DUBAI (Reuters) – Dubai’s success in bidding to host the 2020 World Expo will trigger billions of dollars of investment in the emirate, but it may risk a repeat of the boom-and-bust cycle which nearly caused financial collapse just a few years ago.
After competing against three cities, Dubai was awarded the world’s fair by the Bureau International des Expositions on Wednesday, setting the seal on a dramatic economic recovery.
DUBAI, Nov 24 (Reuters) – Iran’s currency jumped more than 3
percent against the U.S. dollar on Sunday as news of a
breakthrough deal to curb Tehran’s nuclear programme raised
hopes that the economy would start recovering from international
The deal provides for Iran to receive temporary, conditional
access to several billion dollars of blocked funds over the next
six months as diplomats try to negotiate a final agreement.
DUBAI, Nov 19 (Reuters) – Qatar Exchange, the wealthy Gulf
state’s securities market, cancelled all transactions executed
on Tuesday after an unspecified technical problem disrupted its
The highly unusual decision is a blow to Qatar just as the
exchange, one of the Gulf’s top stock markets whose listed
companies have a combined market value of about $130 billion, is
reforming its trading practices in an effort to attract more
DUBAI (Reuters) – Foreign money is flowing into the parts of the Middle East which need it least as the Gulf becomes a major destination for global portfolio investors and political instability deters investment elsewhere in the region.
When uprisings swept across Egypt, Tunisia and other Arab countries more than two years ago, the Arab Spring looked as if it might have a very different impact.
DUBAI (Reuters) – Templeton Emerging Markets Group is looking to increase its equities investment in Egypt because it thinks the political environment will stabilize and the government is committed to repairing the economy, the head of the group said.
The assessment coincides with signs that some foreign money may be preparing to return to Egypt after more than two years of political and economic turmoil.
DOHA (Reuters) – Qatar Exchange has submitted proposals to the government for higher limits on foreign ownership of listed stocks, which could encourage more companies to make initial public offers of their shares, the exchange’s chief executive said.
With a capitalization of about $130 billion, Qatar’s stock market is thinly traded compared to some other bourses in the region, such as those in the United Arab Emirates. Liquidity is too low to support much expansion of the market, which has 42 stocks; its last IPO was conducted in 2010.
DUBAI, Oct 9 (Reuters) – Gulf stock markets mostly edged up
on Wednesday but stayed in small ranges with modest turnover as
the crisis over the U.S. debt ceiling made it more risky to hold
shares over the week-long Eid holidays that will start on
Some mediocre third-quarter earnings also deterred buying.
For example, Banque Saudi Fransi posted a 3.5 percent
rise in net profit to 685 million riyals ($182.7 million), but
missed analysts’ average forecast of 758.2 million riyals. The
stock dropped 2.5 percent.
DUBAI, Oct 8 (Reuters) – Gulf markets were narrowly mixed on
Tuesday as turnover shrank with the approach of next week’s long
Eid holidays, but a new listing in Oman soared in heavy
Sembcorp Salalah Power and Water, a unit of
Singapore’s Sembcorp Industries, jumped 24.5 percent
from its initial public offer price to close at 1.98 rials,
after touching a high of 2.00 rials.
DUBAI, Oct 8 (Reuters) – Dubai listed its first new stock in
more than four years on Tuesday but the shares drew no trade,
underlining the limits of the market’s recovery from its 2008
Bank of London and The Middle East (BLME),
Britain’s largest stand-alone Islamic bank, was listed on Nasdaq
Dubai, the smaller of the emirate’s two stock exchanges.
DUBAI, Oct 7 (Reuters) – After years of being caught in the
geopolitical crossfire over Iran’s disputed nuclear programme,
Iranian businessmen in Dubai are daring to hope that signs of a
diplomatic thaw will allow crippling economic sanctions to be
The wary optimism in Dubai, traditionally a major hub for
Iranian commerce, reflects a tantalising prospect for
businessmen across the world: that progress toward an agreement
on Iran’s nuclear plans could allow it to rejoin the global
trading and financial system.