RIYADH/KUWAIT, 8 May 2006 — Gulf stock markets dived on Sunday as volatility in the Saudi Arabian bourse panicked investors and battered sentiment across the region. Saudi stocks plunged more than 9.5 percent in early trade, following a 9.6 percent drop on Saturday, the sharpest daily fall on record. The Saudi market recovered ground later to close 1.58 percent or 182.27 points down at 11,345.54, but by then other regional markets were closed and the damage had been done. Dubai shares ended down 5.06 percent at 490.14 points, crashing below the 500-point level and hitting their lowest levels since February 2005. Abu Dhabi stocks sank 5.69 percent, also to 15-month lows and Qatar shares fell 1.89 percent to 8,749.77 points. The Kuwait stock index fell 2.61 percent, dropping below 10,000 points to close at 9,792.80.

$5 Billion Tourism

Project in Qatar

Agence France Presse

DOHA — Two Qatari property developers yesterday unveiled a $5 billion tourism project, adding to a slew of major investments underway in the gas-rich Gulf emirate. The complex is to include two hotels, a marina, chalets, “abstract-design” gardens and sports facilities on an area of almost eight million square meters (1,976 acres) according to Ghanem Al-Saad, chairman of Barwa, one of the developers. The project in Al-Khor on Qatar’s northeastern coast will take about five years to finish, according to a statement issued by Barwa and its partner Diar.

Tameer Sponsors

Riyadh Exhibition

Arab News

RIYADH — Tameer Holding, the region’s leading real estate developer, is to partake in and sponsor the 9th Riyadh Real Estate and Architectural Development Exhibition being held in Riyadh from May 7 to May12. The event has been designed to publicize Middle Eastern and international property development, showcasing the most advanced and stylish developments across the region and the world.

Qatar Names New

Central Bank Governor

Reuters

DOHA — The Gulf Arab state of Qatar appointed yesterday a member of its ruling family to head the central bank, the official news agency QNA reported. Emir Sheikh Hamad ibn Khalifa Al-Thani named Sheikh Abdullah ibn Saud Al-Thani as governor, the agency said without giving further details. Sheikh Abdullah replaces Abdullah ibn Khaled Al-Attiyah. In March, Qatar dismissed its economy and trade minister and added his portfolio to the Finance Ministry. OPEC member Qatar sits on the world’s third largest natural gas reserves.

Arab Bank to Set

Up Regional Office

Arab News

DUBAI — Arab Bank, one of the largest banks in the Middle East, will set up its regional back-office processing center in Dubai Outsource Zone to service its customers in the Gulf region. The agreement to establish the new facility was signed yesterday by Ismail Al-Naqi, director of DOZ and Mohammed A. Azab, senior vice president and UAE area manager of Arab Bank. Called the Arab Company for Shared Services (ACSS), Arab Bank’s new DOZ-based facility will conduct its entire back-office work including processing for funds transfers and trade finance products, as well as retail and commercial loans.

Dubai Techno,

Euroblast Sign Deal

Arab News

DUBAI — Euroblast Middle East, an assembler of oil & gas equipment, has entered into an agreement with Dubai Techno Park, a technological hub in the Middle East, to invest AED10 million in a facility in the Park’s premises.