| AME Info News - Finance and Economy |
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AME Info News - Finance and Economy
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UAE markets end lower
Thu, 08 Jan 2009 11:29:00 GMT
The Dubai Financial Market on Thursday lost 2.39% to close on 1,728. Emaar fell 7.28%, while Arabtec dropped 5.99%. In Abu Dhabi, the ADX fell 0.54% to end the day on 2,527. Sorouh gained 4.85%. [AMEInfo.com]
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Borse Dubai seeks $2.5bn loan
Thu, 08 Jan 2009 10:47:00 GMT
Borse Dubai, the owner of Nasdaq Dubai, is seeking a $2.5bn loan this month, Bloomberg has reported, citing bankers close to the talks. Borse Dubai needs to replace a one-year syndicated loan taken out last year to pay for the purchase of Swedish exchange OMX AB. It would be the emirate's first state-owned company to tap banks to refinance a multibillion-dollar loan since September. [AMEInfo.com]
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New Shariah hedge fund index launched
Thu, 08 Jan 2009 10:24:00 GMT
The Dubai Multi-Commodities Centre Authority and Shariah Capital yesterday launched the Dubai Shariah Hedge Fund Index - the first of its kind - to monitor the performance of Islamic hedge funds investing in commodities. The Dubai Shariah Hedge Fund Index will be calculated and reported by Thomson Reuters, the global news and financial information organisation. The Index reflects the performance of the DSAM Kauthar Commodity Fund, Ltd. ('DKCF'). DKCF is an equally-weighted fund-of-funds comprised initially of four single- strategy, commodity-focused funds that invest exclusively in Shariah compliant long/short equity hedge funds on the Al Safi Trust platform [AMEInfo.com]
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Amman bourse to list $70.5m treasury bond
Thu, 08 Jan 2009 10:18:00 GMT
The Amman bourse said yesterday Jordan government treasury bonds worth JD50m ($70.5m) will be listed on Sunday. The bonds carry an interest rate of 7.221% and mature in mid-December of 2010, the bourse said. The bonds number 50,000 and have a nominal value of JD1,000 each. [AMEInfo.com]
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Sidf to raise financial guarantees for new projects
Thu, 08 Jan 2009 09:59:00 GMT
The Saudi Industrial Development Fund plans to increase next month the financial guarantees granted to new projects of small and medium enterprises to $400,000. The number of these guarantees is expected to grow to 500 in 2009, an official said. [AMEInfo.com]
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Morgan Stanley unveils equity fund in Saudi
Thu, 08 Jan 2009 09:55:00 GMT
Morgan Stanley Saudi Arabia has announced that it has launched the Morgan Stanley Saudi Equity Fund. The fund is offering GCC investors exposure to the kingdom through investment in Saudi Arabian equities. The launch follows approval by the Capital Markets Authority of Saudi Arabia in August last year. [AMEInfo.com]
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Abu Dhabi plans 7% annual GDP growth
Thu, 08 Jan 2009 04:04:00 GMT
The Abu Dhabi government has announced a long-term plan to diversify the emirate's economy and reduce its dependence on the oil sector as the main source of economic activity, the Emirates News Agency (WAM) reported on Wednesday. The report forecasts that the emirate's economy will grow at seven per cent a year for the next six years and then by six per cent. Overall, gross domestic product will increase more than five times over the next 21 years, the report projects. [AMEInfo.com]
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DFM up slightly, led by Shuaa
Wed, 07 Jan 2009 12:22:00 GMT
The Dubai Financial Market on Wednesday gained 1.57% to close on 1,771. Shuaa Capital was the day's big gainer, up 14.50%, while Emaar rose 3.16%. Arabtec fell 7.27%. In Abu Dhabi, the ADX fell 0.56% to end the day on 2,541. The index's most active stock was Sharjah Islamic Bank, which lost 8.60%. Sorouh gained 6.81%. [AMEInfo.com]
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Abraaj eyes buyout opportunities
Wed, 07 Jan 2009 09:19:00 GMT
Dubai-based Abraaj Capital, the Middle East's biggest private buyout firm, is considering dozens of buyout opportunities, a 'fair proportion' of which are listed companies it wants to take private, Arif Naqvi, Abraaj's group chief executive officer, told Bloomberg. The best opportunities are in Saudi Arabia, Algeria, Libya, Turkey and India in industries including oil and gas, health care and education, Naqvi said. [AMEInfo.com]
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DGCX records 26% growth
Wed, 07 Jan 2009 06:27:00 GMT
The Dubai Gold and Commodities Exchange (DGCX) said it recorded 26% year-on-year growth with 1.14 million contracts, valued at $57.5bn, traded last year. Average daily volume touched just over 4,500 contracts last year, an increase of 28% compared with 2007. Since inception in November 2005, over 2.6 million contracts have been traded with a value in excess of $107bn. [AMEInfo.com]
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