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AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs
(AME Info (Abu Dhabi, United Arab Emirates) (KRT) Via Acquire Media NewsEdge) Jul. 23--DFM GAINS 160 POINTS: The Dubai Financial Market on Wednesday soared 160.23 points, or 3.02 percent, to close on 5,457. Market heavyweight Emaar was up 5.47 percent. Meanwhile, the Abu Dhabi Securities Exchange gained 34.51 points, or 0.70 percent, to end the day on 4,984.
QATAR'S ECONOMY GROWS TO $23.2BN: Qatar's economy grew to 84.3 billion riyals ($23.16bn) at current prices at the end of March, a gain of 15.3 percent from the fourth quarter, reported Reuters. Data from the Qatar Statistics Authority show that first-quarter gross domestic product almost doubled from an estimated 44.7 billion riyals in the corresponding quarter in 2007.
ME'S FIRST TRADING ARCADE SOARS: Dubai Professional Trading Group, the Middle East's first independent trading arcade, has reported that its trading volumes have exceeded one million contracts or lots traded per month, making it the most active derivative trading centre in the Middle East. Since launching in December 2007, DubaiPTG has succeeded in attracting a number of top independent traders from both Europe and the Middle East, leading to a growth in trading volumes that have risen quickly, with contracts traded increasing by 80 percent between May and July 2008, according to a statement.
DUBAI'S GLOBAL TRADE JUMPS 30 PERCENT: Dubai's global trade soared to Dhs663bn ($181bn) in 2007 from Dhs510bn in 2006, a rise of 30 percent, reported Gulf News. About 23 percent of the total trade was secured by China and India, whose combined trade value stood at Dhs154bn in 2007, outstripping the Dhs86bn secured by the US, Japan and Australia. Trade with large European markets is slowing, the report showed.
SOVEREIGN FUNDS ASSETS MAY HIT $5TR: Sovereign wealth funds, which own about $3tr in assets, may almost triple their investments in the next five years as oil and gas prices surge, according to a report by State Street Corp, the world's biggest money manager for institutions. The report said sovereign funds may invest an additional $5tr in the next five years, and noted that estimates of sovereign funds' asset growth are 'conservatively' placed at 17 percent a year, reported Bloomberg.
EMIRATES NBD PLANS SAUDI OPERATIONS: Emirates NBD, the largest regional bank by assets, is planning to start investment banking operations in Saudi Arabia, reported Gulf News.
The bank's CEO, Rick Pudner, said Emirates NBD has obtained a licence for investment banking operations in the Kingdom from the Saudi Capital Markets Authority and planning to launch investment banking operations in the kingdom by the fourth quarter of this year. He said the bank is looking at both organic growth and expansion through acquisitions.
SUKUK ISSUANCE UP 17 PERCENT TO $17BN IN GULF: Islamic corporate bond (sukuk) issuance in the Gulf has climbed 17 percent in the past 12 months to a record $17bn, according to a report by international law firm Trowers & Hamlins. The issuance of corporate sukuk in the Gulf has increased more than twenty-fold over the last five years, from just $964mn in 2002/03, the report said. The value of Islamic bonds issued in the Gulf over the past year was almost a third greater (30 percent) than the amount of conventional paper debt, which rose marginally to $11.2bn in 2007/08 from $11.1bn.
KUWAIT'S INFLATION JUMPS TO 11.4 PERCENT: Kuwaiti inflation jumped to a record 11.4 percent in April as a stronger dinar failed to slow increases in the cost of rents and food, reported Reuters. The inflation rate rose from 10.2 percent in March as housing costs increased an annual 14.9 percent and food rose 11.9 percent.
GE AND MUBADALA LAUNCH $8BN PARTNERSHIP: Mubadala Development Company, Abu Dhabi government's investment arm, has entered into a partnership with US conglomerate General Electric (GE), that will lead to the establishment of a commercial finance business worth $8bn. Mubadala will also buy a stake in GE. The multi-faceted partnership, which will be based in Abu Dhabi, will encompass a broad range of initiatives including commercial finance, clean energy research and development, aviation, industry and corporate learning.
To see more of AME Info, go to http://www.ameinfo.com.
Copyright (c) 2008, AME Info, Abu Dhabi, United Arab Emirates
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