Middle East

Financial News

Dubai Ruler Removes Aides in Effort to Court Investors Ahead of Bond Issue Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum fired one senior aide and removed three others from the board of Dubai’s main holding company as the debt-laden emirate tries to secure a second $10 billion injection of funds.

Dubai Bonds Advance After Sheikh Mohammed's Corporate Leadership Shakeup Dubai bonds gained after ruler Sheikh Mohammed Bin Rashid Al Maktoum reduced the power of some top executives as he tries to improve investor confidence in the emirate burdened by $80 billion of debt.

Dollar Slump Persisting as Most Accurate Forecasters See No Bottom in 2010 The most accurate dollar forecasters predict the world’s reserve currency will continue sliding even when the Federal Reserve begins to raise interest rates, which policy makers say is an “extended period” away.

Bank of Israel Raises Benchmark Rate for Second Time Since Recovery Began The Bank of Israel unexpectedly raised the benchmark interest rate for a second time since the global economy began to recover as growth accelerated and inflation approached the top of the government’s target range.

Orascom Construction Third-Quarter Profit Declines 41%, Beating Estimates Orascom Construction Industries, Egypt’s largest publicly traded builder, reported better-than- estimated third-quarter profit and said higher fertilizer prices and capacity may be a “major growth driver” in 2010.

Central Bank Head Al Suwaidi Says U.A.E. Won't Delink Currency From Dollar The United Arab Emirates, the second-biggest Arab economy, doesn’t plan to abandon the dirham’s peg to the dollar, central bank Governor Sultan bin Nasser al-Suwaidi said.

Dubai Shares End Four-Day Losing Streak on Bond Speculation Post Shakeup Dubai shares ended the longest losing streak in three weeks, led by Emaar Properties PJSC, on investor speculation recent declines were overdone on signs that the second half of Dubai’s support fund will be issued soon.

Gulf Arab States Should Reconsider Currency Pegs, Standard Chartered Says Gulf Arab states should reexamine their policy of pegging currencies to the dollar next year as their economies rebound on oil prices above $80 a barrel, said Marios Maratheftis, an economist at Standard Chartered Plc.

Dubai International Capital May Preserve Assets Through 2010, Ansari Says Dubai International Capital LLC, an investment company owned by Dubai’s ruler that had planned to merge with another of Sheikh Mohammed Bin Rashid al-Maktoum’s companies, may preserve existing assets in 2010, its Executive Chairman said.

Abraaj Raises Capital to $1.5 Billion Through $375 Million Rights Offer Abraaj Capital Ltd., the Dubai-based private equity investor, boosted its capital to $1.5 billion through a $375 million rights offer.

General News

Hamas Officials Meet in Cairo to Discuss Prisoner Exchange With Israel Senior Hamas officials from the Gaza Strip and Syria met today in Cairo to discuss a prisoner exchange deal that would free Gilad Shalit, an Israeli soldier held by the Palestinian group for three years, an official said.

Iran Holds War Games, Testing Air Defense System for Nuclear Power Plants Iran is testing an air defense system in the country’s largest military exercises to assess the ability to protect its nuclear plants, the government said.

Swine Flu Deaths Double Almost Every Two Weeks in Europe; 670 Since April Swine flu deaths have doubled almost every two weeks since mid October in Europe, with 169 occurring in the past week, the European Center for Disease Control and Prevention said.

Energy Prices