DUBAI, 19 August 2007 — Dubai Financial Market announced yesterday that the value of shares and bonds bought by foreign investors, or non-UAE nationals, during the last week (August 12-August 16) reached AED 906.9 million comprising 29.7 percent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached AED1.6 billion comprising 51.4 percent of the total value of stocks traded during the period. Net foreign investment on the market reached AED663.6 million during the same period. The value of stocks bought by institutional investors during last week reached AED671 million comprising 22 percent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED1.4 billion which constitutes 45.6 percent of the total value of stocks traded during the period. Net institutional investment on the market reached AED724.7 million during the period.
JLT Adopts Safety Contingency Plan
Arab News
DUBAI — The Dubai Multi Commodities Center (DMCC) adopted an internationally recognized contingency program to safeguard lives, property and assets at the Almas, Au, and Ag towers at the Jumeirah Lakes Tower (JLT) development in Dubai. The plans are being put together by Massey Enterprises, the world’s leading developer of contingency preparedness programs, and will assist local fire departments with timely and concise fire and life safety information. Dubai Civil Defense has praised the preparation of the detailed and easy-to-read plans for each of DMCC’s commercial high-rise towers at JLT.
The plans are drafted keeping in mind the need of firefighters to know where everything is located, both horizontally and vertically, in buildings and are a first for the UAE. Bryan Wilson, executive director, Properties, said: “DMCC is pleased to be the first developer in the region to adopt such an elaborate contingency preparedness program.
German Bank
Gets Cash Relief
Agence France Presse
BERLIN — Germany’s publicly-owned regional bank SachsenLB admitted yesterday it had to be bailed out to the tune of 17.3 billion euros by the country’s savings banks because of the US subrime loan crisis. The bank, which is owned by the authorities of eastern Germany’s state of Saxony and had previously denied being affected by the crisis, said the savings banks had extended it a credit line. The weekly Der Spiegel for its part said that SachsenLB had lost at least 500 million euros ($670 million) after investing more than three billion euros in the subprime market through its Ormond Quay fund. SachsenLB is the second German bank to be caught up in the subprime turmoil that has hit stock markets across the world after the troubled IKB, which was rescued with an $8.1 billion liquidity line extended by state-owned KfW, its main shareholder.
