DUBAI, 6 May 2007 — Dubai Bank has announced the resounding success of its first Islamic Banking Conference, held recently at the Burj Al-Arab Hotel. In a potentially significant move for the Gulf’s Islamic money market, a number of key advisories which address infrastructural change within the region’s Islamic money market procedures were agreed upon by an elite Recommending Committee at the conference, a document which will now be submitted to the UAE Central Bank. Organized, hosted and managed by Dubai Bank, the conference — entitled “Liquidity Management Tools for Islamic Banks” — saw presentations on the day from speakers such as Sultan ibn Nasser Al-Suwaidi, governor of the Central Bank of the UAE; Ahmed Abbas, CEO, Liquidity Management Center, Bahrain; Mohammed Tariq, treasurer of Islamic Development Bank; Rafe Haneef, head of Islamic Banking, CitiGroup Asia; Christian Mouchbahani, CEO of Jefferies Middle East & North Africa and Ahmed El Shall, CFO, Dubai Bank.
Foreign Investment in UAE Stocks Up
DUBAI, 6 May 2007 — Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, between April 29 and May 3, 2007, reached AED1.366 billion, comprising 33 percent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached AED1.359 billion, representing 32.8 percent of the total value of stocks traded during the period. Net foreign investment on the market reached AED6.269 million during the same period. The value of stocks bought by institutional investors during the period reached AED978 million, comprising 23.6 percent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED686 million, which constitutes 16.6 percent of the total value of stocks traded in the said period.