Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Ooredoo falls slightly, telco giant reports higher Q1 profit
May 1, 2013--The Qatar Exchange 20 Index slipped 0.11% to 8,667.85 points.
Shares of the country's first telecom operator Ooredoo fell 0.87% to QR68.40. Earlier in the day, Ooredoo (Arabic for "I want") said its net profit in the first quarter amounted to QR808m, reoresenting a 13.6% year-on-year. The results included the impact of the increased shareholding in Asiacell (Iraq) and Watania (Kuwait). Ooredoo said it witnessed further strong momentum from international operations in Algeria, Indonesia and Iraq. The IPO of Asiacell at Baghdad stock market in Feb. this year raised $1.3bn and was the biggest going public since 2008.
Aluminium Bahrain shares advance, Chief Support Functions Officer quits
May 1, 2013--The Bahrain All-Share Index in Manama extended its rebound journey on Wednesday by gaining 0.28% to reach 1,104.17 points.
Aluminium Bahrain or Alba advanced 0.85%, finishing at BD0.474. Earlier in the day, Alba said that Basem Al Sharqi is no longer the firm's Chief Support Functions Officer. Alba chief executive Tim Murray will be serving as as acting Chief Support Functions Officer until further notice.
Zain KSA plummets on extension of Murabaha facility for the umpteenth time
April 30, 2013--The Saudi Arabian Tadawul All-Share Index advanced 0.18% to reach 7,179.8 points Tuesday.
Shares of Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, ended down 4.90% at SR8.75. Earlier in the day, Zain KSA said the syndicated Murabaha (Islamic cost plus profit) facility of approximately SR9bn ($2.4bn) has been extended from April 30 to May 29 by the group of financiers, while the "junior debt" worth SR2.25bn ($600m) has been extended from May 1 to June 5 2013. Zain KSA added it currently prepares with the financiers "to finalize the arrangements of the new financing agreements that are intended to replace both facilities and intends to use the extension period to finalise such long-term financing arrangements." In addition, Zain KSA expected "hat the new Murabaha Facility will enjoy 5 years term in addition to lower interest rate."
Kuwait market performs steadily
April 30, 2013--The Kuwait Stock Exchange's market index ended little changed at 7,430.54 points Tuesday.
Commercial Bank of Kuwait or CBK (not traded) said earlier in the day it earned in the first quarter 2013 a net profit attributable to shareholders of KD0.8m (1Q2012: KD0.3m). Commercial Bank's total assets at the end of March 2013 reached KD3.8bn (December 2012: KD3.7bn) with shareholders equity of KD555.2m (December 2012: KD552.1m). The capital adequacy ratio at March 2013 is 19.34% which exceeds the minimum 12% required by the Central Bank of Kuwait.
Barwa Real Estate earns less as Qatar property market cools down
April 30, 2013--The QE 20 Index surged 0.20% to hit 8,677.10 points Monday mostly driven by gains in the industrials sector.
Industries Qatar, the market heavyweight, gained 1.90% to hit QR172. Barwa Real Estate Company posted the second biggest day-loss, diving 3.44% to QR23.55. Earlier in the day, Barwa said that in the first quarter this year it earned a net profit of QR158.5m in comparison to QR292.5m for the corresponding period in 2012. According to real estate service firm Asteco, property sales activity saw a 2% increase in the total value of transactions recorded in the first three months of the year, "despite a corresponding 2% dip in sales volume across all sectors against Q4 2012 figures." Asteco added in an assessment published Monday, that the total value of transactions for apartment blocks in Qatar fell by 56% in Q1 versus the final quarter of last year.
First Gulf Bank falls back on profit booking
April 30, 2013--The Abu Dhabi market index ADXGI closed 0.33% lower at 3,269.22 points Tuesday.
First Gulf Bank (FGB) slipped 0.40% to Dhs14.85 after the UAE's second biggest lender by market capitalisation shaved 5-year earlier in the month. Yesterday, FGB said it generated a net profit of Dhs1.05bn in the first quarter of this year, up 11% year-on-year. Gains in market bellwether Etisalat (up 0.15% at Dhs10.80) failed to mitigate losses in merging developrs Aldar Properties and Sorouh Real Estate which lost 4% and 2.66%, respectively.
Dubai market climbs to 3.5-year high
April 30, 2013--The DFM General Index closed Tuesday trading 1.62% higher at 2,135.40 points amid record-high trading volumes.
Tabreed advanced 2.61% to hit Dhs1.57 after the the UAE's first district cooling firm reported a 30% increase in fist quarter net profit, amounting to Dhs47.8m. Dubai Islamic Bank jumped 6.27%, finishing at Dhs2.88, representing the highest level since Nov. 2009. Some 633m shares were traded valued at Dhs642m. 19 shares advanced, while 5 stocks declined. Islamic insurance firm Takaful Emarat lost the most, finishing off 5.61% at Dhs0.639.
Bahrain Bourse rebounds on banks
April 25, 2013--The Manama-based Bahrain All-Share Index closed 1.05% to reach 1,097.43 Thursday.
Islamic bank Gulf Finance House posted the biggest increase (3.85% higher). Ahli United Bank, known as AUB, ended up 3.33%, after the lender said Wednesday it earned in the first quarter a net profit of $96.6m, up 12.% year-on-year. AUB said in an e-mailed statement, the key driver to these results was the increase in the operating income of the Group from $214.5m to $224.2m (up 4.5% y-o-y), along with the rise in net interest income by 11.0% to $167.4m (Q1/2012: $150.8m)."
DP World advances despite lower throughput in Q1
April 25, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 2,438.86 Thursday, up 18.450 or 0.76% from the previous close.
DP World closed 0.80% higher at $15.60. Earlier in the day, the world's third biggest port operator said it handled 12.8m TEU (twenty-foot equivalent units) across its global portfolio in the first quarter of 2013. DP World chairman Sultan Ahmed Bin Sulayem said "Whilst this was 7.0% lower than the same period last year, when adjusted for the divestments and monetisation across our portfolio, the decline was 3.5% on a like for like basis." Earlier in the day, Dieter Merz, the chief investment officer of MIG Bank, Lausanne, told AME Info he expected the global economy to slightly weaken further in 2013, "as declining demand for commodities and good from the U. S., Europe and China indicate."
Qatar General Insurance and Reinsurance Co. reports higher net profit in Q1
April 25, 2013--The QE 20 Index ended one of its longest gaining streaks (the gauge gained the last 8 days) and closed Thursday 0.73% lower at 8,593.26 points investors booked their profits ahead of the weekend.
Qatar General Insurance and Reinsurance Co. closed unchanged at QR40. Earlier in the day, the company said its interim financial statement for the three month period revealed a net profit of QR44.3m in comparison to QR37.7m for the corresponding period in 2012.
