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TMCNet: AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs

[July 08, 2008]

AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs

(AME Info (Abu Dhabi, United Arab Emirates) (KRT) Via Acquire Media NewsEdge) Jul. 8--UAE MARKETS FALL: The Dubai Financial Market on Tuesday lost 21.86 points, or 0.41 percent, to close on 5,362. Gulf Finance House had the day's biggest loss, down 14.50 percent. Meanwhile, the Abu Dhabi Securities Index dipped 40.80 points, or 0.81 percent, to end the day on 5,001.

DAMAS LISTS ON DIFX: The Dubai International Financial Exchange (DIFX) welcomed the listing today of the ordinary shares of Damas International Ltd., the international jewelry retailer, following its initial public offering. Damas raised $270.6 million from institutional investors at a price of one dollar per share. The company has more than 430 stores across the Middle East, North Africa and South Asia and is the leading jewelry retailer by number of stores in the GCC.

GULF HOLDING PROFIT UP 59 PERCENT: Kuwait-based Gulf Holding Company has announced a net profit of KD18.72 million ($71 million) for the financial year 2006-07, an increase of 59 percent over the previous year. Net earnings per share stood at 26.75 fils, compared to 16.8 fils in fiscal 2006.

U.S. TIGHTENS RULES FOR DUBAI EXCHANGE: US regulators have imposed new trading conditions on certain Dubai Mercantile Exchange contracts as part of an effort to limit excess speculation in futures markets, reported Bloomberg. The Commodity Futures Trading Commission has amended a letter that gave the exchange permission to offer electronic trading in the US. The Dubai exchange, a joint venture with the New York Mercantile Exchange, is considering whether to begin trading of a contract for West Texas Intermediate oil. The Dubai Mercantile Exchange will have to provide more data about traders and adopt US position limits if it wants access to US customers.

DUBAI INTERNATIONAL CAPITAL EYES ASIA: Dubai International Capital, an asset management firm with more than $12 billion, has earmarked $5 billion over the next two to three years for Asia, especially China and India, Sameer Al Ansari, the company's chief executive officer told Bloomberg. He said any new investments the company makes in 2008 will be in Asia because economies there may be expanding faster than the global average this year.

CERVICAL CANCER AWARENESS DRIVE IN UAE: The UAE is launching a campaign to raise awareness of cervical cancer and its prevention. On an average 43 women in the country died due to cervical cancer in each of the years 2005 and 2006. This number is second only to breast cancer which claims the lives of about 100 women every year.

GOLD DEMAND TO RISE: Gold demand in the first quarter of 2008 fell from year-earlier levels by 19 percent in the UAE, 25 percent in Saudi Arabia and 30 percent in other Gulf countries, according to a report by the World Gold Council. Despite the decrease, gold's 'safe haven and hedging characteristics have been a major attraction to investors', the report said. Consumers are now 'less sensitive' to the volatile gold price, the report said, adding that that demand would be 'more buoyant' in the second half of 2008.

ABU DHABI TV PLANS NEW CHANNEL: Abu Dhabi TV, the broadcast arm of Abu Dhabi Media Company, has announced it will launch a new channel 'Plus One' in October. Viewers across the Arab world can also look forward to new, high-quality programming and a new visual identify for Abu Dhabi TV, Emirates channel and Abu Dhabi Sports channel, according to a statement.

INDUSTRIAL SECTOR TO GET MORE UAE NATIONALS: An agreement to increase the number of Emiratis in the UAE's industrial sector has been signed by Tanmia, the National Resource Development Authority, the Ministry of Economy and the Dubai Industrial Academy, reported Khaleej Times. Through additional training and accreditation, the parties seek to boost the number of Emiratis in the industrial sector from the current 1.7 percent of the total industrial workforce to 7-10 percent in the next five years.

CLIO RENAULT SPORT ON SALE IN UAE: The Clio Renault F1 Team R27 is now available in the UAE. Its predecessor, the Clio Renault Sport (RS) 197, was also launched alongside the French F1 sensation. Both versions of the Clio Renault Sport will be sold as limited edition series across the GCC to maintain its exclusivity. The models will be available at Arabian Automobiles in Dubai and Al Masood Automobiles in Abu Dhabi and Al Ain.

NO FURTHER INCREASES IN DUBAI SCHOOLS: Dubai's educational authority has said there would be no further increases in tuition fees in the private schools in the emirate this academic year as they have already been permitted a maximum of 16 percent increase for 2007-08 and 2008-09 academic years, reported Khaleej Times. Schools in the emirate, however, said they should also be given a chance to restructure to the realistic market levels. Although an amended education ministerial decree issued on Saturday now allows private schools in the UAE to raise tuition fees up to 30 percent, the Knowledge and Human Development Authority, which regulates school fees in Dubai, said schools in Dubai would continue to follow the fee cap since it was already operating a 'fully-functioning fees regulation process'.

ARCAPITA TO INVEST IN CHINA: Bahrain-based Arcapita Bank has formed a venture with a unit of India's Tanti group to invest $2 billion to develop wind power farms in China, reported Bloomberg. Arcapita and Colossus Holdings, the Singapore-based holding company of the Tanti Group that owns 66 percent in the world's fifth-biggest maker of wind turbines, will set up 1,650 megawatt of wind-power generating capacity in the Inner Mongolia region of China.

LCCS ADOPT 'HYBRID' SERVICES: Many low-cost carriers in the Middle East are adopting a 'hybrid' system of services to become more competitive, reported Khaleej Times. Hybrid carriers introduce three or more full-service characteristics such as international routes, global distribution system, code share agreements, connecting flights, multiple fares all the time, and advanced ticketing procedures. Up to 59 percent of 123 self-nominated LCCs worldwide have either evolved into full-service airlines or were part of an emerging breed of hybrid carriers, which blend low-cost carrier traits with that of full service carriers, according to a report by Sabre.

To see more of AME Info, go to http://www.ameinfo.com.

Copyright (c) 2008, AME Info, Abu Dhabi, United Arab Emirates
Distributed by McClatchy-Tribune Information Services.
For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

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