Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Union Cement Company posts net loss in the third quarter
November 03, 2011--The ADX General Index declined 0.32% to 2,482.23 points. Aldar Properties gained one per cent to reach Dhs1.04. Abu Dhabi National Energy Co., known as Taqa closed 0.86% higher at Dhs1.17.
Shares of Union National Bank or UNB closed even at Dhs2.95. UNB said earlier today it has successfully closed a 5-year bond issue for $400m. Union Cement Co. was not traded, after the firm reported a third quarter net
Dubai bourse DFM closes the week before Eid holidays positively
November 03, 2011--Thanks to a last-minute upswing, the DFM General Index closed half a per cent higher at 1,384.28 points.
Deyaar Development reaped benefits from its comeback to profits, it reported yesterday and advanced 6.84% to reach Dhs0.25. District cooling specialist Tabreed was not traded, earlier in the day, Tabreed reported that its nine month net profit increased 12% year-to-date to Dhs129.8m. Tabreed's third quarter net profit rose to Dhs53.5m from Dhs36.3m. Trading volumes stood at Dhs52m valued at Dhs47m. The DFM will be closed from Sunday, November 6th, marking the Islamic Feast of Sacrifice Eid ul-Adha, and will resume trading on Thursday, November 9th.
OEIH posts OR2.9m loss
November 03, 2011--Oman and Emirates Investment Holding (OEIH) has said its profitability for the nine-month period ended September 30, 2011 has been hit by the weak performance of equity markets this year, Muscat Daily has reported.
The company made a net loss of OR2.93m for the nine-month period against a net profit of OR555,000 in the corresponding period of last year. “The adverse situation in the equity market had a negative impact on investment valuations and consequently on the profitability of the company,” said Awad Mohammed Faraj Bamkhalef, CEO of OEHI.
UAE issues draft rules on short selling
SCA is posting new draft regulation for consultation
November 3, 2011--SCA is pleased to announce to its stakeholder and the public, the posting of draft regulations on the market making, security lending and borrowing, short selling and liquidity providers.
Feedback and comments can be submitted during the period 03/11/2011 to 17/11/2011.
1. Market Making
2. Security Lending and Borrowing
3. Short Selling
4. Liquidity Providers
Samba Financial Group hits 18-week high
November 02, 2011--The Saudi Tadawul bourse rebounded Wednesday by one per cent and closed at 6,215.67 points. Higher oil prices (up one per cent at $93 (US crude)) supported the positive sentiment. Sabic
advanced 1.32%, closing at SR96.00. Shares of Samba Financial Group soared 3.81% to reach SR49.00, the highest value sind July 18. Losses
Al Khaliji Commercial Bank installs FIFA 2022 related contract division
November 02, 2011-The QE Index closed 0.59% higher at 8,579.97 points Wednesday. Shares of Al Khaliji Commercial Bank advanced 0.29% to reach QR17.07.
Earlier in the day, the bank announced it has established a specialized contracting finance division for contracts related to the FIFA Football World Cup in 2022 in Qatar. "Qatar is expected to spend a staggering $150bn on hosting FIFA world cup 2022," Al Khaliji Commercial Bank said in a statement. "The major projects include development of Metro Rail, state of art stadiums, hotels as well as other infrastructure projects. Major contractors and sub contractors involved in these projects will need to resort to bank finance. Al Khaliji has introduced a Specialized Contracting Finance Division to cater the requirements seamlessly and efficiently for Contractors and subcontractors awarded with subject projects” said Robin McCall, Group Chief Executive Officer, Al Khaliji.
National Bank of Kuwait hits five-month high
November 02, 2011--The Kuwait Stock Exchange closed even at 5,916.8 points.
The country's largest lender National Bank of Kuwait or NBK gained 1.75% to reach KD1.160. Al-Safat Investment posted the largest decline (off 5.9% at KD0.079).
Qatar not planning to raise T-bill issue
November 02, 2011--Qatar's central bank governor Sheikh Abdullah bin Saud Al-Thani said the country has no plans to raise the monthly issuance of treasury bills from a current QR2bn ($550m),
Reuters has reported. The Gulf country's central bank has been issuing treasury bills with various maturities ranging from three to nine months to drain excess liquidity from its banking sector.
DGCX trades 441, 975 contracts in October
Monthly volumes increase 110% year-on-year to 441, 975 contracts, valued at US
$18.36 billion
Year-to-date (YTD) volumes rise 104% to reach 3,205,464 contracts
November 2, 2011--October volumes on the Dubai Gold & Commodities Exchange
(DGCX) grew 110% year-on-year to reach a total of 441, 975 contracts, valued at US $18.36 billion.
The month of October saw the Exchange surpassing the three million contracts mark, the first time it has crossed this milestone in its history. Year-to-date (YTD) volumes traded at the
end of October were 3,205,464 contracts, a 104% increase from last year. Average daily
volume in October rose 110% to reach 21,046 contracts valued at US $ 903 million.
UAE says $80-$100 oil price is 'reasonable'
November 01, 2011--United Arab Emirates: The UAE oil minister, Mohammed bin Dhaen Al-Hamli has said a reasonable price for crude oil is between $80 and $100 a barrel, Reuters has reported.
A high oil price would lead to more investment in alternative energy and also more investment in crude production capacity, which would mean less volatile prices, he said. "The higher the capacity, the less fluctuation in prices, except that capacity that is not in used is very expensive," Al-Hamli said.
