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News & Views General Qatar plans to increase its stake in Volkswagen AG after the German carmaker completes its takeover of Porsche SE. Kuwait-based Gulf Investment House has reached an agreement with three of its six creditors to reschedule debt. Gulf Investment has paid KWD4 Mn ($13.9 Mn) out of KWD17.8 Mn in debt. A [...]
The G-20 summit at Pittsburgh laid the foundation for a new forum for global economic coordination as G8 countries recognized the growing importance of emerging economies. The leaders agreed to implement financial regulatory reforms and curb bankers pay. Nevertheless, negative macro-economic indicators emanating from the US kept investors cautious for the week ended September 25. [...]
Positive macroeconomic data and encouraging statements pertaining to the economic outlook by the US Fed strengthened investor sentiment, triggering a rally in major equity markets for the week ended September 18. US retail sales increased 2.7 percent month-on-month to US$351.4 billion in August, higher than the 1.9 percent gain anticipated. Federal Reserve Bank of Philadelphia’s [...]
News & Views General UAE based Etisalat is bidding to acquire the mobile-phone assets of Sri Lanka based Millicom International Cellular SA to expand overseas. Jotun Paints won EGP 1 Mn worth contract from Alexandria Governmental Bureau and Arab Contractors Company for the delivery of 40 tons of white and yellow ‘Road Marking Paint’. Kuwait [...]
News & Views General Annual inflation rate in UAE is estimated at 3.5% to 4% in 2009 due to lower food prices. Saudi Arabia based Almarai’s $253.2 Mn worth cash and stock bid for Hail Agricultural Development Co has received regulatory approval. Depa repurchased 1,736,216 shares between August 1 and August 31, at an average [...]
An increase in consumer confidence along with the rise in industrial output across key economies reversed the emerging bearish trends of last week as major indices made considerable gains for the week ended September 11, 2009. The preliminary index of consumer sentiment in the US rose to 70.2 in September from 65.7 in August while [...]
News & Views General Abu Dhabi based Tourism Development & Investment Co., is considering an Islamic bond issue to raise $1 Bn. A consortium comprising India based Vavasi Group and Malaysian investor Syed al-Bukhary would purchase a 46% controlling stake in Zain. The two investors are planning to further add more investors to their consortium. [...]
News & Views General National Bank of Abu Dhabi (NBAD) announced plans to launch an exchange traded fund to be listed on the Abu Dhabi Securities Exchange over the next 2 months tracking some of the largest stocks of the Gulf region. The bank also announced the launch of a branch in Egypt as part [...]
News & Views General UAE’s Ministry of Finance announced that banks in the emirate may abide by guidelines issued by the Central Bank in Aug-09, as opposed to the tougher requirements stated by the government in 2008. The Central Bank had earlier announced that banks must achieve a Tier 1 capital-adequacy ratio of 7% by [...]
News & Views General The Central Bank of Kuwait reported increase in credit facilities by local banks to different sectors to KD 24.4 Bn by end of July 2009, a hike of 0.5%. Kuwait’s sovereign wealth fund, Kuwait Investment Authority has no plans to sell its stakes in US banking giants Citigroup and Merrill Lynch. [...]
