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Dubai's ruler says worst of crisis is over
November 09, 2009--Dubai has seen the worst of the economic crisis and it has not harmed the emirate's ambitions, the city's ruler said today. 'The worst is over and Dubai is now well-placed,' Sheikh Mohammed Bin Rashid Al-Maktoum was quoted as saying by Reuters.
'The global economic crisis, despite its impact, will not deter Dubai's ambitions.' He also said talk of tension between Dubai Abu Dhabi was unfounded. 'There is no Dubai and Abu Dhabi, we are one,' he said. 'Who doesn't understand this should do their homework before they start talking ... We will be there for each other when we need it. And I want to tell those people who nag about Dubai and Abu Dhabi to shut up.'
ADX sees slight gain
The Abu Dhabi Securities Index had a slight gain of 0.24% today, even though there were almost twice as many decliners as gainers.
The health care and industrial sectors led the way, rising 3.98% and 3.60%, respectively. Overall, 17 stocks declined, ten rose, and six remained unchanged.
Lebanon predicts 7% GDP growth
November 08, 2009--Lebanon's central bank has forecast that the country's GDP will reach 7% in 2009, while inflation will set at 3%, the Daily Star has reported. Lebanon's balance of payments for the first nine- month period of 2009 had recorded a surplus of $4.8bn, according to Makram Bou Nassar, deputy director of the Foreign Affairs Department at the Central Bank.
Customer deposits are growing by 20% annually and are expected to reach $100bn at the end of 2009, he said. The central bank's foreign assets, excluding gold, had reached a new historical high of $26bn, Bou Nasser noted
Saudi index rises 0.27%
November 09, 2009--Saudi Arabia's Tadawul index rose 0.27% today to close on 6,272, led by the insurance sector, which climbed 1.84%.
Anaam Holding was the day's big gainer, up 9.93% to 74.75 riyals, followed by Al Ahlia Insurance, which gained 9.68% to 102 riyal. Overall, 69 stocks rose while 40 fell.
Yemen plans stock exchange launch by year end
November 6, 2009--The Dubai Financial Market is helping Yemen with its plans to launch a stock exchange by the end of 2009.
Undersecretary of Yemen's Ministry of Finance Jalal Yaqoub told UAE news agency Wam that he has discussed with the bourse how his country could use the DFM's technical and technological expertise, along with how the DFM could promote and support the project. Nine government firms will be selected to implement governance standards in order to list them on the bourse, he said.
ADX ends week on slow fall
November 6, 2009--The Abu Dhabi Securities Exchange (ADX) ended the day down by 1.04% after slow losses throughout the day, closing at 2,920.14.
Abu Dhabi National Hotels posted the biggest rise, going up by 4.40% to Dhs4.67. Four stocks rose, three held steady and 28 fell.
DFM ends down
November 6, 2009--The Dubai Financial Market (DFM) ended the day slightly lower, going down by 1.88% to 2,097.63. Five stocks rose, 25 fell and two held steady.
KFIC posted the day's biggest rise, moving up 14.91% to Dhs4.47. Emirates also announced its half yearly financial results for the period ended on 30/09/2009, as EK2013 bonds listed in the market.
Qatar to lower foreign tax rate
November 6, 2009--Qatar's finance minister has announced a new tax law that will lower the tax rate on foreign companies to a flat 10% starting next year, Bloomberg has reported.
Foreign-owned firms operating in Qatar are currently taxed at a progressive rate ranging from 10% to 35%. Qatar expects its economy to grow by 16% in 2010.
Saudi index rises again
November 6, 2009-Saudi Arabia's Tadawul index gained 0.95% to close on 6,343 today. The industrial investment category, up 1.94%, led all sectors. Overall, 72 stocks rose while 44 declined.
Saudi Arabian Mining Company, Ma'aden, was one of the day's big gainers, up 4.47% to 18.65 riyals.
Dubai Gold & Commodities Exchange Monthly Update November 2009
November 5, 2009--• Year-to-date volume reached a record 1,142,814
on November 2nd, surpassing the total contracts traded in 2008
• Year-to date value of contracts traded exceeds US$ 58 billion
• 159% increase in volume traded in October, with 137,994 contracts, valued at US $7.2 billion
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