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  • UAEs gold sales down 15 percent in Ramadan

    Filed under News
    Sep 3

    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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    Tagged as: Abu, Abu Dhabi, Ajanta Jewellers, Director, Dubai;, Food, food purchases, jewelry trader, Mansuk Jewellers, MIddle East;, Pradeep Unni, Ramadan;, retail gold demand volume, retail sales, Reuters;, Richcomm Global Services, senior analyst and trader, Tushar Patni, UAE;, United Arab Emirates;, USD;, World Gold Council
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  • Petchems send Saudi bourse to 2-week high

    Filed under News
    Sep 2

    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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    Tagged as: Abu Dhabi National Energy Co., Al-Rajhi Bank;, Bahrain;, Chief Executive, crude oil futures, Doha Bank, Dubai;, Egypt;, head, head of MENA equity desk, JEDDAH, Kuwait;, MIddle East;, mobile operator, Musa Haddad, National Bank of Abu Dhabi, oil prices;, Oman, Orascom Telecom, Qatar National Bank, Qatar;, Ramadan;, Reuters;, Riyadh, Saleh al-Onazi, Samba Financial Group;, Saudi Basic Industries Corp.;, sector leader, Swicorp, telecoms, United States;, USD;, vice-president of principal investment, Vimpelcom Ltd, Wind
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  • OIC equity market capitalization far below Shanghai bourse value

    Filed under News
    Sep 1

    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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    Tagged as: Abu Dhabis ADX General, Bahrain All, Bahrain;, Bursa Malaysia Berhad, Dhaka Stock Exchange, Dubai;, Dubais DFM General, Islamic International Rating Agency, JEDDAH, Malaysia;, Organization of Islamic Conference, representative, Shanghai, Shanghai Stock exchange, Sukuk, United States;, USD;
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  • UAE building construction market poised for rebound

    Filed under News
    Sep 1

    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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    Tagged as: building materials, chairman, China;, Danube Building Materials, Dubai;, India;, leader, Oman, Qatar;, retail facilities, Rizwan Sajan, Saudi Arabia, square feet manufacturing facility, UAE;, USD;
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  • Dubai International Jewelry Week 2010 set

    Filed under News
    Aug 31

    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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    Tagged as: AED, Christie Brinkley, Darrin James, Desert Fish, design magazine, Dubai;, DWTC, Faye James, France;, Greece, InterContinental Hotel;, Islamic Republic of Iran;, jeweler, MIddle East;, Myanmar, Natura Bisse Diamond Spa, Peru, Platinum Lounge, Qatar;, renowned photographer, senior vice president, Sheryl Crow, Tanzania, The Netherlands;, Trixee Loh, Tyra Banks, World Trade Centre
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  • Popular Ramadan TV show again courts controversy

    Filed under News
    Aug 28

    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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    Tagged as: Abdullah Al-Sadhan, actor, Ali Al-Nafaie, Custodian, Dubai;, fellow actor, influential preacher, JEDDAH, King, Lebanon;, MBC, Meshal Ahmed, Mohammed Hussein, Nasser Qasabi, Ramadan;, Saad Al-Buraik, Sabq.org, Salman Al-Ouda, satellite broadcaster, Saudi Arabia, tackle, Tash, Tash Ma Tash, teacher, Turki Salem
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  • Asian dollar Sukuk yield slumps

    Filed under News
    Aug 28

    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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    Tagged as: Abdul Aziz Al-Hinai, analyst, Ben Eeh, Bloomberg, Bursa Malaysia, director general at the finance ministrys debt management office, Dubai;, Esther Teo, finance ministrys debt management office, head of the Islamic unit, Hj A Rahman, HSBC, HwangDBS Investment Management Bhd., Indonesia;, Islamic Development Bank, JPMorgan Chase & Co., Kuala Lumpur;, Kumpulan Wang Persaraan, LONDON;, Malaysia;, Malaysias government, Mohd Noor Hj, money manager, multilateral lender, MYR, NASDAQ Dubai Sukuk, Nasdaq Dubai US Dollar Sukuk, OSK-UOB Unit Trust Management Bhd., Rahmat Waluyanto, Royal Bank of Scotland Group PLC, Saudi Arabia, Southeast Asia;, United States;, USD;, vice president
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  • Gulf stocks volatile on oil prices

    Filed under News
    Aug 28

    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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    Tagged as: Abu Dhabi, banking;, Dubai;, Eid Al-Fitr;, JEDDAH, KSE all-share, oil prices;, oil;
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  • Dubai World debt optimism asset sales lift Dubai shares

    Filed under News
    Aug 27

    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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    Tagged as: Abu Dhabis ADX General, bank creditors, bank;, Bloomberg, DFM General, director of equity sales at EFG-Hermes Holding SAE, Dubai;, Emaar Properties PJSC, Emirates NBD, Julian Bruce, Kuwait SE Price, United Arab Emirates;, USD;
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  • Dubai still luxury capital of Middle East Retailers

    Filed under News
    Aug 27

    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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    Tagged as: Abu Dhabi, Al Fahim Holdings, Anan Fakhreddin, Central Asia;, Cerruti, Chief Executive, China;, Colliers, Doha;, Dubai;, Elisabetta Gucci Hotels and Resorts, Florent Perrichon, gross domestic product;, India;, Italy;, jeweler, LONDON;, luxury boutique hotel, managing partner, MIddle East;, Milan, Mohammed Al-Fahim, New York;, Omega, Paris;, Qatar;, Ramesh Prabhakar, real estate consulting, retail, retail brands, retail industry, retail market, Reuters;, Richard Ellis, Rivoli Group, Riyadh, Russia;, Saudi Arabia, Stefano Sassi, Swatch Group, UAE;, Valentino
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