JEDDAH, 27 March 2007 — Abdullah Al-Suwailemi, director general of Tadawul, said the Saudi stock market would remain open today and tomorrow despite the holidays declared for government employees and students in Riyadh due to Arab summit. He said the opening of the bourse on the two days would not affect Riyadh traffic as most dealers exchange shares through the Internet.
Dubai Bank Hikes Capital by AED1bn
DUBAI, 27 March 2007 — Dubai Bank announced AED1 billion capital increase to support its business plans. This strategic move coincides with the bank’s conversion to a Shariah-compliant financial institution at the start of 2007. The capital increase, which was agreed upon by the shareholders in the final quarter of 2006, has actually been injected into the business by the existing shareholders, Dubai Holding (holder of 70 percent) and Emaar (holder of 30 percent). Mohammed Al-Shaibani, chairman of Dubai Bank said: “The capital increment clearly shows our shareholders’ unswerving commitment to Dubai Bank.”
Kuehne + Nagel Unveils Expansion
DUBAI, 27 March 2007 — Kuehne + Nagel has announced its medium-term development plans in contract logistics for the UAE and greater Gulf region. Key to the company’s expansion strategy is its second logistics hub in Dubai — strategically located in Dubai Logistics City — which will go into operation next year. Speaking at a press conference in Dubai, Dirk Reich, EVP Contract Logistics and member of the management board, said “Kuehne + Nagel is aligning its activities to meet the dynamic Middle East logistics market requirements.
