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Easing inflation, strong corporate earnings and positive developments on Dubai World’s debt repayment helped GCC markets register strong gains in the week. The DFM (6.9%) was the top gainer during the week, while other GCC markets – barring Bahrain that closed flat – advanced 1–2%. UAE: UAE markets exhibited a positive trend in the week [...]
GCC markets exhibited mixed trends during the week. Qatar markets gained the most with a strong market breadth. Bahraini markets ended the week higher by 2%. The TASI, which also had positive market breadth, rose 3%. UAE: UAE markets witnessed a mixed performance during the week. The DFM, up 3%, continued the previous week’s uptrend [...]
GCC markets posted gains with Qatar and the UAE advancing the highest this week by 3.7% and 4%, respectively. Banking stocks reported steady gains across markets and markets in Saudi Arabia, Oman and Kuwait also displayed modest gains of less than 0.5%, while Bahraini markets posted 1.14% gain. UAE: Value buying emerged in the UAE [...]
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 [...]
News & Views General Depa won AED9.2 Mn worth contract in Angola to diversify its revenues and face the downturn in the domestic market. Yahoo announced to acquire Arabic online portal Maktoob.com to expand in the Middle East. Yahoo will buy 100% stake in Maktoob.com and Maktoob Research. Egypt’s economy is estimated to grow by [...]
News & Views General Gold jewellery sale volumes in Dubai fell around 40 per cent in July on a year ago, as the economic downturn and summer heat deterred tourism. Tourists are a large part of the market for Dubai’s tax-free gold, but recession has eaten into disposable incomes and hit the flow of visitors [...]
News & Views General The Central Bank of Bahrain (CBB) has become the first regulator in the Middle East to set a minimum qualification bar for representatives of insurance companies to practice in the Kingdom. Kuwait and Qatar have synchronized their power networks as they move towards the launch of a four-nation Gulf grid. Saudi [...]
News & Views General Agility has signed a contract valued at about $21 Mn to provide freight services for a project development by Lihir Gold Limited in Papua New Guinea. Kuwait could post a budget surplus of up to 7.3 billion dinars ($25.39 billion) in its 2009/10 fiscal year if oil prices stay above $63 [...]
News & Views General The power grids of Saudi Arabia, Kuwait, Qatar and Bahrain will be linked later this month – Gulf Cooperation Council Interconnection Authority (GCCIA). Gulf countries hope the $1.4 billion power connection project will help them meet rapidly rising power demand and avoid power outages. Abu Dhabi National Energy Co announced plans [...]
