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AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs(AME Info (Abu Dhabi, United Arab Emirates) Via Acquire Media NewsEdge) Jan. 6--UAE STOCKS END MIXED: The Dubai Financial Market on Tuesday fell 1.09 percent to close on 1,743. Among the day's biggest decliners were Global Investment House and Arabtec, which fell 10 percent and 9.65 percent, respectively. In Abu Dhabi, the ADX rose 1.18 percent to end the day on 2,555. NOOR INVESTMENT LAUNCHES NOOR TAKAFUL: Noor Investment Group today announced the launch of its Noor Takaful brand, which will offer a comprehensive range of Shariah compliant Takaful (Islamic insurance) products to meet the growing demand within the UAE and GCC region. All services will be offered either through Noor Takaful Family or Noor Takaful General, which are headquartered in Dubai and have a combined paid up capital of Dhs150m. They will operate initially from 4 locations across the UAE offering a suite of general and family takaful coverage for individuals, businesses and corporate clients. The aim is to expand the reach of these companies to include the Middle East and North African region. 'NO STOCK MARKET CRISIS' IN DUBAI, SAYS DAMAN CEO: It is too early to tell if the Dubai Financial Market, which fell 72.4 percent last year, has hit rock bottom, Shehab Gargash, CEO of Daman Securities, told AME Info. 'Has it reached the bottom? I'm not sure I can answer that with a yes or no. Up front you would think it has, because it has gone down so much. On the other hand, I would want to see company results for 2008 and see some semblance of normalcy back in the economy,' he said. Gargash believes we are facing an economic crisis, not a stock market crisis. The good news, he contends, is that when the turnaround starts, it is usually the stock market that feels the positive effects first. SYRIAN BOURSE SET TO LAUNCH: The Damascus Securities Exchange has announced that it will start trading operations in securities on Feb 23. The bourse is expected to start with two or three trading sessions each week and with a limited number of listed companies. RASMALA RAISES $120M FOR EQUITY FUND: Dubai-based investment bank Rasmala has raised $120m for its Sharia-compliant private equity fund, Rasmala Middle East & North Africa (Mena) Private Equity Fund 2, MEED has reported. It hopes to increase this to $350m by 30 June. The fund will focus on investing in mid-sized development opportunities in the GCC and Egypt. DAMAN TEAMS UP WITH MORNINGSTAR: Daman Securities, the brokerage arm of Daman Investments, has launched a new service for its clients with the publication of independent third-party equity research from Morningstar, Inc, a leading provider of independent investment research. The new service will be available to registered Daman clients using the group's online trading portal Handal. Morningstar's equity research will provide Daman and its clients with an independent, international perspective and in-depth coverage for the UAE markets, according to a press statement. To see more of AME Info, go to http://www.ameinfo.com. Copyright (c) 2009, AME Info, Abu Dhabi, United Arab Emirates Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], 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. |