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Select Sukuks Suspended From the Official List


Middle East : 04 May

Select sukuks were suspended from the Nasdaq Dubai yesterday after it was revealed that no financial statements or annual reports have been submitted to the exchange for 2009 accounting period. Among those that have now been suspended are Nakheel Development 2, IIG Funding, Nakheel Development 3, Dubai Holding Commercial Operations MTN and TID Global sukuk.

All of these entities have now been temporarily withdrawn from the regions official list until such time as they see fit to submit the appropriate annual reports and financial statements which all of these commercial entities are obliged by law to submit within 120 days of the end of their financial year in accordance with the rules that have been laid down by the DSFA

A statement confirming the above action was issues by the Nasdaq in Dubai and they also stated that the securities of the issuer must now be suspended from their official list immediately until such time as they can prove that their affairs are back in order.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
03 May

Dubai’s Leading Investment Bank Posts Return to Profit

SHUAA Capital, the giant Dubai investment bank, which has a presence in Riyadh, Abu Dhabi, Doha, Cairo, Istanbul and Beirut, has today posted profits of $5.3million for the first quarter of 2010.
As one of the biggest investment banks in the Gulf and Middle East region, Shuua had suffered more than most and experienced significant losses [...]

03 May

Saudi and Qatar Construction Industry Looks Forward to a Hike in Salaries

The Gulf’s construction industry has been particularly hard hit by recent global financial shenanigans, but recent news from EC Harris, a UK based asset consultancy, suggest that in the coming year staff who work in the Saudi and Qatar construction industry can expect anything up to a 15% rise in their salaries, due to a [...]

03 May

Hope on The Horizon for Dubai World Debt

Simon Cooper, a senior executive for HSBC, one of Dubai World’s major creditors, stated today that after the most recent debt repayment proposal there might be only weeks to an agreement between lenders and creditors.
Mr Cooper was confident that there would be “no reason why” the proposal would not be signed “in a few weeks”, [...]

03 May

Is VAT Viable for the United Arab Emirates?

Analysts are currently discussing whether Value Added Tax is actually a viable option for the United Arab Emirates. Advisor to PMO said that VAT would double the UAE’s revenue from customs duties and it is planned to be implemented by a 2012 deadline. However many now feel this is too soon and more analysis of [...]

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