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Sorouh results mirror UAE real estate rebound
July 31, 2012--The Abu Dhabi market gauge ADXGI gained for the fourth day straight Tuesday, closing 0.50% higher at 2,506.23 points.
Shares of Sorouh Real Estate, the emirate's second developer, were the most liquid securities, ending up 1.94% to hit Dhs1.05. Earlier in the day Sorouh reported a 29% year-on-year increase in consolidated half-year net profits, amounting to Dhs259.4m. Sorouh, developer of projects such as Shams ABu Dhabi, said the result was reflecting continued strengthening of sustainable recurring income streams from Sorouh’s investment portfolio, as well as revenues from its National Housing projects, subsidiaries and the release of contingencies and provisions. Regarding the ongoing merger talks with Aldar Properties, Sorouh said "The due diligence process is well under way and a further update will be made as and when appropriate."
Qatar Telecom flat on lower half-year net profit
July 31, 2012--The Qatar Exchange Index added a quarter percentage point to hit 8,298.33 points Tuesday, mainly due to gains in the real estate sector.
Qatar Telecom, known as Qtel, closed flat at QR104.90. Earlier in the day Qtel disclosed its semi annual financial statements for the period ending June 30, 2012. The reviewed financial statements for the period ending June 30, 2012 revealed a net profit of QR1.3bn in comparison to QR1.5bn for the same period last year. In addtion, Qtel said that its subsidiary National Mobile Telecommunications Company in Kuwait announced that Dr. Bassam Hannoun has been appointed as CEO for Wataniya Telecom and will begin his new role from September 1 2012.
4 Sentenced to Death For Fraud In Iran
July 31, 2012--An Iranian court has sentenced four people to death for a billion-dollar bankfraud that tainted the government of President Mahmoud Ahmadinejad, state media reported on Monday.
Iranians, hit by sanctions and soaring inflation, were shocked by the scale of the $2.6 billion bank loan embezzlement that was exposed last year and by allegations it was carried out by people close to the political elite or with their assent.
Of the thirty-nine people tried for the fraud – the biggest in the Islamic Republic’s history – four were sentenced to hang, the IRNA state news agency reported.
Negative outlook of global economy limits increase in oil rates -KFH report
KUWAIT, July 31-"Global economy slowdown in light of the negative
outlook towards the economies of some countries, in addition to fears of a
decline in demand for oil, will lead to ceiling the increase in prices of oil
in global markets," said a report by Kuwait Finance House research division.
However, the report adds that "despite current price turbulences, prices are
expected to witness improvement in Q3 of this year as a result of an increase
in demand in some areas."
The report noted that oil traded near the lowest level in a week and dropped back to below USD 90.00 per barrel (pb) as concerns heightened on the back of weakening fuel demand, as Europe's debt crisis threatens to derail the global economy. Prices are down 11.0 percent year-to-date.
Dubai Islamic Bank gains on slightly higher half-year net profit
July 31, 2012--The DFM General Index gained 0.31% to reach 1,542.64 points Tuesday amid backwind from the earnings season.
Dubai Islamic Bank or DIB added 1.05% to reach Dhs1.93. DIB scored a half-year net profit of Dhs555, up 0.54% year-on-year. As of June 30, 2012, the bank’s total assets stood at Dhs93.9bn, compared to Dhs90.6bn at the end of 2011, an increase of 4 per cent. As of June 30 2012, customer deposits stood at Dhs68.3bn, compared to Dhs64.8bn as of December 31, 2011, an increase of 5%.
Kuwait GDP growth could reach 5.4%
July 30, 2012--The National Bank of Kuwait has said the Gulf country's GDP growth is likely to reach a healthy-looking 5.4% in 2012, but growth in the non-oil sector, at 4%, will remain below the regional average.
The country's consumer price inflation is expected to average 3-4% this year and next, little changed from recent levels, NBK said in the report. Key factors holding the economy back are the slow pace of execution of the government's four-year development program (2010/11-2013/14), and lingering effects from the financial crisis, which have undermined business confidence, said the report.
Red Sea Housing soars on billion-riyal investment program
July 30, 2012--The Saudi Stock Exchange remained buoyant Monday, despite a slight setback in oil prices. The Tadawul All-Share Index gained 0.8% to close at 6,822.86 points.
The surge was broadly supported as 112 out of 154 traded symbols advanced, while 29 declined. Red Sea Housing Services Company jumped three percent, finishing at SR30.90. Earlier in the day the company said that "the Board of Directors has approved the growth strategy to develop the company's activities for the period 2012 to 2020 and increase its global market share. The company is expected to invest a total of SR2bn to implement the strategy." The program consists of the following three initiatives: 1) Expanding the current business of the company, which involves providing housing solutions in remote areas, and enter in to new geographies such as Australasia, South America and North America. 2) Enter the affordable housing sector to serve the Kingdom of Saudi Arabia and other cities around the world. 3) Invest in the building and construction materials.
Qatar National Cement edges up, earns more in H1
July 30, 2012--The QE Index added 0.11% to reach 8,276.74 Monday.
Shares of Qatar National Cement Company gained 0.20%, after the firm said it achieved a net profit of QR225.3m in the first six months of 2012 in comparison to QR214.3m for the same period last year. The company’s Earning per Share (EPS) amounted to QR4.59 as of June 30, 2012 versus QR4.36 for the corresponding period in 2011.
National Bank of Abu Dhabi hits one-month high
July 30, 2012--In Abu Dhabi, the ADX General Index closed 0.40% higher at 2,495.12 points Monday.
The emirate's largest lender National Bank of Abu Dhabi or NBAD gained 0.60% to close at Dhs8.33. In the first six months of this year NABD's net profit rose 6.9% to reach Dhs2.087bn year-on-year.
DP World shares fall ahead of half-year results
July 30, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1624.95 today, up 21.480, or 1.34%, from the previous close. Dubai Ports (DP) World, globally the third largest maritime port
operator, declined 1.46% to hit $10.15. DPW announced earlier today it will publish 2012 half-year results on Wednesday, August 1.
