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Thomson Reuters launches next generation Islamic Finance Gateway
February 16, 2010--Thomson Reuters today announced that it has launched its next generation Islamic Finance Gateway to guide the emerging industry to the next stage of growth and development.
The Thomson Reuters Islamic Finance Gateway is a global, neutral platform and directory consisting of details for and links to Islamic finance professionals, rating agencies, industry standards bodies, Islamic finance hubs, index providers, consulting firms, 400 Shariah scholars and Islamic subsidiaries from over 25 countries. Reuters Messaging is embedded within the Gateway to foster communication and create the connections required to build and grow communities.
Moody's upgrades Saudi Arabia rating
February 16, 2010--Moody's Investors Service has affirmed the ratings of its government-related issuers in Saudi Arabia, following Moody's upgrade of the kingdom's sovereign ratings to 'Aa3' with 'Stable' outlook.
Ratings affected include the 'A1' issuer ratings of Saudi Electricity Co, the 'A1' issuer ratings of Saudi Basic Industries Corp (Sabic) and the 'A1' issuer ratings of Saudi Telecom Co (STC). The outlooks of the three entities were placed on 'Stable' from 'Positive'.
Dubai's '09 inflation rate lowest in five years
February 16, 2010-Dubai witnessed its lowest inflation rate in five years in 2009, according to a new report by the Dubai Chamber of Commerce and Industry. Dubai's inflation rate stood at 4.1% in 2009 as compared with 11.3 per cent in 2008. Housing, water, electricity and gas price growth, accounting for the largest share of the Consumer Price Index weight, stood at 2.4% in 2009 as falling rental and property prices meant that individuals and businesses were left with more disposable income in their pockets.
'Dubai recorded its highest inflation rate in over 20 years at 11.3% in 2008 on the back of a surge in rents and food prices due to higher global commodity prices and a sharp increase in its import bill due to the weakening US dollar. This trend has clearly reversed in 2009 due to the resurgence in the US dollar, falling commodity prices, a correction in the real estate sector and weakening domestic demand,' the report said.
NASDAQ Dubai Monthly Trading Report: January 2010
Equities trading rises 17 per cent in January
February 15, 2010--Equities trading volumes on NASDAQ Dubai rose by 17% in January 2010 to 200 million, compared to 171 million in January 2009.
Deutsche Bank was the most active Member of the exchange by equities volume in January 2010, followed by Citibank and then EFG Hermes.
Trading of Dubai Gold Securities (DGS) rose to 3,235 securities in January 2010, an increase of more than 400% over the December 2009 figure of 641. A total of 84,757 DGS have traded since they listed on the exchange in March 2009.
Each DGS security is valued at approximately 1/10th of the spot price of gold. DGS are an initiative of the Dubai Multi Commodities Centre and the World Gold Council and have been declared Shariah-compliant.
Standard and Poor's launches regional credit rating scale for the Gulf Cooperation Council
February 15, 2010--Standard and Poor's Rating Services announced the launch of a new regional credit rating scale for the Gulf Cooperation Council, one of several new initiatives Standard & Poor's is undertaking in the region to support debt markets.
The new scale reflects demand from Gulf issuers and investors for an additional rating scale that helps them to better compare the relative credit risk of issuers and issuances across the region, and is expected to contribute to better informed, more liquid, and more efficient capital markets in the Gulf
Saudi official says dollar should expect competition
February 15, 2010--The governor of the Saudi Arabian Monetary Agency has said the US dollar will see competition over its global reserve status as a 'multipolar' currency system develops, Bloomberg has reported.
'The dollar is still pre-eminent in its role as a reserve currency, although in official reserves, the euro is gaining in importance,' the news service quoted Muhammad al-Jasser telling the Jeddah Economic Forum.
Dubai Gold And Commodities Exchange Weekly Views February 14, 2010
February 14, 2010--Commodities Overview
Commodities prices may move sideways for the most part next week. In general investors are coming to view economic conditions more favorably from China to the United States, although concerns over Europe and Japan remain, and even worsened in recent weeks. In this environment, investors remain interested in being long many commodities.
Base metals could see some weakness, reflecting lower physical demand due to the Lunar New Year in China and other Asian markets. Any such declines are expected to be modest, however, reflecting the continuing shift in investor attitudes toward viewing the global economy as being in the recovery phase, which suggests stronger demand for commodities.
Currencies Overview
The dollar has had a strong run against the euro. It has moved less dramatically against other currencies. Indeed, the dollar-euro exchange rate has reflected market concerns over European financial and economic conditions. It has been a vote against the euro and not so much a vote for the dollar, although better economic conditions and improved investor attitudes toward the U.S. economy have helped bolster the dollar to some extent.
Dubai Multi Commodities Centre proposes minting Middle East's first ever legal tender gold coin
February 11, 2010--United Arab Emirates: Dubai Multi Commodities Centre (DMCC) has proposed to the UAE Central Bank, the launch of a legal tender gold coin which if approved, will be the first of its kind in the Middle East.
Existing legal tender gold coins such as the Australian Nugget and the South African Krugerrand are popular among buyers as a vehicle to invest in pure gold.
DFM rises over 2%
February 11, 2010--The Dubai Financial Market (DFM) closed up by 2.17% to 1,676.20, with 22 stocks rising, three falling and four remaining unchanged
Global Investment House was the day's biggest riser, moving up by 12.26% to Dhs1.19.
ADX rises 0.68%
February 11, 2010--The Abu Dhabi Securities Exchange (ADX) rose 0.68% on the final day of trading of the week, closing at 2,744.00. Fifteen stocks rose, eight fell and nine remained unchanged.
Sharjah Cement and Industrial Development Co (SCIDC) was the day's biggest gainer, moving up 8.27% to Dhs1.45.
