UAE Financial News

Google Alert - arab nations stock markets

2009-01-17T10:36:00.001+04:00

Google News Alert for: arab nations stock markets

Oil volatile around $37 a barrel on weak US demand
The Associated Press
... by JPMorgan Chase & Co. and a half point interest rate cut by the European Central Bank to 2 percent helped stem the sharp slide in stock markets. ...
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BBC News

Crunch 'cost Arabs $2.5 trillion'
BBC News - UK
He did not give details for his figures, which were released days before an Arab Economic Summit. Stock market falls and a low oil price have contributed to ...
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10-K/A: GEOGLOBAL RESOURCES INC.
MarketWatch (press release) - USA
Also included in our general and administrative expenses are our compensation costs for stock-based compensation arrangements with employees and directors ...
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ADIB, Al Habtoor Engineering Enterprises financing deal confirmed

2009-01-14T04:17:00.003+04:00

One of the leading Arab region's Islamic banks, Abu Dhabi Islamic Bank has recently confirmed its partnership with Al Habtoor Engineering Enterprises and other contractors to finance the expansion of Zayed University campus in Abu Dhabi.

Mr Riad Sadik, said: "ADIB proved a natural choice of partner for our joint venture. Both the bank's experience in structuring Islamic financing deals and the level of service they provided to us helped to make a complicated process easier."

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Occupancy rates in Dubai fall 14pc in 3Q of 2008

2009-01-13T06:07:00.002+04:00

Despite the beauty of Dubai, it was still affected by the global financial crisis, making its tourism industry weak. This fact was supported by a report from Dubai tourism that in the third quarter of 2008, hotel occupancy in Dubai fell about 14 percent.

Total revenue by hotels in the second quarter rose 11.6 percent to 2.55 billion dirhams ($694.2 million) compared to the previous year.

The tide has turned quickly in Dubai as slumping oil prices and the global financial meltdown put an end to the glitzy emirate's property boom, forcing companies to slash thousands of jobs and cancel some dramatic expansion projects.

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Dubai Business Community welcomes Dubai budget for 2009

2009-01-12T09:01:00.003+04:00

Well-known Dubai business leaders warmly welcomed the Dubai government's budget for 2009. The government spending will be focused on infrastructure and will try to resist the impact of the global economic slowdown.

The budget estimates a 26 per cent increase in government revenue from Dh26.5 billion last year to Dh33.5 billion this year has avoided any new taxes or fees.

The business community in general believes that the Dubai government's fiscal strategy will be successful in preparing local businesses to meet short-term challenges from the current global economic environment.

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SHUAA Capital out of KSE

2009-01-08T06:02:00.004+04:00

SHUAA Capital, a Dubai-based investment bank has recently confirmed that it has already pulled out its shares from Kuwait Stock Exchange.

“We also expect an improvement of liquidity and trading volumes of SHUAA Capital shares on the Dubai Financial Market as a result of the de-listing.”

Kuwait remains an important operational market for SHUAA and the company is in the process of establishing a new subsidiary there, the bank said in a statement.

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Robust growth in Dubai land deals revealed

2009-01-07T03:28:00.004+04:00

According to the figures from Dubai land Department , a total of 5,837 transactions were made in 2008, which was much higher than in 2007 which was only 3,997. The total value of land transactions in Dubai jumped 47.5 percent 2007 to 2008.

However, this should come as no real surprise, given the dismal economic situation seen over the last quarter.

"I think Dubai has a very good market and will continue to grow, but it needs more time," Sultan Butti Bin Mejrin, director general of Dubai land department, said.

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UAE banks record highest esposure to real estate

2009-01-05T16:09:00.003+04:00

According to a recent report from Credit Suisse, banks in the UAE have the highest realty exposure among its regional peers.

Statistics up to the first half of 2008 show about 31 per cent of total loans of Kuwait's banks is exposed to real estate while latest estimates by Credit Suisse points that the UAE banks have comparatively higher exposure to the sector.

"It is likely that a significant part of corporate and personal loans has been invested in real estate. We believe that the true exposure for UAE may lie around 35 per cent of total loans," said Mohammad Hawa and Digvijay Singh, research analysts with Credit Suisse.

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Gulf States stocks ended 2008 sharply lower

2009-01-02T06:29:00.002+04:00

Year 2008 might be the worst year for the stocks of Gulf States, as some have experienced a totally wrecking oil price plummet.

"It was a year of contradictions as share prices rose sharply in the first half but nosedived in the second half similar to the oil price scenario," Kuwaiti economist Hajjaj Bukhdur said.

"The impact of the global financial crisis on the Gulf economies was much deeper than initially thought. Gulf stocks slumped even more than bourses in the West where the crisis began," Bukhdur told AFP.

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UAE stocks trading remain flat

2008-12-18T17:01:00.003+04:00

Stocks analysts in UAE stock market have been describing the stocks situation here as sideways. On Wednesday, the UAE stocks trading were seen as almost flat.

The Dubai benchmark moved just 0.19 per cent up to close at 1929.06. Volumes fell 9.45 per cent to 108.85 million shares with a turnover of Dh262.61 million.

Among the gainers were Emaar Properties, up 1.03 per cent to Dh2.93; Arabtec, surging 5.81 per cent to Dh5.28, taking its four-day gain to 18.82 per cent; Dubai Financial Market rising 3.31 per cent to Dh1.25; and Air Arabia, closing one per cent higher at Dh1.01.

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Dubai govt entities receive $8bn from Citi

2008-12-15T05:48:00.003+04:00

One of the largest global banks, Citigroup has aaranged a financial aid to some of the government entities of Dubai. The $8 billion finance is in line with its commitment to help the Dubai market in general.

"We are quite positive about the UAE's prospects and Dubai in particular as one of the world's fastest growing international financial centres.

"This is evident in our decision to move our headquarters for the region to Dubai, and to strengthen our regional coverage teams through key appointments based at the DIFC," said Mohammad Al Shroogi, Citi's UAE chief executive and managing director for the Middle East.

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After Eid holidays, UAE shares up; property and banks leads

2008-12-12T09:01:00.003+04:00

The first trading day in UAE markets, after Eid holidays has recorded a positive sign of good gains. The banking and property sectors led the gains on its respective shares.

Aldar Properties also gains, adding 2.59 per cent, while Abu Dhabi Commercial Bank rises 4.31 per cent. Abu Dhabi's index adds 0.61 per cent to 2,771 points.

In Oman, Bank Muscat falls 1.3 per cent, pulling the measure 0.5 per cent lower at 6,137 points. The Omani index closed lower on all but one trading day ahead of the Eid break.

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UAE tourism sees drop of tourists arrivals in 2009

2008-12-11T15:15:00.004+04:00

The United Arab Emirates' tourism, particularly Dubai is expecting a slow growth of tourist arrivals in the next coming years, especially European tourists due to severe economic conditions of the European countries.

Another way of bringing more tourists to the UAE is to continue developing a diverse range of attractions such as theme parks, cultural attractions, museums and nature reserves to widen the appeal to different segments such as families.

Hotel performance remained strong in Abu Dhabi with revenue per available room (revPAR) up 45 per cent while Dubai's revPAR grew 6.7 per cent year-to-October 2008 according to research firm STR Global.

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UAE Still Can Sustain Fiscal Surplus At $23 Oil Price

2008-12-10T07:09:00.003+04:00

The Abu Dhabi Commercial Bank reported that UAE still can surpassed the global economic meltdown as the country is said to be well-positioned in maintaining its fiscal surplus in 2008.

The ADCB report said the corporate fundamentals in the UAE remained largely intact but overlooked. “The banking sector achieved considerable growth between 2004 and 2007, as measured by all key banking parameters with loans up 39.7 per cent, deposits 32.1 per cent, and profitability 38.4 per cent, due to a highly supportive macro-economic environment.”

It said despite the current challenges the severity of crisis in the UAE was far less than in the Western countries. As IMF estimates that slowdown in the UAE’s growth only represents a transition from an expected growth of seven per cent in 2009 to a revised expected growth of six per cent.

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UAE property slump predicted to be short-lived

2008-12-08T14:33:00.004+04:00

The current UAE property slump is believed to be a severe sign of global recession in the next coming year, but the said property slump property is likewise believed to be short-lived based on its research on the UAE property sector.

EFG Hermes forecast Dubai property prices to slide 15 to 20 per cent in 2009, but may only last in the early months with developers already heeding the market after their momentum this year was abrupted.

�Market segmentation looks set to move to more affordable housing and rental projects, facilitating a more sustained pace of development.�

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On Gulf stocks plunged: Who are the biggest losers?

2008-11-17T09:20:00.003+04:00

As the Gulf stocks continued to drop, being affected by the global economic crisis, the Gulf stock markets observers have recorded the so called biggest losers in the stocks industries in the Gulf. Among the biggest losers are Dubai, Muscat and Doha markets.

Qatar's measure closed 5.1 per cent down at 5,585 points.
Bahrain ended 0.35 per cent lower at 2,031 points.

Oman Cable Industry and Bank Muscat fell 8.9 per cent and 5.1 per cent respectively, leading Oman lower by 6 per cent.

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G20 to meet and discuss global financial crisis

2008-11-14T09:43:00.004+04:00

To craft for a possible solution to the burgeoning global financial crisis will be the main agenda of the meeting of the Group of 20 richest economies in the world. The meeting is set at Washington on Friday.

The Bush administration, however, is adamantly opposed to a world regulating authority, and rejects major government intervention on the markets as well as fingers that point to the United States as the culprit of the current crisis.

The Europeans, especially the French, believe the summit will just be a starting point and will not lead to another Bretton Woods II, the 1944 agreement that gave rise to the current global financial structure.

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UAE stocks down on real estate fears

2008-11-13T06:15:00.003+04:00

Both Dubai and Abu Dhabi indices fell more than five percent following fears on severe downturn of real estate industries. UAE shares continued its downward slide.

Most stock markets in the Gulf states tumbled yesterday for the fourth day as investors continued to be in the sell-off mode on concerns over the global economy.

Saudi Tadawul All-Shares Index, which was down throughout the day, rallied in the final minutes to close up a meagre 0.35 per cent at 5,485.19 points on the back of a 2.6-per cent rise by the banking sector.

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UAE stocks continue to fall

2008-11-12T05:13:00.003+04:00

The Dubai stock market dropped more than 7 percent on on Tuesday. The stocks slide was due to continued worries and fears on global financial crisis.

With the rising risk of defaults and tight liquidity in the banking system, banks are restricting loans while augmenting all the deposits they can garner.

Abu Dhabi-based Sorouh Real Estate, one of the UAE's largest companies by market capitalisation, said yesterday its Board of Directors decided to reduce the level of shareholding allocated to foreign investment from 20 per cent of the total outstanding shareholding to 15 per cent.

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Report: UAE 4th place for " Doing business in the Arab World"

2008-11-11T05:39:00.006+04:00

In the Arab world, UAE is place at rank 4 among other Arab countries according to a report released by the International Finance corporation and World Bank. It ranked 46th in the global business as far as the ease of doing business is concern.

In the area of paying taxes, the UAE is secured second position in the Arab world and fourth in the world, as only 14 payments have to be made in a year, which take 12 hour per year, while 14.4 per cent of the profit is charged as total tax.

In terms of registering properties, the ranking won is second in the Arab world and 11 in the world as there are three procedures, which take six days costing just two per cent of property value.

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Dubai index drops to lowest in 45 months, banks, real estate

2008-11-10T07:22:00.006+04:00

Led by losses in real estate and banking sector, the UAE share index has dropped to the lowest close in its 45 months trading. Dubai index tumbled close to 6 percent, its lowest since February 2005. Emaar properties dragged the DFM shares.

The Abu Dhabi Securities Exchange Index fell 3.95 per cent to 3190.66 led by losses in real estate, banking, energy and telecom sectors. Aldar Properties, Sorouh Real estate and Rak Properties fell 7.81 per cent, 8.27 per cent and 6.12 per cent respectively. National Ban of Abu Dhabi plummeted 9.35 per cent.

The Emirates Securities market Index decreased by 4.22 per cent to close at 3556.91. More than Dh22 billion was wiped out on the day.

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UAE banks to get the Dh25bn second part financial state package

2008-11-07T05:36:00.003+04:00

The UAE banks will soon get the second part of the financial package offered by the UAE Ministry of Finance as part of the government support to the UAE banks from possible meltdown.

The UAE government in October announced the injection of Dh70 billion into the banking system and made the first tranche deposit in late October.

The move is aimed at easing tight lending conditions amid the global financial crisis.

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Global Financial Crisis has no impact to UAE economy

2008-11-06T07:44:00.003+04:00

The UAE Minister of Economy said yesterday that the global financial crisis will not affect the economic growth of UAE. The coming year is likewise consider as a testing year for the UAE economy.

He declined to give figures about the real growth this year. "No numbers ... We can't predict at this stage," he said. "The UAE economy is strong, well-organised and lot of steps have been taken by the government and financial institutions to address the impact of the credit crisis."

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Dubai Mall opens!

2008-11-05T00:40:00.003+04:00

The Dubai Mall, one of the largest shopping malls in the world opened its doors for public and businesses last Tuesday.

About 30 per cent of the total gross leasable area has been dedicated to first time brands not just in Dubai, but in the whole region, such as Bloomingdales’s and Hamley’s toystore.

There is also the world’s largest indoor gold souq, with 220 stores and Dubai’s biggest food court, with 40 outlets.

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Following OPEC Agreement, UAE slices oil production

2008-11-04T08:37:00.003+04:00

UAE is one of the Arab regions that respond immediately to the calls of OPEC to oil production cut to stabilize its oil price in the international oil market.

Oil prices in the international market have dropped sharply - to below $70 (Dh257) per barrel levels - from an all-time high of $147.27 a barrel on July 11, mainly due to the financial market upheavals in the US and the subprime mortgage crisis, which are having repercussions on a global scale.

There are now fears of a global economic slowdown. Al Hamili said the steep fall in oil prices, however, wouldn't hamper investments in the projects already planned.

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New Waterfront launches Royal Bay project in Dubai

2008-11-03T01:41:00.004+04:00

Last Sunday, another milestone in the economy of United Arab Emirates had happened as the developer VIP Waterfront launched a new project called the Royal Bay project that cost Dh1.8 billion.

While VIP Waterfront are not targeting a particular nationality, Garin said investors from eastern Europe are "investing very well".

In line with this, Royal Bay will be showcased at the International Property Show being held in Moscow next week.

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