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UAE's first gold bullion coin is announced
August 22, 2011--Down on the commodities trading floor Phil Blizzard joins Jeffrey Rhodes, Global Head of Precious Metals & CEO, INTL Commodities, Dubai to talk about the production of gold at this record breaking time
and look at the value of other precious metals like silver and platinum. They also talk about the impact of the UAE's first gold bullion 'Khalifa' coin becoming legal tender in the UAE and across the Middle East.
Saudi market plummets 2.58%
August 20, 2011--As a direct recation to yesterday's global market meltdown in, the Tadawul bourse fell by 156.97 points or 2.58% to 5,931.29 points. Market bellwether Sabic dived 3.63% to SR93.00. Declining oil prices also weigh on Riyadh.
The barrel oil (US Crude) fell by 16% during the last month. Only seven shares bucked Saturday's downtrend, among them AXA Cooperative Insurance (up 10% at SR60.50) and ACE Arabia Cooperative Insurance Co. (2.80% higher at SR33.00).
Qatar's Aamal shares surge on contract gain for subsidiary
August 18, 2011--The Qatar Exchange Index in Doha dipped 0.15%, closing at 8,190.74 points. Aamal Company, which was founded ten years ago, gained 1.74% and closed at QR17.00. Earlier in the day, Aamal announced that its subsidiary Doha Cables,
has been awarded a two year contract by Qatar General Electricity & Water Corporation to supply low voltage and medium voltage power cables. The contract is valued at QR1.8bn, according to the firm's statement on the QE website.
Another flat day at the Abu Dhabi Securites Exchange
August 18, 2011--The ADX General Index ended insignificantly lower at 2,583.55 points. Etisalat, Dana Gas, Sorouh Real Estate and RAK Properties finished the day unchanged.
Real estate bellwether Aladar Properties ended up 0.85% at Dhs1.18. Arkan Building Materials posted the largest increase, gaining 3.33% to reach Dhs1.24. Four stocks advanced, nine lost and 11 (!) finished flat.
Dubai exchange DFM ends the week even
August 18, 2011--As debt worries in the Euro Zone dominated the week, the DFM General Index added just four points during the last five trading days and finished at 1,468.34 on Thursday. Kuwait's investment bank Global Investment House soared 5.44% to reach Dhs0.31.
Two days ago, Global reported a loss for the second quarter of KD16.94m, down from KD20.13 in the same period last year. Emaar remained in a stutter mode, losing 0.35% at Dhs2.81. Around 49m shares were traded, valued at Dhs79.3m. Earlier in the day, Gulf News reported that Financial Brokerage will cease its operations due to the poor trading turnover at markets in Dubai and Abu Dhabi.
Interior designer Depa Ltd. recovers from price slump
August 18, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1532.10 today, down 0.16%, from the previous close. Shares of Dubai-based interior design company Depa Limited added 1.06% to close at $0.475.
Depa fell over nine percent between August 8 - 14. Port operator DP World dipped 0.88%, finishing at $11.30.
Jordan H1 budget deficit up 55%
August 18, 2011--The Jordanian Ministry of Finance has announced that the country's budget deficit increased 55% in the first six months of 2011 from a year earlier due to higher energy bills, Reuters has reported.
The latest preliminary figures have shown that the shortfall rose to JD259.9m ($366m) compared with JD167.2m in the same period of 2010. The authorities hope to keep the deficit to 5.5% of GDP despite higher social spending and a soaring oil bill after the disruption of Egyptian gas imports that support 80% of the country's electricity generation. This forced the kingdom to switch to much more expensive imported diesel to cover its electricity needs.
Saudi Tadawul market defies regional downtrend
August 17, 2011--The Saudi Stock Exchange added 0.57% to reach 6,088.25 points. Shares advanced across almost all sectors, as market bellwether Sabic recovered 1.85%, closing at SR95.60.
“The Euro zone is the new epicentre of the world's fears,” says Gary Dugan, Chief Investment Officer Private Banking at bank Emirates NBD in Dubai. "As the dust settles on problems in the United States (at least for the moment) investors have come to recognise the Euro zone as the weakest link in the global economy," he adds. Consequently, banks and financials ended almost flat, and shares of Saudi Hollandi Bank (off 3.25% at SR26.80) were among the top losers.
Bahrain Islamic Bank gains for the second day straight
August 17, 2011--Like the ADX in Abu Dhabi, the Bahrain Bourse ended even at 1,266.26 points. Shares of Bahrain Islamic Bank jumped two percent, closing at BD0.101.
BIB still benefits from its merger talks it started with its local rival Alsalam Bank.
Qatar Telecom dips, publishes corporate governance report
August 17, 2011--The Doha-based Qatar Exchange gained for the second day straight as the QE Index closed 0.82% higher at 8,203.35 points. The Gulf state's second lender Commercial Bank of Qatar soared 3.40% to reach QR76.10. Qatar Telecom, better known as Q-tel, ended off 0.20% at QR148.00.
Earlier in the day, Q-tel published its half-year report on measures to improve corporate governance. "Corporate Governance is the key to attractting foreign direct investment and to lifting the competitiveness of GCC companies globally," says Dr. Nasser Saidi, Chief Economist of the Dubai's DIFC Authority and Head of External Relations and also founder and Executive Director of the Institute for Corporate Governance Hawkamah.
