PRESS DIGEST - United Arab Emirates - Aug 30
01:45 a.m. Aug 30, 1998 Eastern
DUBAI, Aug 30 (Reuters) - These are some of the leading stories in newspapers in the United Arab Emirates press on Sunday. Reuters has not verified these stories and does not vouch for their accuracy.
AL-KHALEEJ
- Sources in the local gold market said UAE gold prices had slipped some six percent from the previous month on the back of weak world gold prices to about 1,010 dirhams ($275) an ounce. Some traders expected the world gold price to decline to $250 an ounce which they said could lead to a 40 percent sales increase.
AL-ITTIHAD
- Current sluggishness on the UAE stock market is unrelated to a crisis on world markets but is a correction after a period when the bourse was booming, informed sources said.
EMIRATES NEWS
- UAE Defence Minister Sheikh Mohammed bin Rashid al-Maktoum on Saturday held talks with Iranian Foreign Minister Kamal Kharrazi on bilateral ties and current international issues. Kharrazi was in Dubai on a stopover on his way to attend the Non-Aligned Movement summit in South Africa.
GULF NEWS
- A petroleum company is being set up by the UAE, Saudi Arabia, Kuwait and Egypt to facilitate the regional transportation of crude oil, especially to Egypt, the Abu Dhabi-based monthly Oil and Industry News reported.
THE GULF TODAY
- Over 30 percent of the contribution to the Resurgent India Bond came from the UAE. According to statistics from senior Dubai officials, UAE branches of collection banks reported a collection of $1.26 billion compared with a total collection of $4.16 billion.
($1-3.67 dirhams)
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