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Discuss this article (0 Comments)Arabic press review 16/01/07 – Business news seen through local eyes
by Anees Dayoub and Ben Flanagan on Tuesday, 16 January 2007
The website www.alwaqt.com today reports that two companies have been suspended from trading on the Kuwait Stock Market until press reports concerning their activities have been verified. It is believed that share prices in the two companies would have reacted to the reports.
The Kuwait and Gulf Link Transport Company (KGL) and Gulf Cables and Electrical Industries (GKC) are the two companies involved. The reports concerning KGL related to one of its subsidiary companies negotiating to manage two ports. GKC was reported to have won an unspecified tender.
Elsewhere in today’s Arabic press, Al Khaleej reports that the Dubai Multi Commodities Centre (DMCC) is carrying out ‘intensive discussions’ to buy a stake in India’s Commodity Exchange (MCX). The newspaper – partly referring to a story on the www.dnaindia.com website – says that it is expected that a deal will be completed after the Indian government gives its approval in four months time. The MCX is also due to float on the Indian stock market and any deal would take place after this.
The newspaper spoke to DMCC CEO Ahmed bin Sulayem, who says that he ‘cannot deny or confirm’ the speculation. New York Mercantile Exchange is also reported to be considering buying a 9% stake in MCX; the size of Dubai’s potential acquisition is not known.
Al Bayan newspaper has a piece on brokerage Gold Gate Securities, which had its activities suspended by the Emirates Securities and Commodities Authority (ESCA) earlier this month. The newspaper says that the company is still banned from trading until ESCA finishes a review of its position. Apparently, a committee - including representatives of ESCA and the DFM, plus other organizations – is holding daily meetings on the matter. However, the ESCA has allowed Golden Gate to transfer the shares of its clients to any other brokerage company and to pay back cash to investors.
And finally, Al Bayan has a story on how the occupancy rate in Dubai's hotels is now 100%, with speculations that this will remain the case until June 2007. One finds this very hard to believe, until you read that it’s based on anecdotal evidence from a few hotel managers that the newspaper interviewed.
But just to check, ArabianBusiness.com called the Burj al Arab, forever hopeful for a room at the seven star landmark. Sure enough, a two-bedroom suite is available tonight – a snip at AED9,000 plus 20% taxes. Now, where’s that expenses form…?
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