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Glimmers of hope, as Dubai market rises by 0.11%
November 24, 2011--After hitting a 7-year low Wednesday, the DFM General Index ended 0.11% higher at 1,348.59 points.
News that the UAE government will soon pass a new bancruptcy law, as The National reported, supported the sentiment. DFM shares rose in line with the market by 0.11%, closing at Dhs0.902. Emirates NBD added 0.91% to reach Dhs3.31. Real estate and construction bellwethers Emaar and Arabtec both closed even at Dhs2.50 and Dhs1.40, respectively. Some 62.1m shares were traded, valued at Dhs55m.
Yemen's Saleh inks agreement to cede power
November 24, 2011--Yemeni President Ali Abdullah Saleh has signed a power-transfer agreement with his opponents that was brokered by the six-nation GCC, an initiative aimed at ending months of bloodshed, Bloomberg has reported.
According to the terms of the accord, Saleh will transfer power to his deputy, Abdurabuh Mansur Hadi, to be followed 90 days later by a presidential election, UN's secretary general’s special adviser on Yemen, Jamal Benomar, told reporters in the Yemeni capital, Sana'a.
Oman's draft budget foresees $3.1bn gap in 2012
November 24, 2011--The Omani finance ministry has said the country’s 2012 draft budget has been set with a deficit of OR1.2bn ($3.1bn), Reuters has reported. Spending by the Sultanate is seen to rise 10% from an increased 2011 plan, after the government boosted the budget to create thousands of new jobs, the ministry said.
"We set aside more expenditure for 2012 to create more jobs since we expect thousands of graduates to leave higher education next year, which results in a higher deficit," an official at the ministry's budget office told the news service.
Bahrain expects positive growth in Q3
November 24, 2011--The governor of Bahrain’s central bank has said economic growth is expected to be positive in the third quarter, as the economy has already overcome a major part of the impact of social unrest earlier this year, Reuters has reported.
"For the third quarter, from feedback we are getting, it will be positive growth," Rasheed al-Maraj said. Bahrain, which pegs its dinar to the US dollar, boosted its government spending by 22% this year from its original target to ease social tensions. It sold a $750m sukuk earlier this month, which was its first sovereign debt issue since March 2010.
Abu Dhabi Islamic Bank bucks market downtrend
November 23, 2011--The Abu Dhabi market ADX fell 0.40% to 2,430.03 points. Shares of Abu Dhabi Islamic Bank, known as ADIB, added 1.26% to reach Dhs3.13. Tuesday, ADIB announced the pricing of a five-year dollar denominated sukuk with a $500m par value, with a spread of 245 basis points over mid-swap government bond.
ADIB CEO Tirad Mahmoud was voted Islamic banker of the year at the 18th World Islamic Banking Conference in Manama, Bahrain Tuesday. At the award ceremony, the laudation said about Mahmoud: "With his 25 years of experience in the banking and finance industry, Tirad has led ADIB unscathed through turbulent times to achieve record profits this year. Under his dynamic leadership, ADIB is now a top-tier Islamic financial services institution, one of the fastest growing Islamic banks in the GCC and a leader in customer service standards in the region." "We continue to grow organically and see huge growth potential in the UAE. We do not see any need for consolidation in Islamic finance," Mahmoud told AMEinfo.com on the sidelines of the forum in Bahrain.
DFM shares recover slightly
November 23, 2011--The Dubai Financial Market (DFM) General Index declined the sixth trading day straight and ended Wednesday 0.30% lower at 1,347.07 points. Emaar declined further (off 0.79% at Dhs2.50), while Dubai Islamic Bank closed half a per cent lower at Dhs1.97.
The UAE's largest bank by assets Emirates NBD gained 2.50% to reach Dhs3.28. After falling below Dhs0.90 shares of the DFM, the only Arab listed market, recovered 0.11%, finishing at Dhs0.901.
Saudi can deal with Eurodebt crisis - minister
November 23, 2011--Saudi finance minister, Ibrahim Al-Assaf has said if Europe’s debt crisis worsens the kingdom has the means to deal with any renewed challenges and will continue its investment programs, Reuters has reported.
"If worse comes to worst, I am confident that we have the means to deal with any renewed challenges,” the minister told an energy conference in Riyadh. “Notwithstanding the looming challenges facing the global economy, I am confident that Saudi Arabia’s immediate and medium term growth prospects remain strong,” he said.
Bahrain reports inflation is under control
November 23, 2011--Rasheed al-Maraj, the governor of Bahrain's central bank has said inflation in the country is under control and the kingdom's banking system remains liquid and stable, Reuters has reported.
"The most important thing in Bahrain is to ensure financial stability," Maraj said. "So far the banking system remains liquid and stable." In October, inflation climbed to an eight-month high of 0.9% year-on-year and prices jumped 1% on the month as hotel prices rose during the haj pilgrimage season.
Saudi market dives 0.82% as Sabic hits four-week low
November 22, 2011--The Saudi Arabian Tadawul market ended 0.82% to 6,103.08 points. Sabic shares fell by half a per cent to SR91.75.
National Metal Manufacturing and Casting Co. was the top gainer, closing up 10% at SR40.70. The advance-decline ratio ended at a very negative proporation of 27 to 107 shares
Aldar Properties gains one per cent, closes at one Dirham
November 22, 2011--The ADX General Index fell Tuesday, closing at 2,439.69 points. National Bank of Abu Dhabi declined 1.92% to Dhs10.40 as financial stocks worldwide suffered from the U. S.'s failed plan to reach an agreement on how to reduce the national debt.
Real estate bellwether Aldar Properties bucked the downtrend by gaining one per cent, finishing at one Dirham.
