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Dubai Gold And Commodities Exchange Weekly Views -November 29, 2009
Commodities Overview
November 29, 2009--Precious metals prices continue to move higher, with gold reaching record levels. Investors have been driving the increase in prices, out of a range of economic, political, and financial concerns.
The last two weeks saw a diminution of the price sensitivity of some investors, including some in India and North America: Investors that had resisted buying into the rally to record high gold prices capitulated, and started buying.
Currencies Overview
Currency markets could be unsettled this week. The dollar weakened sharply last week. Further declines may not be seen for the dollar, but the dollar could toss and turn against the euro and other currencies. The European and North American economies are moving toward an economic recovery. Whether they will achieve a sustainable recovery or fall back into recession is not clear. Pending any major economic or financial disruption, recovery seems most likely, but there are any number of problems looming over the world economy at present that could upset this outlook. Investors are rightly concerned about the myriad of developments which could go wrong, upsetting the apple cart.
Source: Dubai Gold and Commodities Exchange (DGCE)
Abu Dhabi market sees slight gain
November 25, 2009--The Abu Dhabi Securities Exchange gained 0.56% today to close on 2,910, led by the construction industry, which climbed 1.59%.
Union Cement was the day's big gainer, up 9.49% to dhs1.73. Overall, 22 ended higher, eight declined, and eight were unchanged.
Source: Online News
DFM gains 1.08%
November 25, 2009--The Dubai Financial Market gained 1.08% today to close on 2,093. Global Investment House led all gainers, up 14.96% to Dhs1.46.
Market heavyweight Emaar also ended higher, up 0.73% to Dhs4.16. Overall, 22 stocks gained, 2 ended lower, and 5 were unchanged.
Source: AME Info
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.
Source: AME Info
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.
Source: Business Daily
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.
Source: Omline News
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.
Source: AME Info
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.
Source: AME Info
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.
Source:AME Info
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.
Source: FT.com
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