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UAE shares decline as investors book profits ahead of Eid
October 7, 2013--UAE shares declined on Monday as investors booked profits ahead of next week's long Eid break amid no sign of any breakthrough in the US shutdown impasse.
Trading 1.38 billion shares with a value of Dh1.09 billion, the DFM General Index dropped 1.31 per cent to end at 2777.71. Of the 28 stocks traded, 20 declined, six gained and two remained flat.
DIFC reaches 1,000 company milestone
October 7, 2013--Dubai International Financial Centre (DIFC) announced on Sunday that over one thousand companies now operate from the centre.
As per DIFC Authority's operating figures for the first half of the year, the centre recorded 979 companies with a combined workforce of over 15,000 at the end of June 2013. The growth in the number of companies added in the third quarter stands at three per cent.
DFM declines, ADX gains
October 7, 2013--UAE stocks had a mixed day yesterday as Dubai declined and Abu Dhabi gained, both marginally, amid global uncertainty on US shutdown continuing and locally, no official confirmation coming on the merger of
the two bourses after last week's news reports that both hired banks to advise.
KSE stems 4-day slides, gains 30.43 pts
October 6, 2013--Kuwait stocks pulled higher Sunday, stemming the 4-day slide.
The index climbed 30.43 pts in slightly volatile trade to close at 7655 pts helped by speculative buying in some of the mid and low caps. The heavyweights however were mostly subdued even as the bourse heads towards the pre-Eid period.
Dubai Islamic Economy Strategy built on 7 pillars
October 6, 2013--Dubai's strategy to be the capital of the Islamic Economy in three years was launched on Saturday and is based on seven pillars.
These pillars include the establishment of Dubai as an international centre for Islamic finance, Halal industries, Halal tourism, the Islamic digital economy, the capital of Islamic art and design, a centre for Islamic economy standards and certification, and international centre for Islamic information and education.
GCC to expand 4.4% in 2014: IMF
Aggregate economic growth in 2013 for GCC will be at 3.7%
October 5, 2013-The economies of the six Gulf Arab monarchies will expand by 4.4 per cent in 2014, the International Monetary Fund said on Saturday, raising its earlier forecast for the oil-rich bloc.
The aggregate economic growth in 2013 for the Gulf Cooperation Council will be at 3.7 per cent, said Nemat Shafik, the IMF deputy managing director, in a meeting with the finance ministers of the member states in Riyadh.
Egyptian economy seen to miss gov't forecasts
October 3, 2013--Economists have said Egypt's economy is expected to only grow 2.6% in the fiscal year ending June 2014, well below the 3.5% the government expects to achieve, Reuters has reported.
"Growth prospects for Egypt's economy have continued to sour over the past few months,"" said William Jackson, an economist with Capital Economics. On Monday, planning minister, Ashraf al-Arabi repeated his government's forecast of 3.5% growth this year, up from 2% in 2012/13.
Al Baraka Banking Saudi subsidiary pays out dividends on real estate fund
October 3, 2013--The Bahrain All-Share Index slipped 0.10% to 1,194.04 points on Thursday. Islamic bank Gulf Finance House fell 3.70% to $0.13.
Its rival Al Baraka Banking Group closed flat at $0.73. Earlier in the day, Bahrain's oldest Shar'iah-compliant bank said tqan Capital paid out 3.75% in dividends to its Real Estate Income Fund-I investors on Sept. 26, representative of the first half of the second year of operations and consistent with its first year's pay out. A pay out of 7.5% of the REIF-1 fund, which was launched in 2012 had already been distributed to its investors for the first year of operation. Itqan Capital is a Saudi Arabia-based investment company licensed by the Capital Market Authority, headquartered in Jeddah, Saudi Arabia. It is a subsidiary of Al Baraka Islamic Bank (Bahrain), and a member of Al Baraka Banking Group.
Shares fall as Dubai Financial Market Company 'cannot confirm or deny' merger talks
October 3, 2013--Dubai Financial Market Company's stock fell almost 6 per cent yesterday after the region's only listed bourse said it "cannot confirm or deny" a report that its controlling shareholder had hired banks to advise on a merger with the Abu Dhabi Securities Exchange.
Speculation over such a deal first surfaced in May 2010, but no progress has been made public since the initial announcements from both bourses.
Saudi investors more cautious ahead of earnings season, Eid holidays
October 3, 2013--Volatility came to a standstill on Thursday in Riyadh, as the Tadawul All-Share Index closed 0.04% higher at 8,017.77.
The gauge's relative strength, MACD and Bollinger bands indicate that investors are currently quite comfortable with trading in no-man's land, as corporate results for the third quarter will start to pour in next week. Earlier in the day, Arab News reported that Saudi Arabia has invested 73% of its total reserves in securities of foreign countries, quoting Al-Eqtisadiah. "Saudi total assets reached SR2.62 trillion last August while the invested portion in foreign securities reached SR1.92 trillion," said the report. Shares of Tabuk Cement Co. slipped 0.34% to SR29.50. Earlier in the day, Tabuk said in a filing to the Tadawul market, it secured a 7-year, Islamic finance of SR500m ($135m) for the funding to finance the second phase of the establishment of a new line, which represents 45% of clinker production line of 5,000 tons per day. The Tadawul bourse informed investors today that it will be closed for trading from Oct. 10 to Oct. 20 to mark the Islamic feast of sacrifice (Eid ul-Adha).
