand

Dubai: The total gold trade through Dubai reached $19.03 billion in 2007, an increase of 29 per cent from 2006, according to a statement by Dubai Multi Commodities Centre (DMCC). In 2006, Dubai''s gold trade was estimated at $14.75 billion, up from $10.73 billion in 2005. A total of 559 tonnes of gold was imported into Dubai in 2007, up b...

Thursday 24.01.08

Gulf central banks face uphill battle

Gulf states face an uphill battle to control inflation and conduct monetary policy as more US rate cuts are likely to follow Tuesday''s emergency cut by the Federal Reserve, a leading economist said on Wednesday. Howard Handy, chief economist at Saudi bank Samba Financial Group, said GCC central banks'' decisions to peg the value of their curren...

RAK to test floating solar island

Floating islands off the UAE coast could convert solar energy into electricity or hydrogen on a massive scale, the head of project under development in Ras Al Khaimah said on Wednesday. The emirate has pledged $5 million to build a prototype for the huge solar panel-covered structures which could transform the development and utilisation of sola...

Gulf slashes rates to keep pace with US

Gulf states lowered interest rates on Wednesday, with Kuwait reducing its benchmark for the first time in 18 months, after an emergency US cut forced them to defend dollar-linked currencies and yield ground to surging prices. It was the Gulf''s most cautious response yet to the US Federal Reserve. Only the UAE matched Tuesday''s 75 basis point F...

Wednesday 23.01.08

Fed takes action to rescue markets

Washington: The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, slashed a key interest rate by three-quarters of a percentage point yesterday and indicated further rate cuts were likely. The surprise reduction in the federal funds rate from 4.25 down to 3.5 per cent marked the biggest funds rate c...

Oil prices cut early losses

London: Oil cut some of its losses to trade around $89 a barrel on Tuesday after the US Federal Reserve took emergency action to help prevent the world''s biggest fuel consumer from tipping into recession. US crude was trading at $89.12 by 1527 GMT, down $1.45 from Friday''s settlement. London Brent crude fell a cent to $87.50 a barrel. ...

Tuesday 22.01.08

Cisco plans Dh5.8b investment in UAE

Dubai: Cisco on Monday announced that it will invest over Dh5.8 billion to develop information and communication technology (ICT) in the UAE over the next five years, according to John Chambers, Cisco''s chairman and CEO. Chambers made the announcement following a meeting with Mohammad Al Gergawi, UAE minister of state for Cabinet Affairs....

Abu Dhabi could face shortage of 20,000 housing units this year

Abu Dhabi: A shortage of 20,000 housing units by the end of the year could increase inflation and raise the cost of living in Abu Dhabi further, according to a study. The solution is to freeze prices, according to the study released on Sunday by the Abu Dhabi Chamber of Commerce and Industry. "In 2008, housing projects will target hi...

Tuesday 08.01.08

Al Mal Capital launches private equity programme with two funds

Dubai: Al Mal Capital, a UAE Central Bank-regulated investment company, yesterday launched its private equity programme with the introduction of Al Mal Capital Partners Fund and the Sharia-compliant Al Fares Private Equity Fund. With an initial subscription period from January until late-February, the programme funds intend to raise a comm...

Sunday 06.01.08

Dubai to open Dh3.67b bank

Dubai: Dubai Holding on Sunday launches Noor Islamic Bank (NIB) to tap the region''s growing oil wealth and meet the increasing needs of Sharia-compliant products. Shaikh Ahmad Bin Saeed Al Maktoum, chairman of the Dh3.67 billion ($1 billion) Islamic lender, will unveil the details at a press conference today, followed by the opening of it...

Thursday 03.01.08

UAE stocks start 2008 positively

Abu Dhabi: UAE stocks ended the first trading day of 2008 in positive territory gaining more than Dh12 billion in market capitalisation, while the Emirates Securities general index advanced by 1.47 per cent to 6104.71. This was the first day to apply the new extended four-hour long trading sessions, and accordingly the value of traded shar...

Wednesday 02.01.08

Oil hits record $100 a barrel

New York: Oil vaulted to a record $100 a barrel on Wednesday as geopolitical turmoil, tight energy stockpiles in consumer countries, and a weak dollar triggered a flood of speculative buying, dealers said. Oil''s climb to the psychological triple-digit price sent Wall Street tumbling and darkened an already gloomy economic outlook in the United St...

Monday 31.12.07

Saudi economic growth expected to continue

Riyadh: Saudi economists are optimistic about the kingdom''s economic growth being robust in 2008. According to government figures, the economy grew 4.3 per cent in 2006. The economist predicted that most consumer products will see price rises between 10 to 15 per cent in the coming year. Real estate prices are likely to see a 20 to 25 p...

Equity volatility to stay in 2008

Chicago: Stock market volatility returned with a vengeance in 2007 and is not going away any time soon. The rise in volatility was reflected in the kind of year financial markets had, marked by big market swings due to the worsening global credit environment. "We believe that the markets have shifted to a higher volatility regime,&qu...

Sunday 30.12.07

Bullish trend prevails on UAE markets

Abu Dhabi: The bullish trend prevailed in the UAE markets throughout the past week, as the listed companies accumulated more than Dh29.8 billion in capital gains. Analysts have predicted that the uptrend would continue to even higher levels. Emaar Properties, the developer of the world''s tallest building, shot up by 11.4 per cent to Dh15....

Foreigners buy shares worth Dh6.5b

Dubai: The Dubai Financial Market yesterday said the value of shares and bonds bought by foreign investors, or non-UAE nationals, last week (December 23-27) reached Dh6.542 billion, or 32.9 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the period touched Dh5.088 billion...

Thursday 27.12.07

Indian shares end at two-week high

Bangalore: Indian shares rose 1.7 per cent yesterday to their highest close in two weeks, powered by index heavyweight Reliance Industries and supported by short covering a day before monthly futures contracts expire. Largest listed firm Reliance gained 3.9 per cent to Rs2,896.70, its highest closing level in three weeks. The stock has mor...

Wednesday 26.12.07

Emirates rides the regional boom

Dubai: Emirates airline has ordered a jaw-dropping 245 new wide-bodied planes, but the company''s president shuns suggestions that he wants to create the world''s biggest airline. "I''m not bothered personally if that makes us the biggest or not," Emirates president Tim Clark said in an interview with the Associated Press. Aviat...

Tuesday 25.12.07

Etisalat considers bid for Lebanese telecom firm

Dubai: Emirates Telecommunications Corp (etisalat) said on Monday it was considering a bid to take over one of two Leb-anese mobile phone firms that the government has said it wants to sell for as much as $7 billion. etisalat would decide on whether to compete for Alfa or MTC Touch by the end of next month, Jamal Al Jarwan, chief executi...

Monday 24.12.07

US mortgage crisis unlikely to have major UAE impact

Dubai: The UAE banking system has no significant exposure to the US mortgage crisis that has caused a global credit squeeze, ratings agency Moody''s said. However, borrowing costs have increased slightly in the UAE upon the change in international conditions related to US housing mortgage payment defaults. "The subprime crisis is exp...

UAE stocks gain after Eid holiday

Dubai: UAE stocks gained in the first trading session after a five-day holiday, led by Aldar Properties and etisalat. The Dubai Financial Market Index added 1.6 per cent to close at 5,829.62. The Abu Dhabi Securities Market gained 1.3 per cent to 4,580.19. "Institutions are closing their positions for the year and buying into the lar...

Monday 17.12.07

Gulf nations face shortage of qualified executives

Dubai: Dubai and the rest of the GCC countries are facing a growing shortage of qualified executives and skilled workers due to the rapid pace of development and lack of planning, experts reiterated on Sunday. "The high demand and low supply of qualified GCC executive talent is here to stay for at least the next five years," said...

Emal taps $7b for first phase

Dubai: Emirates Aluminum Company (Emal), the Abu Dhabi-Dubai joint venture building the world''s big-gest aluminium plant in the UAE, said it is raising about $7 billion for the first phase of its smelter, almost 40 per cent more than the initial estimated project cost. The company said yesterday it has finalised a $4.9 billion financing d...

Emirates Investment Services Ltd Announces Fund Performance and Launches New Shari’a Compliant Products

Emirates Investment Services Limited (“EIS”), a company licensed and regulated by the Dubai Financial Services Authority, today announced it had written more than AED one billion of investments in the first nine months of operations from the Dubai International Financial Centre. The company has forged strategic partnerships wit...

Sunday 16.12.07

Gulf banks face subprime losses

Dubai: The financial performance of a few Gulf banks is likely to be affected by subprime-related losses as warnings relating to Bahrain''s Gulf International Bank''s (GIB) exposure to the US assets on Saturday stoked anxiety about potential losses lurking in the books of other regional banks. Although international rating agencies such as...

Planet Pharmacies to consolidate regional healthcare retail industry

Dubai: Julphar, a UAE-based pharmaceutical manufacturing company in the Middle East, and Global Investment House (Global), the leading manager of Private Equity investments in the region on Saturday announced the formation of Planet Pharmacies LLC (Planet). Planet, a holding company being established in Dubai, UAE, seeks to becom...

Revaluations are still an option - UAE

Dubai: A decision by Gulf countries to keep dollar pegs is final but revaluations are still an option for central bankers in the oil-exporting region, the UAE central bank governor said in remarks published on Saturday. "Revaluation of domestic currencies... is still an option on the table for central bank governors in the Gulf countr...

Thursday 13.12.07

Gold touches $817 on Fed move to ease liquidity woes

London: Gold bounced back on Wednesday, as the dollar fell against the euro after global central banks led by the US Federal Reserve announced measures to improve liquidity in the financial markets. Spot gold rose to $817.00 an ounce and was quoted at $816.80/$817.60 an ounce by 1454 GMT after falling as low as $796.70, against $811.70/$81...

Regulating real estate and mortgage markets a priority

Abu Dhabi: Regulating and streamlining the property and mortgage markets in the UAE has become a top priority, according to Central Bank Governor Sultan Bin Nasser Al Suwaidi. The Central Bank is currently drafting feedback forms to collect the necessary data about mortgages more accurately in accordance with the Basel II framework. "...

Central banks join forces to ease credit crisis

Washington: Central banks around the globe have banded together to make it easier for stressed banks to borrow money in the midst of a credit crunch that threatens to knock the US economy into recession and slow growth worldwide. The steps, announced jointly by the US Federal Reserve, the European Central Bank and the central banks of Canada, Engl...

Arab cash finds new regions as dollar falls

Abu Dhabi: The weakening dollar is having a strong impact in shifting the relative weight of Arab trade and investments, officials and experts claim. With the greenback falling to record lows, dragging the value of the pegged currencies of the GCC countries down with it, investing in Europe or Asia has become more expensive in terms of loc...

Wednesday 12.12.07

Suwaidi denies report that he is resigning

Dubai: United Arab Emirates Central Bank Governor Sultan Bin Nasser Al Suwaidi denied a Dow Jones report that he was planning to step down as early as December 18, the news agency WAM reported on Tuesday. "This report is absolutely not true, it is baseless and worthless," Suwaidi said, according to WAM. Suwaidi was tipped to be replaced...

UAE retailers fare badly in customer services

Dubai: UAE retailers are failing to impress their customers and consumers are not receiving the levels of service they require, a survey revealed. A comprehensive survey, dubbed ''Are You Being Served'', by Grass Roots found that retail outlets across the country were unable to retain one in three of their customers due to lack of intellig...

Al Fahim-led consortium unveils Dh14b Dubai Pearl masterplan

Dubai: A consortium of investors led by the Al Fahim Group yesterday unveiled the new masterplan for Dubai Pearl - a Dh14 billion project to be built at the Dubai Media and Technology Free Zone (Tecom) overlooking the Palm Jumeirah, officials said. The project, initially launched by Qatar-based Omnix Group, was re-planned after the new consortium ...

Tuesday 11.12.07

Weak dollar fuels crude price rise

New York: Crude oil rose more than $1 a barrel yesterday as the US dollar fell against the euro, bolstering the appeal of commodities as a hedge against inflation. Expectations that the Federal Reserve will lower interest rates a third time this year caused the dollar''s drop. The Houston Ship Channel, which serves the largest US petroleum...

Private developers to operate 34% of Dubai rail network

Dubai: Private developers would build and operate nearly 34 per cent, a third of Dubai''s urban rail network which could stretch up to 886 kilometres, officials said. While the Roads and Transport Authority (RTA) is expected to build 586 kilometres of mainline network, a number of separate monorails could add up to roughly 300 kilometres a...

Monday 10.12.07

No change in Iran policy, says EU

Brussels: The European Union has not changed its position on Iran, the bloc''s negotiator with Tehran said on Monday. The EU will pursue its line of offering negotiations to Iran over incentives to halt uranium enrichment, while backing moves towards UN sanctions. EU foreign policy chief Javier Solana said, "For the moment the...

RAK boosts infrastructure to double GDP in five years

Dubai: Ras Al Khaimah is developing a multi-billion dollar satellite town that will double the emirate''s population to half a million in three to five years, officials said. The Gateway City will cover 4.8 square kilometres. The city and its allied development will attract massive investments in industries, education, tourism, property an...

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Press Information

Saturday 20.02.10

Fed’s Bernanke to Assure Congress Higher Rates Not Imminent

Wednesday 09.12.09

US hedge fund DE Shaw sees chance in Gulf region

Tuesday 24.11.09

UAE economy could expand 5% in 2010

Experts urge fresh thinking on dollar peg

Wednesday 28.10.09

Dubai''s GDP rises 0.3% in first quarter despite global downturn

Gulf recovery outlook favourable

Wednesday 30.09.09

IMF Cuts Forecast for Global Financial Losses to $3.4 Trillion

Tuesday 01.09.09

EIS Asset Management candidates achieve 100% pass rate in CFA exams

Saturday 29.08.09

Asset classes and time horizons

Wednesday 26.08.09

Emirates Sukuk Fund No1 Limited wins awards for “best new entrant in the Sukuk market”

Tuesday 18.08.09

UAE, China officials discuss cooperation

Gold hits low as risk aversion aids dollar

Wednesday 12.08.09

GCC vulnerable to price rises

UAE markets gain, led by realty stocks

UAE inflation rate might ease further

Tuesday 04.08.09

Oil tops $71 on China stocks data and US rebound hopes

Monday 03.08.09

U.A.E. Central Bank to Buy Dubai Bonds, Barclays Capital Says

Thursday 30.07.09

Working towards rational exuberance - Article by Deon Vernooy in "The National"

Wednesday 29.07.09

Are Reagan’s dark days of inflation returning? - Article by Sean Daykin in "The National"

Monday 13.07.09

Rebuilding something better - Barack Obama, President of the United States

Oil prices slip below $59 on economic outlook

Wednesday 10.06.09

Oil continues to make the world go round

Tuesday 09.06.09

Dubai’s Property Market Is Stabilizing, Standard Chartered Says

Saturday 23.05.09

Rise in risk appetite batters greenback Currencies

Thursday 21.05.09

Aldar Properties Raises $1.25 Billion From Bond Sale

Saturday 16.05.09

Dubai will probably help Nakheel with $3.52b bond repayment

Investment purchasing power peaks in crisis

Sunday 10.05.09

Middle Eastern, North African economies coping well with global crisis: IMF

Saturday 02.05.09

Emirates NBD launches Sukuk fund

Thursday 30.04.09

Nakheel debt may be restructured

Monday 27.04.09

Moves to enhance liquidity in banks ''have been fruitful''

Saturday 25.04.09

G-7 Says ‘Weak’ Global Economic Recovery Should Begin This Year

Wednesday 22.04.09

Diversify Your Investments Even If It Hurts: Jane Bryant Quinn

Saturday 18.04.09

Appetite for safe havens diminishes

Sunday 12.04.09

UAE weathers global financial storm - FCCI

Regional markets gain 7.5% as confidence rises

Saturday 28.03.09

Dollar gains on safe-haven bids and euro zone turmoil

Saturday 21.03.09

Investors calculate risk factor

Saudi stocks climb after global rally, oil price rise

Time to make an educated choice

Sunday 15.03.09

Do not believe reports of Dubai’s demise

Monday 09.03.09

U.A.E. Faces $30 Billion Gap Between Loan, Deposits

Sunday 08.03.09

Bearish spell continues unabated leaving clueless investors reeling

Pressure mounts over recipients of AIG cash

Saturday 28.02.09