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UAE economy seen to hit $410bn next year
March 11, 2013--US-based Institute for International Finance (IIF) has forecast the UAE economy to cross the Dhs1.5trn mark in 2014, Khaleej Times has reported.
"The UAE economy is to continue its rise to reach $395bn in 2013 and a record high of around $410bn in 2014,” the IIF report said. The UAE maintained its position as the second-largest Arab economy in 2012 after its GDP grew by $23bn in current prices, the report said.
Saudi Automotive Services Co. hits 6-month high
March 11, 2013--The Tadawul All-Share Index closed 0.17% higher at 7,030.93 points amid low trading turnover.
Sabic edged up by 0.54% to reach SR93.25. Saudi Automotive Services Co. jumped 10% to hit SR19.30, the highest level since Sep. 2012.
Kuwait Stock Exchange is up and away, KFH adds on real estate move
March 11, 2013--The KSE Market Index advanced 0.56% to close at 6,665.49 points Monday.
Burgan Bank and Kuwait's first Islamic bank Kuwait Finance House or KFH gained 1.8% and 1.22%, respectively. Earlier in the day, KFH said it consolidated all its real estate investment activities to one entity, KFH Real Estate. "All KFH's real estate investment activities shall be consolidated and managed by KFH Real Estate company, locally, regionally, and internationally," said Shaheen Al-Ghanim, KFH's general manager of international banking and acting CIO.
Qatar Islamic Bank shareholders okay 35pct cash dividend
March 11, 2012--The QE 20 Index advanced 0.30%, finishing at 8,544.41 points.
Qatar Islamic Bank, known as QIB, gained 0.42% to hit QR71.60. Earlier in the day, QIB said the annual general assembly approved the board's recommendation to distribute cash dividends equaling 35% of the shares nominal value i.e. QR 3.5 per share for the year 2012.
DP World gains on Hong Kong divestment
March 7, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.11% higher at 2172.59 Thursday.
Dubai Ports (DP) World, globally the 3rd biggest maritime port operator with over 60 ports worldwide in its portfolio, advanced 0.76% to reach $13.20. Earlier in the day, DP World said it divested 75% of its interests in CSX World Terminals Hong Kong Ltd. (CT3), which operates berth 3 of the Kwai Chung Container Terminal and ATL Logistics Centre Hong Kong Ltd., a logistics centre located alongside CT3, and 100% of its interest in Asia Container Terminal Ltd, which operates Asia Container Terminal 8 West (CT8). "The total consideration to be received by DP World for the two transactions is $742m including the repayment of certain shareholder loans," the port giant said. The total net gain is expected to be approximately $151m, subject to transaction costs and currency movements. DP World will divest 75% of its equity interests in CT3 and ATL, for $463m, to Goodman Hong Kong Logistics Fund, a non-listed real estate trust. DP World will form a strategic partnership in respect of these assets. As part of this partnership, DP World will continue to manage the port operations. The Emirati port conglomerate also sold its entire 55.16% stake in Asia Container Terminals Holdings Ltd., the holding company of the entity that owns and operates CT8, for $279m to Hutchison Port Holdings Trust.
Qatar Cinema shareholders okay 20pct cash dividend
March 7, 2013--The QE 20 Index advanced 0.13% to close at 8,506.22 points.
Market heavyweights Qatar National Bank and Industries Qatar gained 0.83% and 0.59%, respectively. Qatar Cinema and Film Distribution ended unchanged at QR59.10. The firm said earlier in the day, the ordinary general assembly approved yesterday the distribution of dividends on the basis of QR2 per share.
Abu Dhabi market falls below 3,000 points
March 7, 2013--The ADX General Index finished a volatile week off 1.04% at 2,970.63 points Thursday amid high trading turnover.
Merging developers Aldar Properties and Sorouh Real Estate fell by 1.38% and 0.57%. Abu Dhabi National Energy Co., known as Taqa, jumped 12.36% to hit Dhs1.46.
Arabtec ends 7-day losing streak, Dubai bourse bounces back
March 7, 2013--The Dubai Financial Market General Index closed 0.40% higher at 1,882.07, thanks top a last-minute rally triggered by bargain hunters.
Arabtec Construction finished up 3.92% at Dhs2.12, ending a painful losing streak which dragged the UAE's first real estate builder down to a 3.5-month low. Developers Emaar (up 1.12% at Dhs5.40) and Union Properties (gaining 1% at Dhs0.407) also helped the gauge to stay afloat as European and U. S. stock indices reached multi-year highs this week. National General Insurance or NGI lost the most (off 10% at Dhs6.84).
Bahrain's Ithmaar Bank has 52-week high in sight
March 7, 2013--The Bahrain All-Share Index added 0.16%, closing at 1,099.79 points Thursday.
Islamic financial institution Ithmaar Bank jumped 7.70% to close at $0.21. Its rival Al Baraka Banking Group, the oldest Islamic bank in the kingdom (founded in 1979), declined 1.37% to $0.72.
Tadawul exchange rises back to 6,999 points
March 6, 2013--With oil prices rebounding by 1.2% to 106.92 U. S. dollars per barrel (DME Oman crude), lifted the Saudi stock market by 0.70% to 6,999.53 points.
The world's first petrochemicals producer Sabic was the most liquid share and rose 0.27% to reach SR92.50. Salama Co-operative Insurance Co. fell the most (down 5.96% at SR51.25).
