Standard Chartered warned profits would fall in 2014 for the second year in a row after first-half earnings dropped by a fifth due to tougher regulations and low market volatility in its trading business.
The bank also said on Thu
A restructuring of major Dubai construction firm Arabtec will not damage its ability to proceed with its expansion plans, chairman Khadem Abdulla al-Qubaisi said in a statement on Wednesday.
Qubaisi issued the statement to the Dub
Uncertainty over the fate of Dubai's most heavily traded stock, construction firm Arabtec, as well as the fighting in Iraq and the approach of the Ramadan lull depressed most share markets across the Gulf on Monday.
Most stock markets in the Gulf retreated on a wave of profit-taking on Tuesday, led by Qatar, where there was a pull-back in some of the top stocks that had shot up before joining MSCI's emerging market index last week.
Qatar's bourse led gains in the Gulf on Wednesday, followed by markets in the UAE, although trading in Dubai was thin. Weak earnings from petrochemicals weighed on Saudi Arabia.
The main Qatar index rose 1.1 percent to 12,454
Abu Dhabi investment fund Mubadala Development Co plans to focus more on US and European markets this year as those economies slowly recover, its chief operating officer said on Tuesday.
Mubadala, which has stakes in General Elect
Middle East fund managers remain bullish on most of the region's major equity markets, but some are shifting money from the UAE to less richly valued markets, a monthly Reuters survey of the region shows.
The survey of 1
Consumers in the UAE and Saudi Arabia were among the world's most bullish in the final quarter of 2013 while Americans were slightly less willing to spend than in the previous quarter, a global survey showed.
Gold rallied for a fifth day to its highest level in nearly three weeks on Monday, as softer equity markets prompted investors to tap the asset's safe-haven qualities.
The metal's rally comes despite a stronger dollar and
Turkey's stock market surged 1.6 percent on Monday after Iran sealed a historic nuclear deal with the West, which is viewed as reducing political risk in the oil-producing Middle East and opening the door to more trade with one of the region