Dubai Private Equity eyes investment in Europe

Millennium Private Equity, a Dubai government-linked investment company with about $5bn in capital, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the UK, Bloomberg has reported. "We are looking at transactions in Europe and other areas," Vally Khamisani, a director at Millennium told the news service. Millennium, part-owned by Dubai Islamic Bank, had bought $10m of four-year convertible notes in July that were sold by International Innovative Technologies, a clean energy company in Gateshead.

 Insurers lift Kuwait market over 7,300 points

The KSE Market or Price Index finished 0.38% higher at 6,703.2 points due to strong gains in the insurance segment. Gulf Insurance Co. (up 8.16% at KD0.530) posted the largest advance. Real estate and foof companies performed weaker. Over the week the KSE bourse added 0.86%.

 Qatar Exchange gains two percent over the week

After the Tokyo bourse reached a 16-month high, gulf markets posted modest gains, as the QE Index in Doha ended 0.76% higher at 7,305.96 points. Positive market reports from Standard and Poor's and Credit Suisse have helped the QE Index to gain over two percent during the trading week of August/September. Qatar National Bank (QNB) advanced 0.40% too QR143.60. QNB has paved ways to become a shareholder in Bank Kesawan in Indonesia. The rights issue to buy in Bank Kesewan is scheduled to close in the first quarter 2011. EFG Hermes rates QNB 'neutral'.

 Abu Dhabi stocks gain across the board

All sector stock indices in Abu Dhabi landed in the green (with two exceptions) as the ADX General Index closed 0.12% higher at 2,494.52 points. Real estate bellwether Aldar Properties added 0.44%, closing at Dhs2.27. Energy giant Taqa recovered slightly from yesterday's losses, closing 0.85% higher at Dhs1.18. Taqa responded to reports dealing with its former CEO Peter Barker-Homek who sued Taqa for being allegedly sacked under the threat of imprisonment, saying that they do not expect any financial impact du to Barker-Homek's move.

 Asian market rally lifts local Dubai bourse

The DFM General Index surged 0.76% to 1,497.78 points, thanks to a last-minute rally which ended a stuttering trading day. Emaar (up 1.22% at Dhs3.32) was the most liquid stock, while Shuaa Capital recovered by 2.22% at Dhs0.92. Bank Emirates NBD failed to join and ended 0.41% lower at Dhs2.42. Over the week, however, the DFM did not gain territory as the benchmark index remains deadlocked around 1,500 points.