DUBAI, July 28 (Reuters) – The United Arab Emirates has
become the first Gulf state to take a major step towards taming
the gas-guzzling habits of its drivers, who see cheap fuel as
part of their birthright.
The UAE said it would raise domestic prices for gasoline and
cut them for diesel in a politically sensitive reform designed
to save it money and encourage fuel efficiency.
DUBAI, July 27 (Reuters) – The government of the United Arab
Emirates is expected to cut spending by 4.2 percent this year as
it begins to retrench because of low oil prices, which are
slashing its energy export revenues, a central bank report said
The UAE does not regularly reveal consolidated state budget
data, and figures released in the quarterly report were the
first detailed picture of how authorities in the second biggest
Arab economy are responding to cheap oil.
DUBAI (Reuters) – How to spend $100 billion may sound like a pleasant problem to have, but it is one of several economic policy headaches looming for Iranian President Hassan Rouhani after this week’s nuclear deal promised to lift sanctions crippling the economy.
Rouhani, and the technocratic cabinet he has installed, will have to manage a trade and investment boom without destabilizing the economy, and push through reforms to attract foreign capital without triggering a political backlash at home.
DUBAI, July 14 (Reuters) – Iran is preparing for a trade and
investment boom that could reshape the region after agreeing
with world powers to curb its nuclear programme, paving the way
for sanctions that have stifled its economy to be lifted.
With just under 80 million people and annual output of some
$400 billion, Iran is set to be the biggest economy to rejoin
the global trading and financial system since the break-up of
the Soviet Union over two decades ago.
DUBAI, July 12 (Reuters) – Gulf stock markets came off early
highs to close mixed on Sunday, while Egypt continued to rebound
but low trading turnover cast doubt on whether any extended
recovery was beginning.
Buying of beaten-down blue chips boosted the Saudi index
as much as 0.8 percent in early trade, but it ended 0.3
DUBAI, July 9 (Reuters) – Rebounding oil prices and hopes
for a ceasefire in Yemen buoyed Gulf stock markets on Thursday,
with several Saudi Arabian banks climbing after second-quarter
earnings while Egypt stabilised after a plunging in recent
Sentiment throughout the gulf was improved by Brent crude’s
partial recovery from several days of sharp falls,
rising rising 3 percent to nearly $59 a barrel by the time
Saudi Arabia’s bourse closed.
KUALA LUMPUR/DUBAI, July 9 (Reuters) – A decision by
Malaysia’s central bank to stop issuing Islamic bonds has
slashed the global supply of sukuk but opens the door wider for
other borrowers, and may begin to shift the focus of sukuk
issuance westwards towards the Gulf.
Malaysia has long accounted for the vast majority of the
world’s new sukuk sales. But Gulf governments, multilateral
institutions and even corporate issuers could now find more room
in the market to issue.
DUBAI, July 8 (Reuters) – Dubai has overtaken other
financial centres in listing Islamic bonds on its exchanges, and
is mounting a global drive to attract more listings while
developing new channels to trade sukuk, the chief executive of
Nasdaq Dubai said.
“Demand for Islamic financial products still exceeds supply
– there are very few financial products for which this is
true,” said Hamed Ahmed Ali.
DUBAI, July 8 (Reuters) – The bear run on Egypt’s stock
market continued on Wednesday as property developer Emaar Misr
slid further in the wake of its listing, while weak
oil prices weighed on the Gulf.
The Egyptian stock index tumbled 2.6 percent to a
15-month low of 7,551 points, bringing its losses from
February’s multi-year peak to 25 percent.
DUBAI, July 7 (Reuters) – Egypt’s stock market continued to
slide on Tuesday, weighed down by foreign exchange worries,
while Gulf bourses fell moderately after oil prices plunged.
The Cairo index, which has been in a downtrend for
over a month and tumbled 4.2 percent on Monday, sank a further
1.5 percent to 7,753 points.