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Qatar Electricity and Water secures $500m for desalination plant
September 26, 2013--The QE 20 Index declined 0.16% to 9,580.77 points. Qatar Islamic Bank or QIB closed flat at QR68.40, while Qatar Electricity and Water (QEWC) advanced 0.97% to reach QR156.50.
Earlier in the day, QEWC said it signed with a consortium of four banks – QNB Group, Barwa Bank, Masraf Al Rayan and QIB the finance documentation for a total of $500m for the RAF A2 Desalination Plant. QIB said it contributed $90m in the co-financing the desalination project "RAF A2". The project is currently under construction at Ras Abu Fontas which is considered as Qatar's power production and water desalination site. The 36m imperial gallons per day (MIGD) project represents 10% of the Gulf state's national water production.
Fitch affirms 'A+' rating for Etisalat, shares close even
September 26, 2013--The Abu Dhabi market index ADXGI advanced 0.06% to reach 3,838.81 points on Thursday.
Eshraq Properties was the most liquid share and jumped 2.65%, finishing at Dhs1.16. Market bellwether Etisalat closed flat at Dhs11.65. After the close bell rang, Fitch Ratings said it has affirmed the UAE's first telecom firm 'A+' (upper medium grade) rating. Agthia Group ended down 1.25% at Dhs3.96. Earlier in the day, the food and beverages firm said its CEO Ilias Assimakopoulos will step down at the end of 2013. Assimakopoulos served at Aghtia's helm since July 2006. A successor has yet to be appointed, said Agthia in a filing to the ADX.
Mashreqbank shares flirt with Dhs100, Tamweel falls ahead of trading suspension
September 26, 2013--The Dubai market index DFMGI closed half a percentage point higher at 2,736.89 points on Thursday.
The gauge is close to fulfill a double-top and poised to rise towards 3,000 points in case the index chart breaks out above 2,750 points (old high from Aug. 25, before the Syria crisis weighed on markets). Shares of Mashreqbank added another 9.22% to close at Dhs98.30. The only privately held local lender in the UAE expanded the allowed foreign share in its share to 20% form 2% last Thursday. Since then, Mashreq gained 47.47% in value. Islamic home financing firm Tamweel dived 3.28% to Dhs3.28%. Earlier in the day, Tamweel said its shares will be suspended from trading on the DFM on Oct. 1 2013 (next Tuesday) due to the conversion to a Private Joint Stock Company. Earlier in the month, Dubai Islamic Bank which owns 90% in Tamweel paid the firm's entire liabilities off, amounting to Dhs4bn. Emaar Properties slipped 0.35% to Dhs5.74. A total of 1.266bn shares were traded, valued at Dhs1bn.
Depa shares surge on Abu Dhabi fit-out deal
September 26, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed Thursday's trading session unchanged at 2842.58 points.
While Dubai Ports (DP) World gained 0.81%, interior design firm Depa Limited surged 4.55% to reach $0.46, an 18-month high. On Wednesday, Depa said it has secured an Dhs574m fit-out contract for a major government project in Abu Dhabi. The full scope of work includes the installation of structural steel and architectural woodwork, flooring and carpeting through to decorative supplements, wall coverings and interior lighting fixtures covering a 28,000 sq/m area. The project is due for completion in 2015.
Arabian Pipes Co. snatches supply deal for Saudi Aramco refinery
September 25, 2013-The Tadawul All-Share Index closed flat at 8,002 points on Wednesday.
The shares of Arabian Pipes Company closed unchanged, too, at SR21.25. Earlier in the day, the company said in a filing to the Saudi bourse it signed on Tuesday a contract for supply welded steel pipes to Hanwha Engineering & Construction Co. which is one of the major contracting companies for Jazan refinery project owned by Saudi Aramco. Saudi Aramco is the biggest oil company in the world. "The amount of the signed contract is SR49m and the supply of the project pipes will be during first quarter of 2014 from Jubail factory," said Arabian Pipes. The financial impact would appear in the same period of year 2014.
Oman's Alizz Islamic Bank dips ahead of official launch
September 25, 2013--The Muscat Securities Market Index MSM-30 advanced 0.33% to reach 6,615.91 points on Wednesday.
With today's rise, the gauge crossed the mid-Bollinger Band amid a narrowing upper and lower band ('nose-to-nose' formation), usually a bullish signal. Oman Chlorine posted the biggest uptick (up 4.50% at RO0.70). Alizz Islamic Bank fell 2.75% to RO0.106. Alizz, the second Islamic bank in the sultanate after Bank Nizwa, will officially launch operations next week on on Sept. 30. Jamal Darwiche, Acting Chief Executive Officer of Alizz Islamic Bank told Times of Oman, "We have taken a careful approach to gain valuable market insight and further refine our financial offerings by working closely with the Fatwa and Sharia Supervisory Board to develop unique product and service propositions."
Ma'aden shares rise as firm manages to extinguish minor fire
September 24, 2013--The Tadawul All-Share Index slipped 0.27% to 8,003.44 points on Tuesday after the Riyadh-based bourse resumed trading following the 83rd Saudi National Day.
Saudi Arabia Mining Company or Ma'aden (Arabic for 'metals') advanced 0.35% to reach SR28.90. Earlier in the day, Ma'aden said Sept. 20 a limited fire broke out at the phosphate rock unloading belt at the MPCs facility in Ras Al Khair. "No employees were injured in the event," said Ma'aden. Company officials responded and extinguished the fire. "This stoppage will not affect Ma'adens ability to meet its obligations to its customers due to the availability of alternative mechanisms for the transfer of phosphate rock by trucks and land transport," said the firm. "Further details, including financial impact will be communicated in the next two weeks when a full engineering review will be completed." The Ma'aden Phosphate Company is a joint venture between Ma'aden and Saudi Basic Industries Corporation, or Sabic, the Saudi market bellwether. Sabic shares finished unchanged at SR97.50. Saudi Industrial Investment Group or SIIG lost the most, closing off 2.53% at SR27.
Bahrain's Investcorp snatches L. A.-based retailer Paper Source
September 24, 2013--The Bahrain All-Share Index closed on Tuesday insignificantly lower at 1,190.85 points.
Islamic bank Gulf Finance House posted the largest uptick (7.70% higher). Investcorp Bank shares did not post a price change. Earlier in the day, Investcorp said it has acquired Los Angeles-based multi-channel retailer Paper Source. The firm was bought from U. S. private equity company Brentwood Associates.
Abu Dhabi market shares advance across the board
September 24, 2013--The ADX General Index advanced 0.32%,, finishing at 3,828.43 points on Tuesday.
The shares of International Fish Farming Holding Co. PJSC, known as Asmak (Arabic for fish) jumped 15% (limit up) to close at Dhs17.25. Earlier in the day, Asmak said it will hold its board of directors meeting on Monday, Sept. 30.
Qatari banks perform mixed as competition increases
September 23, 2013--The Doha-based QE 20 Index added 0.12% to reach 9,797.88 points on Monday.
The first lender in the gas-rich Gulf state Qatar National Bank (QNB) slipped 1.10%, while the number two Commercial Bank of Qatar was up 0.44%. Earlier in the day, Bloomberg reported the joint venture between Qatar Holding and Credit Suisse Group, Aventicum Capital Management, plans to begin international operations by the end of the year after starting its first fund in July. Qatar Holding, the sovereign wealth fund of owned by the ruling family Al-Thani, holds 6% in Switzerland's second lender.
