Economy
Gulf countries launch common market
The six-nation Gulf Cooperation Council announced the formation of a common market earlier this month similar to the one launched by Europe over 50 years ago.
Starting at the beginning of 2008, citizens from Bahrain, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates will have equal rights to carry out business in any GCC country and equal residency rights.
Number of Arab and foreign investors in Iraq's bourse triples
A source at the Iraq Stock Exchange (ISX) has disclosed that Gulf, Arab and foreign investors have invested more than IQD 16.6 billion (US$14m) in the bourse since non-Iraqis were permitted to trade shares at the end of August.
News Analysis: Dubai and Qatar battle Bahrain to be banking hub
As the finance sector develops in the Gulf Cooperation Council (GCC), a battle is taking place to become the region's banking hub. The sector is potentially huge as many countries in the region are flush with liquidity and there is increasing demand for local asset management services.
Bahrain, Qatar and Dubai are all competing to attract companies through a range of different incentives and those familiar with the sector report that the competition is becoming fiercer.
UAE businesses press for end to dollar peg
UAE businesses kept up pressure on the central bank to sever the dirham's peg to the weakened US dollar or at least revalue the currency, according to executives' remarks.
"The dirham must be de-pegged immediately," Khalaf al-Habtoor, chairman of conglomerate Al-Habtoor Group, is quoted as saying. "The implications of the dollar peg have really begun to affect business and markets," he said.
EU, GCC fail to end free trade obstacles
The Gulf Cooperation Council and 25-member European Union failed earlier this month to overcome obstacles to a free trade agreement that has eluded them for nearly 20 years, the Qatari finance minister said.
GCC states inject US$250 billion into US private sector
The colossal investments recently pumped by GCC member states through acquisition deals conducted on regional and international foundations has drawn attention from participants at the Super Return Private Equity Investment Conference.
Event-participants estimated total Arab funds pumped into the US private sector since the beginning of the year to surpass US$250 billion, at a growth rate of 80 per cent compared to 2006, whilst companies operating in the sector in the US have raised nearly US$20 billion from the GCC region to invest in the Arab region.
Gulf States stick to plan to launch single currency: GCC chief
Leaders of the Gulf Cooperation Council have decided at their annual summit to stick to a 2010 date to launch their single currency, the GCC chief told reporters.
"The leaders have decided to continue to work towards achieving the monetary union... and confirmed keeping the date of 2010," Abdulrahman al-Attiyah said.
NoozzVIEW; Bourse looks abroad
Few stock exchanges have had such a difficult history as the Baghdad Bourse, now known officially as the Iraq Stock Exchange (ISX).
Opened in 1992 after the fatal invasion of Kuwait, when it swiftly became a hotbed of speculation, it remained trading until March 19, 2003, the day before the war to overthrow Saddam Hussein was launched. Now, following a lessening in violence, plans are being prepared for 2008, to introduce a new electronic system: the expectation being that this will attract more foreign investment and boost trade volumes.
Interview: The GCC region's emergence as a financial powerhouse
Farouk Soussa is director of Sovereign Ratings for Middle East and Africa at Standard & Poor's, the world's largest ratings agency, and was a former senior economist at the Bank of England. Managing editor Richard Evans speaks with him about the Gulf region's growing wealth, rising inflation and the debate over whether to abandon the dollar as the main reserve currency.
Saudi continues spending spree fuelled by high oil prices
Cash-rich Saudi Arabia plans to continue its spending spree for a fourth year running after unveiling a massive expenditure bill in its 2008 surplus budget, spurred by soaring oil revenues, economists said.
The world's top oil exporter and producer projected spending in 2008 at US$109.3 billion, the second highest in the kingdom's history.
Qatar tightens lending as Gulf responds to Fed cut
Qatar tightened bank lending curbs for the first time this decade as Gulf oil producers tried to respond to a U.S. interest rate cut without piling pressure on their dollar pegs or stoking inflation.
Qatar's central bank raised the reserve requirement by 50 basis points to 3.25 percent, forcing banks to keep more money in their vaults to prevent lower borrowing costs from fuelling inflation that is just below a record high of 15 percent.
UAE-Brazil trade hits AED7.3 billion by the end of 2007
The volume of commercial exchange between the UAE and Brazil has edged up in the first 10 months of this year to US$1.3 billion (AED4.7 billion). Antônio Sarkis Jr., president of the Arab Brazilian Chamber of Commerce, expected the above figure to lift to US$2 billion (AED7.3 billion) by year-end.
