DUBAI: Dubai sovereign wealth fund Istithmar World has suspended its vice chairman and chief financial officer “in light of ongoing investigations” in a government crackdown on corruption. “Istithmar World confirms that Adel Al-Shirawi has been suspended from the position of vice chairman ... and Feras Kalthoum has been suspended from the position of chief financial officer...” the fund said in a statement yesterday.
Kuwaiti shares fall to new low
KUWAIT CITY: Kuwaiti stocks dived below the 13,000-point mark yesterday for the first time in nine months, with traders blaming a shortage in liquidity. The Kuwait Stock Exchange (KSE) Index finished at 12,848.50 points on the opening trading day of the week, down 2.1 percent on last week’s close. The index, which has dropped every trading day since August 20, is now just 2.3 percent higher than its 2007 close of 12,558.90, but down 17.9 percent on its all-time peak of 15,654.80 points set on June 24.
Best Air starts Dubai flights
DUBAI: Best Air, a private Bangladeshi airline, has started flights between Dhaka and Dubai yesterday. The inaugural flight, which was received by Buty Ahmed Bin Solaiman, deputy director general of Dubai Civil Aviation Authority and Dubai Airports officials, marks the start of four weekly flights (Saturday, Monday, Wednesday and Thursday) on the route. Farhad Hossain, director Best Air said, “The carrier would soon add international routes to Singapore, Malaysia, India, China and some other destinations.”
Emaar announces share buyback
DUBAI: Dubai’s Emaar Properties, the largest Arab developer by market value, said on Saturday it would begin to buy back shares, which have fallen by nearly 50 percent this year. The buyback program will not be implemented before Oct. 1 in line with the United Arab Emirates Securities and Commodities Authority’s (SAC) regulation that companies cannot execute any share buyback 15 days before the end of the financial quarter, the company said in a statement.
Jasmine flavored water launched
DUBAI: It is time for Jasmine flavored water. UAE-based mineral water company, Masafi — one of the region’s leading FMCG brands — has launched jasmine flavored water recently. Masafi is the first and currently the only UAE company operating in the Jasmine flavored segment. The flavored water sector has registered a whopping 80 percent growth during April-May 2008 compared to the previous year, according to AC Nielsen — the world’s leading market research agency.
QIB closes $250m financing
DUBAI: Qatar Islamic Bank (QIB) said yesterday it had closed this month a $250 million Islamic financing arrangement for part of Qatar’s Ras Laffan power and water project. The project, which is expected to cost over $3 billion and be completed by 2011, aims to enhance power production to help meet the Gulf Arab country’s growing demand, it said in a statement on the Qatar bourse website. The project will generate around 2,730 mega watts of electricity, covering around 30 percent of the country’s needs.