Haissam Arabi, chief executive officer and founder of Gulfmena Investments Ltd., will step down as the company closes its proprietary funds and adopts a new strategy after losses in a main vehicle.
Rewa Zeinati, a freelance writer living in Dubai, has noticed more business cards with photos of scantily clad women offering massages piling up on her car windscreen lately.
Saudi Arabian shares retreated the most in two months after fourth-quarter earnings at Saudi Basic Industries Corp. missed analysts’ expectations. Qatar’s stock index fell the most since November.
Saudi Arabia shares retreated for the first time in three days on concern recent gains are overdone given growth prospects in the region and as companies posted declines in second-quarter profit.
Dubai’s shares rose to the highest level in almost 10 months as investors bought low-priced stocks on bets the Dubai economy is recovering and after corporate earnings topped analysts’ estimates.
International Petroleum Investment Co. plans to raise about $2.9 billion in bonds, the biggest Arab corporate debt sale this year, as the Abu Dhabi state-owned investor considers financing for energy projects.
Dubai’s shares declined for the third day this week ahead of a meeting of European leaders to discuss how to contain the region’s sovereign debt crisis.
Persian Gulf shares rose, sending Dubai’s gauge up the most in almost ten months, on optimism Egyptian President Hosni Mubarak ’s pledge to step down will help quell protests that entered a ninth day.
Dubai, the second-biggest emirate in the United Arab Emirates, has overcome its financial challenges and could issue debt if it wanted, said the head of Dubai’s Supreme Fiscal Policy Committee.
Dubai shares declined for a second day on concern companies in the emirate will report lower-than- expected third-quarter earnings and after oil tumbled to the lowest level in two weeks.
"We've seen how high the appetite is for Abu Dhabi paper this year and the hunger for yields, and that there's a lot of liquidity in the market."
- Haissam Arabi on Nov 27, 2012