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Saudi Arabia's Tadawul index rose 0.83%
November 25, 2009--Saudi Arabia's Tadawul index rose 0.83% to end the day on 6,355, led by the Banks and Financial sector, which gained 1.18%.
Sahara Petrochemical was the day's big gainer, up 3.26% to 20.60 riyals. Overall, 86 stocks ended higher while 33 declined.
Oman to hike spending by 9% in 2010
November 25, 2009--Oman's economy minister, Ahmed Bin Abdulnabi Macki, said the Sultanate plans to boost government spending by 9% to RO7.18bn ($18.7bn) next year, as it seeks to revive the economy after the global economic crisis, Bloomberg has reported.
The ministry is budgeting for a deficit of RO800m, based on an average oil price of $50 a barrel in 2010.
Kuwait's 2010/11 budget based on $43 oil price
November 24, 2009--Kuwait's 2010-11 budget is expected to be based on a crude oil price of $43 a barrel, up 22.8% from the previous fiscal year, according to a report by al-Watan newspaper.
In the 2009-10 fiscal year which started on April 1, Kuwait had assumed its oil revenue would be $35 a barrel.
Jordan to focus on deficit reduction
November 23, 2009--Jordan's finance minister has said the kingdom's 2010 JD5.4bn ($7.6bn) budget will focus on curbing the country's soaring deficit to spur the economy to recover from the impact of the global downturn. '
The budget's focus is on state expenditure that has become very large and we need to tackle this before the problem accentuates,' Bassem al-Salem told Reuters. Jordan's public finances are under strain as the global economic downturn hurts domestic demand and foreign cash flows, including remittances from expatriates in the Gulf.
Bahrain inflation slows to 1.5%
November 24, 2009--Bahrain's statistics agency has said the kingdom's inflation had dropped to 1.5% in October from 1.97% in the previous month, as the price of food and beverages declined, Bloomberg has reported.
The rise in the index for food and non-alcoholic beverages slowed to 6.3% from 9.1% in September, the agency said.
Restructuring of Dubai World
November 25, 2009--The Government of Dubai, acting through the Supreme Fiscal Committee (SFC), has authorised the Dubai Financial Support Fund (DFSF) to spearhead the restructure of Dubai World with immediate effect.
The process has begun with the appointment at the direction of the DFSF of a Chief Restructuring Officer (CRO), Aidan Birkett, Managing Partner, Corporate Finance at Deloitte LLP, to Dubai World. The CRO will work with Dubai World's executive management team to oversee the restructuring process and ensure the continuity of Dubai World's operations.
Dubai World has a portfolio of strategically important businesses and the restructuring will be designed to address financial obligations and improve business efficiency for the future.
The DFSF, working with the CRO, will start to assess and evaluate the extent of the restructuring required. As a first step, Dubai World intends to ask all providers of financing to Dubai World and Nakheel to "standstill" and extend maturities until at least 30 May 2010.
The $5bn bond announced earlier today by the Dubai Department of Finance and managed by the DFSF is not linked to the restructuring of Dubai World and is meant for the general purposes of the DFSF.
Dubai shock after debt standstill call
November 25, 2009--Dubai has shocked investors by asking for a debt standstill at Dubai World, the government’s flagship holding company that has developed some of the world’s most extravagant real estate projects.
The move raised the spectre of default in the Middle East’s trading hub just as early signs of economic recovery have emerged. During the boom, Dubai rode the wave of easy credit generating phenomenal economic growth but was badly hit by the global credit crisis.
Dubai’s surprise move angered some investors who had been reassured by local officials for months that the city would meet all obligations on its $80bn (£48bn) of gross debt in spite of recession and a real estate crash.
Government of Dubai announces further $5bn tranche of bond and sukuk programme
November 25, 2009--United Arab Emirates: The Government of Dubai, acting through the Department of Finance, today announces that it has raised a further $5bn
as part of its $20bn long term bond programme launched at the beginning of 2009.
The amount issued was determined by the Emirate's current needs and obligations.
The proceeds are managed by and further strengthen the financial resources of the Dubai Financial Support Fund ("DFSF"), which was established with the specific purpose of providing liquidity on a commercial basis to Government and Government-Related Entities undertaking projects deemed to be of strategic importance within Dubai that contribute towards the overall economic development of the Emirate.
Abu Dhabi banks lend Dubai $5bn
November 25, 2009--The Dubai government said today it raised $5bn by selling bonds to Abu Dhabi government-controlled banks for a support fund in the wake of the financial crisis, Bloomberg has reported.
The emirate sold the bonds equally to National Bank of Abu Dhabi and Islamic lender Al Hilal Bank, Dubai's Department of Finance said. It will draw down $1bn initially with a sale of bonds to NBAD and an Islamic bond, or sukuk, to Al Hilal.
UAE prices fall for 4th straight month
November 24, 2009--The UAE's Economy Ministry announced today that consumer prices fell 0.4% in October from a year ago, the fourth consecutive month of deflation in the country.
The price drop was led by cheaper food and clothing, the ministry said.
