DUBAI, April 12 (Reuters) – Move over, Cairo, Beirut and
Casablanca. Dubai is launching a drive to become one of the Arab
world’s top centres for art, design, film and fashion – areas
that have traditionally been dominated by old Arab cities
outside the Gulf.
Success is not certain. The wealthy emirate is much better
known as a trading and banking hub and luxury shopping
destination than as a centre for the arts. It lacks the
established cities’ centuries of history and culture.
DUBAI, April 9 (Reuters) – Most major Gulf stock markets
rose on Thursday as positive corporate news and earnings
outweighed a pull-back of oil prices, while Egypt continued its
bounce from three-month lows.
Brent crude plunged 6 percent on Wednesday because
of a shock jump in U.S. crude inventories and news of record
Saudi output. It rebounded about 3 percent to $57.20 a barrel in
Asia on Thursday.
DUBAI, April 8 (Reuters) – Most Gulf stock markets rose on
Wednesday, buoyed by firmer oil prices, as Egypt climbed after
rating agency Moody’s Investors Service upgraded the country’s
Brent crude had rebounded sharply in the past two
days and although it pulled back slightly on Wednesday, it
remained above $58 a barrel, about $1 above its levels when
Gulf stock markets were open on Tuesday.
DUBAI, April 7 (Reuters) – Major Gulf stock markets rose on
the back of stronger oil prices on Tuesday, while Egypt began
rebounding after a three-week bout of heavy profit-taking.
Brent crude jumped nearly 6 percent on Monday to
$58.24 a barrel, its highest since March 27, although it
partially dropped back to $57.52 on Tuesday.
DUBAI, April 7 (Reuters) – A British asset manager is
teaming up with a Tehran-based firm to establish funds that will
invest in the Iranian securities markets, in a sign that flows
of foreign money into Iran may not wait for economic sanctions
to be lifted.
London-based Charlemagne Capital, an emerging
market asset management group with about $2.5 billion under
management, said on Tuesday it would set up and promote the
funds jointly with Turquoise Partners.
DUBAI, April 6 (Reuters) – Real estate-related shares led
Dubai’s stock market higher on Monday while Saudi Arabia rose
modestly because of higher oil prices. Heavy profit-taking,
fuelled by weak economic data, continued to weigh on Egypt.
The Dubai stock index climbed 1.2 percent, buoyed
in part by last week’s poor U.S. jobs data, which appeared to
reduce chances that the U.S. Federal Reserve would hike interest
rates anytime soon.
DUBAI, April 5 (Reuters) – Gulf stock markets reacted very
differently on Sunday to Iran’s nuclear deal with world powers,
as Dubai rose on hopes for new Iranian business while Saudi
Arabia fell on fears of lower oil prices. Egypt continued
sliding after poor economic data.
If confirmed in a final agreement by a June 30 deadline, the
nuclear deal – assuming it is received positively by major Gulf
Arab governments – could reduce geopolitical tensions in the
area, encouraging more foreign portfolio investment throughout
DUBAI (Reuters) – Iranian investment banker Ramin Rabii says he shouted in joy when he learned that Tehran and world powers had reached a deal which promises to lift economic sanctions on Iran. Then he called colleagues to discuss the business implications.
Rabii, managing director of Turquoise Partners, a Tehran-based investment firm with about $200 million of assets under management, has been grappling for years with the results of the sanctions: unstable growth, high inflation, international banking restrictions and hard currency shortages.
DUBAI, March 31 (Reuters) – Despite a record budget deficit
caused by low oil prices, Saudi Arabia can easily afford its
military intervention in Yemen and cost is unlikely to limit the
duration or scale of its operations, military analysts believe.
The world’s biggest oil exporter is acting while it faces
the heaviest pressure on its state finances for more than a
decade. Because of the oil price plunge since last year, the
government has projected a deficit of $38.7 billion for 2015,
and it has started drawing down the country’s foreign reserves
to cover the gap.
DUBAI, March 30 (Reuters) – The United Arab Emirates is at
an advanced stage of drafting a foreign investment law that
would allow 100 percent foreign ownership of businesses in some
sectors, the economy minister said on Monday.
Sultan bin Saeed al-Mansouri, speaking at an international
investment conference in Dubai, did not specify the sectors or
say when the law might be passed. The process of drafting and
enacting major laws in the UAE often takes years.