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ADIB advances on expansion to Sudan
December 24, 2012--The Abu Dhabi bourse gained the 5th day straight Monday.
The ADX General Index closed 0.26% higher at 2,638.17 points. Sharjah-based Dana Gas advanced the most, closing 2.27% higher at Dhs0.46. First Gulf Bank or FGB reached Dhs11.45 (up 0.10%), representing the highest level since Aug. 19 2008 (the month before U. S. Lehman Brothers went bankrupt, triggering the global financial crisis). Abu Dhabi Islamic Bank, better known as ADIB, advanced one percent to hit Dhs3.13. Earlier in the day, ADIB said it opened a branch in Khartoum, Sudan's capital. "ADIB becomes the first UAE-based Islamic financial institution to receive a banking license from the Sudanese Central Bank," said the 1997-founded lender which added it would offer wealth management and corporate banking in Sudan. The inauguration ceremony was attended by Sudan's President Omar Hassan Al-Bashir and UAE Ambassador H. E. Hassan Ahmed Sulayman El Shahi and a number of official dignitaries from Sudan, UAE and neighboring Egypt.
Despite being a turnaround story, Shuaa falls further
December 24, 2012--A resilient Dubai market ended a roller-coaster Monday 0.10% higher at 1,608.42 points, mostly driven by Emaar Properties (up 0.27% at Dhs3.75) and Islamic financial institution Ajmanbank, the "share of the year" which jumped 3.85% to hit Dhs1.35 and which gained 68% since Jan. 1. Investment bank Shuaa Capital fell 1.19% to Dhs0.50.
Shuaa unveiled a new strategy on Oct. 7, saying it would focus more on commercial lending and debt advisory for SMEs, family-owned firms and large conglomerates. Shuaa applied for an Islamic banking licence and aims to return to profits in 2013. Telecom operator du slipped 0.30% to Dhs3.50. On Sunday, du said it has agreed a five year club debt facility for $500m(Dhs1.8bn) "to fund medium term capital expenditure". The club debt facility agreement lasts over a period of five years at a 1.75% margin over LIBOR.
Egypt: Investment Minister-Gov't Plans to Achieve 4 Percent Growth Rate
December 24, 2012--Investment Minister Osama Saleh asserted that the government's plan to reactivate the economy includes encouraging domestic, Arab and foreign investment and re-boosting production in various sectors.
Also, it aims at accelerating the re-operation of factories to achieve a growth rate ranges between 3.5% to 4% for the current fiscal year 2012/2013.
Qtel soars on Asiacell's listing plans in Baghdad
December 20, 2012--The Doha-based QE 20 Index ended the week on a solid note, closing up 0.42% at 8,442.51 Thursday.
Qatar Telecom or Qtel advanced 1.76% to finish at QR103.90. Earlier in the day, Qtel said its subsidiary Asiacell confirmed to proceed with its intention to list shares on the Iraq Stock Exchange ISX as part of the terms of its license. Qtel owns 53.9% of Asiacell. Rabee Securities, Iraq’s largest independent brokerage, is acting as sole distributor and selling agent and Melak Iraq, an Iraqi Financial Advisory Firm, is sole adviser to the company in respect of the offer.
Developers fuel Abu Dhabi exchange advance
December 20, 2012--The ADX General Index ended Thursday a quarter percentage point higher at 2,619.65.
While bellwether shares Emirates Telecommunications Corporation or Etisalat lost 0.11%, developers Eshraq (up 2.44%), Aldar and Soruoh (gaining 0.80%) lifted the gauge.
DP World could become top 2012 performer
December 20, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed up 1.14% at 1805.27 Thursday.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange ADX and NASDAQ Dubai. "The gauge has been designed as a hedging and investment mechanism for GCC and international investors", according to the exchange. Shares of Dubai Ports (DP) World jumped 3.90% to hit $12.00. The share was priced at $9.70 on Jan. 1. Earlier in the week, DP World said that its flagship Jebel Ali Port has achieved a new milestone, handling more than 500,000 vehicles in less than 12 months. "This translates into almost one vehicle imported, exported or re-exported every minute of the day, 24x7." Shares of interior design firm Depa Limited dived 5.71%, finishing at $0.33.
Dubai market rises to 1,600, Emirates NBD up on Egypt deal
December 20, 2012--The Dubai equity index DFMGI gained 0.62% amid higher turnover than yesterday, closing at 1,601.39 Thursday.
Some 149m shares worth Dhs176m changed hands. Emaar Properties edged up by 0.54% to close at Dhs3.72 after the developer said yesterday it secured a $500m financing facility to build Emaar Square in Turkey, a mixed-used luxury district near Istanbul. The UAE's largest lender by assets Emirates NBD added 0.72%, ending at Dhs2.85. ENBD said earlier in the day, it purchased the Egyptian branch from French lender BNP Paribas for $500m. The deal is subject to regulatory approval in Egypt and in the UAE. Shuaa Capital, briefly fell below Dhs0.50 but eventually finished at Dhs0.503, down 1.76%. The UAE's oldest investment bank said in an e-mailed statement that Portugal's Urbanos Group, the majority shareholder of Groundforce Portugal, has appointed Shuaa as Middle East financial advisor. Groundforce Portugal is Portugal’s main airport cargo and passenger handling services provider with a 65% market share. The firm plans to establish and expand a presence in the Middle East.
Tadawul market ends week on a high note
December 20, 2012--The Saudi Arabian Tadawul All-Share Index closed Wednesday trading 0.44% higher at 6,888.59, as insurers led the market's rise to a 5-week high.
SABIC stood flat at SR92.25 after the Saudi bellwether gained 3.64% since Dec. 1. Saudi Enaya Cooperative Insurance Company fell one percent to SR49.50. Earlier in the day, Saudi Enaya said that CEO Gianin Zogg has resigned from his current position as effective Dec. 18. His resignation was accepted without prejudice and was handed in for personal reasons. The board of directors and the nomination and remuneration committee has appointed Sulaiman Mahmoud Hilal as the Interim CEO. "Later on Saudi Enaya will make an announcement once we have all approvals from regulation regarding the Interim CEO." Since July this year, Saudi Enaya has been trading sideways around SR50. The Tadawul bourse remains closed Thursday and will resume trading Saturday. All other GCC exchanges are open for trading from Sunday to Thursday.
Ma'aden advances on SR9bn Islamic financing agreement
December 18, 2012--The Tadawul All-Share Index Tasi ended a 5-day gaining streak Tuesday, closing 0.20% lower at 6,858.24 points.
SABIC slipped 0.27% to SR92.25. Saudi Arabian Mining Co. or Ma'aden (Arabic for 'metals') ended 0.30% higher at SR33. Earlier in the day, Ma'aden said that it has signed a SR9bn ($2.4bn) Murabaha revolving financing facility with a tenur of 5 years. The subscribing banks are National Commercial Bank, Samba Financial Group, Banque Saudi Fransi, Riyad Bank, Saudi British Bank, Al Rajhi Bank, Bank Al Jazeera, J.P. Morgan Chase, Arab National Bank, Bank Al Bilad and Saudi Investment Bank. Under the Shari'ah-compliant Murabaha scheme, the banks purchase goods and re-sells them to the company at a higher price which the firm pays off over a pre-defined period at fixed rates in order to circumvent the payment of interest (interest or riba is non-permissible in Islam). The company increased the loan amount from SR7bn billion to SR9bn "to give the company more flexibility to finance the future projects", said Ma'aden, adding that "The deal was oversubscribed 2.5 times which demonstrate the banks trust in Maaden's credit worthiness." As an act of transparency, Ma'aden said further that Mr. Mansour bin Saleh Al Maiman is a board member in Ma'aden and a chairman in the National Commercial Bank (NCB), the largest bank in the kingdom.
NASDAQ Dubai primary listings retreat
December 18, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed flat at 1774.19 Tuesday.
DP World, globally the third largest maritime port operator, fell 0.44% to $11.35. The Middle East's largest interior designer Depa Limited plummeted 2.51% to $0.35.
