Arab Financial Newsletter
Supporting Arab Financial Markets
08 January 2008
Dear Reader,
Welcome to the latest Arab Financial Newsletter! The AFF newsletter is a fortnightly concise review of primarily banking news related to the Arab Financial World.
In this latest issue you will find an invitation for all our AFF subscribers to attend this week’s inaugural Strategic Forum in the Banking & Finance Sector in the Gulf being held in London on Thursday this week. There is also news on the continuous dollar’s changing position, the continuing incredible growth of Islamic finance and news on forthcoming stock market forum in Abu Dhabi in March.
For the most recent updates on our activities please access our website: http://www.arabfinancialforum.org/. For any further inquiries regarding the Arab Financial Newsletter please contact the AFF secretariat at inquiries@meconsult.co.uk. Please let us know if you have any particular news items that you would like to have printed in the next newsletter.
Kind regards,
Renata Mikolajczyk,
Editor
AFF supporters have been invited to attend a Strategic Forum on the Bilateral Trade and Investment Opportunities in the Banking & Finance Sector in the Gulf. Those interested should register direct, details attached.
Islamic finance growth to go on
The incredible growth of Islamic finance is set to continue this year and beyond as an increasingly dynamic market characterised by landmark deals and bold strategies.
(January 8th 2008)
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Morocco’s GDP growth rate reached 2.1% in fourth quarter of 2007
Morocco’s GDP growth rate reached 2.1% in the fourth quarter of 2007, the latest figures released by the High Commissariat for Planning (HCP) indicate.
(January 7th 2008)
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Stock market forum slated
Abu Dhabi will host the third stock market forum on March 10-11
(January 8th 2008)
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Dollar looks heavy as investors are expecting a 25 to 50bp Fed cut
The Dollar dropped on Friday after a December report showing the weakest jobs growth since August 2003. FX market was hit by fears of a recession and an increased expectation of an aggressive rate cut by the Federal Reserve this end of January.
(January 7th 2008)
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Bahrain shares jump to year’s highest level
The GCC markets open for trading yesterday, ended mixed. Despite news of inflation hitting a high 8.4%, investors in Bahrain continued to shop busily for the fifth straight session as the market hit a new 52-week high.
(December 28th 2007)
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Bahrain to extend trading hours
Bahrain said it will extend stock market trading hours by one hour to three hours from Sunday to boost activity.
(January 8th 2008)
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UAE to generate 70% of GDP from non-oil sector by 2010
The UAE will have 70 per cent of its gross domestic product generated from non-hydrocarbon sectors such as construction, real estate and financial services by 2010, making it attractive to foreign businesses wanting to set up operations overseas.
(January 7th 2008)
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Arab Bank enters $5b loan agreement for Dubai World
Arab Bank Group has recently signed a $5 billion loan agreement, as part of a consortium of international and regional banks, for the benefit of Dubai World Corporation. The Arab Bank plays the top role in the deal as the Mandated Lead Arranger.
(December 23th 2007)
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Arab League plan propels Beirut index up 6 percent
BEIRUT: The Beirut Stock Exchange’s main index surged 6 percent on Monday, buoyed by hopes an Arab League proposal would end the country’s presidential vacuum.
(January 8th 2008)
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Al Salam Bank wins BD27.8m bid – Bahrain
Bahrain-based Al Salam Bank has won a financing bid for the Ministry of Finance through the Tender Board to provide Islamic financing worth BD27.8 million in favour of the Ministry of Electricity and Water.
(December 25th 2007)
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Doha Bank launches assurance company
Doha Bank is all set to launch today an assurance company which is fully owned by it.
(January 7th 2008)
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Doha Securities Market jumps 296 points
Qatari shares were involved in a huge rally yesterday with the index of the Doha Securities Market (DSM) breaching the psychological barrier of 10,000 points.
(January 8th 2008)
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EID lends AED539 million to 49 projects in 2007
The Board of Directors of Emirates Industrial Bank convened its meeting here today at the head office of the bank in Abu Dhabi under the chairmanship of Abdullah Salem Al Tarifi.
(January 1st 2008)
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Bank Muscat in $ 200mn pact to buy Pak bank
Oman’s Bank Muscat and Japan’s Nomura Holdings agreed yesterday to take over Pakistan’s Saudi Pak Bank for $ 200mn, pushing ahead with the deal despite a political crisis and a slowing economy.
(January 8th 2008)
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Jazeera to list on KSE next week
Kuwait-based budget carrier Jazeera Airways has received the final approval to list on the Middle East’s second-largest exchange, Kuwait Stock Exchange (KSE), on January 14. KSE has a market capital of over Dh374.6 billion ($ 200 billion).
(January 8th 2008)
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