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JEDDAH – Retail gold demand volumes in Dubai and Abu Dhabi dipped by around 15 percent in August on the year, as the holy month of Ramadan led consumers to focus more on food purchases, traders said on Thursday.

“Ramadan is all about food and not about buying jewelry thats why we saw a dip of around 15 percent in August,” said a jewelry trader at Mansuk Jewellers in Dubais old gold souk.

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JEDDAH – Petrochemicals sent Saudi Arabias stock benchmark Tadawul All Share Index (TASI) to a two-week high on Wednesday, rising 0.86 percent to 6,158.99 points, tracking rising oil prices. But volumes may be too low for these gains to signal the start of a more sustained rally.

Benchmark US crude oil futures for October rose $1.99, or about 2.8 percent to settle at $73.91 a barrel.

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JEDDAH – Total equity market capitalization of 28 Organization of Islamic Conference (OIC) member countries stood at $1,860 billion with a total of 6,655 companies listed, a new report by the Islamic International Rating Agency, Bahrain and Dinar Standard, USA said on Tuesday.

The “Pulse of the OIC Islamic Capital Markets” report, which covers the three key representative sectors, namely stock markets, Sukuk (Islamic bonds) and Islamic funds market.

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DUBAI – Better market prospects will emerge as the UAE construction market poises for rebound, said Danube Building Materials, the leader in construction, building materials and shop fitting industries.

With a recent report from the Dubai Chamber revealing that $714.8 billion worth of construction projects are either at design stage or already underway in the UAE, the company is seeking to leverage the anticipated growth in local demand. Following the opening of its 22nd global store in India in July this year, Danube also revealed expansion plans toward Qatar and other parts of Saudi Arabia and Oman, as well as in China.

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DUBAI – Tens of thousands of visitors are expected to attend Dubai International Jewelry Week which will stage the finest jewelry showcase yet, with precious gems from around the globe, one-off collectors items and trendsetting designs. Renowned for its exclusive show offers and keenly anticipated by jewelry lovers across the region, the exhibition is also the perfect platform for jewelry manufacturers, retailers and wholesalers to showcase, network, exchange knowledge and conduct business.

The most prestigious consumer and trade event of its kind in the Middle East, Dubai International Jewelry Week, synonymous with luxury and fine jewelry, will run on Oct. 7-10, (DICEC) and is organized by the Dubai World Trade Centre (DWTC).

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JEDDAH – Theres little sacrosanct – including the tradition of polygamy – in the most popular Saudi TV series during the holy fasting month of Ramadan.

“Tash ma Tash” has again sparked huge laughs and huge controversy this month by depicting a Muslim woman not just married to four husbands, but also wanting to divorce one of them in order to marry someone else.

The episode brought cheers from Saudi women, but was met with rage by religious scholars, with one calling for the arrest of the shows producers. “I appeal to Custodian of the Two Holy Mosques (King Abdullah) to bring those (producers) and the channel that broadcasts this series to trial,” Sheikh Saad Al-Buraik said on the Saudi religious channel, Daleel, hours after the episode was broadcast.

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KUALA LUMPUR – Yields on Asias dollar Islamic bonds have slumped to the lowest levels in three months relative to local-currency debt on evidence that the US economic recovery is flagging as growth accelerates across the region.

The difference between the yield on the Malaysian governments 3.928 percent five-year dollar Sukuk and the similar-maturity 3.86 percent ringgit Islamic note widened five basis points this month to 67, prices from Bursa Malaysia and Royal Bank of Scotland Group Plc show. The gap grew 52 basis points in July and reached 76 on Aug. 19, the most since the dollar bonds were sold in May.

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JEDDAH – Gulf stock markets closed the week mixed as investors reacted in different ways to falling oil prices and the slump on world markets due to renewed doubts over global recovery, financial analysts said Friday

Saudi market was the main loser, reflecting worries over falling oil prices, they said.

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DUBAI – Dubai shares rose the most in more than a week on optimism Dubai World is closer to resolving its debt restructuring after the state-owned holding company said it may raise as much as $19.4 billion by selling assets.

Emaar Properties PJSC, the developer of the worlds tallest skyscraper in Dubai, advanced the most in more than a month. Emirates NBD, the United Arab Emirates largest bank by assets, rose 1.2 percent. The DFM General Index climbed 0.9 percent, the most since Aug. 17, to 1,497.47 at the 2 p.m. close in Dubai, bringing the weekly gain to 0.4 percent. The Bloomberg GCC 200 Index increased 0.1 percent.

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DUBAI – Despite recent economic distress, Dubai is still perceived as the most luxurious market in the Middle East and strengthened by a recovering retail market on the heels of a sharp drop in 2009, according to retailers.

Industry figures estimate that Dubais retailers experienced a 45 per cent decline in sales over 2009. The emirate is famous for magnificent hotels and upscale malls featuring the leading brands worldwide.

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