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Dubai market dips half a percent

20 July 2010

The DFM Index declined 0.56% to 1,509.78 points. Shares of Kuwait's Global Investment House emerged as the stock of the day and surged 11.54% to Dhs1.45. Global shares were demanded due to its announcement from Monday by the court of first instance in the Emirate of Dubai passed a judgment ordering National Bank of Umm Al Qaiwain (NBQ) to repay Global Investment House $250m towards the refund of a deposit placed by the Company with this Bank in August 2008 plus interest until the date of payment and all expenses. Today on Tuesday, Global reported further that it repaid $148m to its lending banks and bondholders since signing a debt rescheduling agreement. Real estate bellwether Emaar Properties declined 0.91% to Dhs3.27, weighing on the entire market. Meanwhile, the DIFC-based Institute for Corporate Governance "Hawkamah" is pushing ahead to create an alternative investment market for small and medium enterprises. "What we need the is a trading platform for entrepreneurs and their firms worth between $50m to 80m", Hawkamah Executive Director Dr. Nasser Saidi, who is also Chief Economist of the DIFC Authority, told AME Info on Tuesday. "We began talks with Private Equity firms and designed the basic idea." However, Dr. Saidi added, "there is neither a time frame nor a decision where such a second tier market should be based and under which regulation."

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