Bearish spell continues (Gulf Times)

Markets in Dubai & Abu Dhabi continue to operate under Bearish mood as leveraged investors rush to sell stocks in the face of margin calls from the Banks. Stocks of Real Estate companies like Emmar & Amlak were affected the most. Volatility on the UAE market continue to rise. 5% daily movment. Clear Indication that prices are at the top end.

Lukoil Begins Exploration Drilling In Saudi Block A Site

P&O board backs £3.5bn bid from PSA (FT)

The Board of P&O is set to recommend a take-over (cash) offer of 470 p from PSA. It is expected that Dubai Ports will counteract with a higher offer.

Saudi king opens up $1 trillion of business to the West (The Times)

Saudi Arabia is embarking on drive to attact US$ 1 trillion of foreign investment for the opportunity to invest in petrochemical, water and power projects through public-private partnership deals. The opportunities include new power plants, roads, railways, desalination plants, petrochemical plants, gas and oil procurement, telecommunications equipment, mining and capital markets investment.