Nov 04, 2009 (AME Info - McClatchy-Tribune Information Services via COMTEX News Network) --

SAUDI INDEX RISES AGAIN: Saudi Arabia's Tadawul index gained 0.95 percent to close on 6,343 today. The industrial investment category, up 1.94 percent, led all sectors. Overall, 72 stocks rose while 44 declined. Saudi Arabian Mining Company, Ma'aden, was one of the day's big gainers, up 4.47 percent to 18.65 riyals.

MOODY'S CUTS RATINGS OF FIVE DUBAI FIRMS: Moody's Investors Service today lowered the credit rating of five Dubai-owned companies, citing tougher government criteria for supporting state-controlled entities. DP World, Dubai Electricity & Water Authority, and DIFC Investments had their ratings cut to A3 from A1. Jebel Ali Free Zone was downgraded to Baa1 from A3, while Dubai Holding Commercial Operations Group, had its ratings lowered to Baa1 from A3. 'The downgrades reflect recent disclosures that reveal the increasing conditionality under which support may be provided,' Dubai-based Philipp Lotter and London-based David Staples wrote in a report. The criteria include whether the government-owned companies 'are able to demonstrate sustainable business plans, the on-going support of their existing financial creditors, and realistic prospects of fulfilling their repayment obligations,' they added.

ADX SEES SLIGHT GAIN: The Abu Dhabi Securities Exchange rose 0.10 percent today to close on 2,950, led by the real estate sector, which gained 0.89 percent. The health care sector saw the largest decline, down 4.61 percent. Gulf Cement was the best performing stock on the day, up 4.08 percent to Dhs2.07. Overall, 19 stocks finished upp, 13 fell, and five were unchanged.

DUBAI INDEX RISES 3 PERCENT, LED BY EMAAR: The Dubai Financial Market climbed 3.00 percent today to close on 2,137, led by market heavyweight Emaar, which gained 6.17 percent to Dhs4.30. Other gainers included Shuaa Capital, which climbed 7.69 percent to Dhs1.82, and Dubai Islamic Bank, which rose 1.44 percent to Dhs2.82. Overall, 26 stocks gained, 2 declined, and 2 were unchanged.

QATAR TO DROP CORPORATE TAX RATE TO 10 PERCENT: Qatar has announced plans to lower the tax rate on foreign companies to a flat 10 percent starting next year, the counry's finance minister said. 'There is a new tax law and once promulgated it will lower the rate to 10 percent,' Youssef Hussain Kamal said in Doha today. Qatar currently taxes profits at foreign-owned companies at a progressive rate ranging from 10 to 35 percent, according to Bloomberg.

DUBAI EXECUTIVE GETS 5-YEAR JAIL TERM: A former senior executive at Istithmar World, the international investment arm of Dubai World, has been given the longest prison term yet in the emirate's major crackdown on corruption, the National has reported. The British manager, referred to only as CT in court, was jailed for five years and ordered to pay almost Dhs10m ($2.7m) in fines after being found guilty of embezzling $1.34m. was accused of purchasing stocks for Istithmar from a British horse brokerage company that he owned, then pocketing a portion of the funds, the paper said.

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