DUBAI, Oct 26 (Reuters) – Kuwait’s privately owned Jazeera
Airways is preparing to bid for a big stake in state-run flag
carrier Kuwait Airways, Jazeera’s chairman told Reuters. If the
deal goes through, it will be a sign that the business scene is
changing in the Gulf.
For several decades, Gulf Arab economies have been dominated
by the heavy hand of the state. Governments’ huge oil revenues
have eclipsed private sector activity. Benefiting from these
revenues, state-owned firms have prospered while many private
companies have struggled to raise financing and become ensnared
in official red tape.
KUWAIT (Reuters) – Revenue at Kuwait-listed logistics company Agility (AGLT.KW: Quote, Profile, Research, Stock Buzz) is expected to resume growing next year as emerging markets business expands and the company develops new sectors, chief executive Tarek Sultan said.
With more than 20,000 employees and over 500 offices in more than 100 countries, Agility is one of Kuwait’s corporate success stories and a play on the Gulf’s rapidly expanding trade links with the rest of the world, especially emerging markets in Asia and Africa.
DUBAI (Reuters) – An advertisement by the highway outside Dubai’s massive Jebel Ali Port tells firms they don’t need to ship goods through the Strait of Hormuz, the traditional gateway to the Gulf. Instead they can have goods delivered to a port in Oman, outside the Gulf, and bring them into the region by road.
“Why go through the Strait when you can go straight to the Gulf,” the billboard reads, in a challenge to Jebel Ali, which has become one of the biggest ports in the world by handling many of the region’s imports via Hormuz.
DUBAI (Reuters) – Years of economic sanctions and isolation have ravaged Iran’s economy but created one of the last unexploited opportunities for international portfolio investors, who could start moving their money in this year if geopolitics permit.
The Tehran Stock Exchange is “the last, large untapped emerging market in the world”, said Ramin Rabii, managing director of Turquoise Partners, a Tehran-based investment firm with around $200 million of assets under management.
DUBAI (Reuters) – A landmark ruling by the court system in Dubai’s financial free zone suggests the emirate is starting to influence the way international business disputes are resolved in the Middle East, partly taking over that role from London and New York.
Last month a court in the Dubai International Financial Centre (DIFC) found Switzerland’s Bank Sarasin had mis-sold $200 million of investment products to Kuwait’s prominent Khorafi family, ordering it to pay compensation.
DUBAI, Sept 25 (Reuters) – Shares in Dubai retailing and
restaurants group Marka jumped 77 percent upon
listing on Thursday in the first flotation on the emirate’s main
stock market since 2009.
Marka shares opened at 1.77 dirhams on the Dubai Financial
Market (DFM), up from their initial public offer (IPO) price of
1.00 dirham. The firm raised 275 million dirhams ($75 million),
55 percent of its capital, in April via an offer that was 36
DUBAI, Sept 17 (Reuters) – Saudi Arabia’s stock market led
the region higher on Wednesday because of optimism over the
government’s economic reform efforts, while other markets were
buoyed by a more positive global mood.
The main Saudi index gained 0.8 percent to 11,081
points, with major mining company Ma’aden rising 3.1
DUBAI, Sept 16 (Reuters) – New rules issued by the United
Arab Emirates’ securities market regulator aim to develop local
currency bond and sukuk markets in the Arab world’s second
In meetings with potential issuers and financial firms in
Abu Dhabi and Dubai this week, the Securities and Commodities
Authority (SCA) outlined rules designed to make it faster and
cheaper for companies to issue conventional and Islamic bonds,
and easier for investors to trade them.
DUBAI, Aug 21 (Reuters) – Saudi Arabia’s stock market
regulator proposed rules on Thursday for opening the $580
billion market to direct investment by foreign institutions,
including a 10 percent cap on foreign ownership of the market’s
Among other draft rules, a single foreign investor could own
no more than 5 percent of any listed firm, while all foreign
institutions combined could own no more than 20 percent. The
Capital Market Authority published the draft on its website.
DUBAI, Aug 19 (Reuters) – Dubai is changing its financial
rules in an effort to attract more asset managers – particularly
those serving the richest and most risk-tolerant investors, such
as hedge funds and private equity funds – to base themselves in
The rules create a new class of funds that can be domiciled
in the Dubai International Financial Centre (DIFC), facing less
stringent regulation and thus lower costs than existing funds.