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New law regulating economic activity reflects vision of leadership to boost Dubai's competitiveness, says DED
September 22, 2011--The Dubai Department of Economic Development (DED), today, said that the new law No 13 of 2011 regulating economic activity in Dubai issued by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai reflects the vision of Dubai’s leadership to further enhance the competitiveness of the Emirate.
"We thank His Highness Sheikh Mohammad for his trust in DED to undertake the various responsibilities for achieving the goals and objectives of the new law. The issuance of the new law will strengthen the investment environment of Dubai, promote its competitiveness and underline the city’s status as a regional business hub,” said His Excellency Mr Sami Al Qamzi, Director General of DED.
The new law aims to regulate economic activities in the emirate, and create a conducive environment for investment across various economic sectors. It will establish a single portal through which various government bodies can co-ordinate the regulation of economic activity in Dubai. The law promotes economic development by driving the accuracy of information, transparency, the deployment of the newest technologies and strengthening marketing and promotions. It also covers important principles for regulating economic, professional and marketing activities.
Given the importance of incubators in the development of business, especially small and medium enterprises, the law has coined a special definition for them and identified their framework and tasks.
Easy come, easy go in Doha
September 22, 2011--After adding 0.62% on Wednesday, the Qatar Exchange declined by 0.62% on Thursday, closing at 8,444.79 points.
Shares in the industrial sector fell in particular. Industries Qatar dived 2.66%, closing at QR124.40. General Insurance posted the largest advance, finishing 9.76% higher at QR49.50.
For the Kuwait bourse it's all the way down
September 22, 2011--The KSE Market Index declined 0.67% to 5,916.2. Small gains in the banking sector failed to prevent the market from declining further,
as industries and services dragged the index down. Year-to-date, the KSE remains with a minus of over 14% one of the worst performing stock markets in the GCC.
Abu Dhabi blue chips Etisalat, Dana Gas and ADCB all close flat
September 22, 2011--The ADX General Index ended Thursday trading unchanged (at 2,557.45), and so did telco giant Etisalat,
Sharjah-based Dana Gas and Abu Dhabi Commercial Bank, known as ADCB. Aldar Properties dived 2.44% to Dhs1.20. Some 55.2m shares were traded, valued at Dhs79.3m.
Dubai bourse DFM finishes a fickle week in the red
September 22, 2011--The DFM General Index headed 0.84% lower to 1,460.29 points, as a direct reaction to Thursday's sell-out in Asia and Europe. Earlier in Wednesday,
Fed-Chief Ben Bernanke gave a pessimistic outlook for the world's largest economy. Investors booked profits at blue chips Arabtec (0ff 0.73% at Dhs1.36), Emaar (down one percent at Dhs2.79). Bahrain's Gulf Finance House was the top gainer (up 1.38% at Dhs0.513).
Qatar plans multi-billion dollar agricultural city
September 22, 2011--A Qatari government official has said that the Gulf state plans to invest billions of dollars in an agricultural city to house food growers and processors in order to boost its food supply security and combat rising food prices, Reuters has reported.
Ahmed al Obaidly, head of the agricultural and environment committee at the Qatar Chamber of Commerce and Industry has added that his country aims to have the full chain, from production to end use. The official has indicated that Qatar eyes a complete city which will include research and development, food processing, distilleries and growers, as well as utilities and universities.
Regional banks push for share of Islamic product marketplace
September 21, 2011--Foreign and local banks are intensifying their struggle for the for the region's high net worth clients by expanding their Islamic Wealth Management services.
In wealth management there is no such thing as an "invisible hand", which economist Adam Smith described as the growth-driving result of a free market economy in his "Inquiry into the Nature and Causes of the Wealth of Nations", published in 1776. In fact, private bankers must work hard to lure High net worth individuals (HNWI) and Ultra-HNWI (clients with over $1m and over $30m at their disposal).
Saudi investors prefer to wait-and-see
September 21, 2011--The Saudi Tadawul index closed unchanged at 6,142.26 points, despite a bearish advance-decline ratio of 52 to 72.
Sabic dipped half a percent to SR92.50. Saudi Fisheries advanced the most, gaining 9.94% to reach SR38.70. Petro Rabigh bucked the trend (up 3.93% at SR25.10).
Bahrain Tourism Company surges 2.60%
September 21, 2011--The Bahrain Bourse ended flat at 1,256.50 points on Wednesday. Shares of Bahrain Tourism Company soared 2.60% to reach BD0.316,
as the Kingdom recovers from the turmoil during the Arab Spring. Islamic bank Al Baraka Banking Group dipped 0.88% to $1.12.
Kuwaiti investors dump Global Investment House shares
September 21, 2011--The Kuwait Stock Exchange returned to the bearish mode, as the KSE Market Index finished 0.35% to close at 5,955.9 points.
Shares of Global Investment House, known as Global, dived 5.9% to reach KD0.0395. Earlier in the day, National Bank of Umm al-Qaiwain (NBQ) has said that the Dubai Supreme Court will deal with its appeal that NBQ has raised against a ruling from April 25th, when the court in Dubai ordered NBQ to pay $250m plus $54.6m interest to Global. The dispute goes back to the year 2008 when both financial institutions agreed to issue a convertible bond. Shares of National Petroleum Services Co. advanced the most on Wednesday (up 8.2% at KD0.330).
