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Qatar bourse gains slightly, IMF sees sharp growth slump in Qatar in 2012
October 26, 2011--The QE Index added 0.14% to close at 8,464.04 points.
The country's largest lender Qatar National Bank gained 0.28% to reach QR143.00. The IMF projects for 2012 a growth of 6% for the Qatari economy, after a whopping 18.7% in 2011.
Abu Dhabi Islamic Bank gains on higher nine-mont profit
October 26, 2011--The ADX General Index closed 0.17% higher at 2,454.85 points. Abu Dhabi Islamic Bank or ADIB gained 0.63% to reach Dhs3.20.
Earlier in the day ADIB reported a decrease of a third in net profits for the third quarter year-on-year, amounting to Dhs55.18m. However, ADIB's nine-month profit increased 53% to reach Dhs237m. Aldar Properties and Sorouh closed again unchanged at Dhs1.00 and Dhs0.92 respectively. So did Abu Dhabi National Energy Co. or Taqa. Earlier in the day, Taqa said that Carl Sheldon has been appointed CEO, succeeding Mr. Abdulla Saif Al Nuaimi who stepped down in July 2011 to focus on his role Director General Abu Dhabi's utility monopolist ADWEA. "Carl was previously TAQA’s General Counsel and Deputy General Manager. Prior to joining TAQA, he was a Partner at Allen & Overy LLP where his main focus was the energy sector," according to his bio, posted on Taqa's website. Some 24.8m shares worth Dhs40.5m changed hands at the ADX.
DP World shares gain on growing container handling
October 25, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1411.560 today, up 0.45%, from the previous close. DEPA Limited, the Dubai-based interior design firm, ended even at $0.445. Global maritime port operator DP World closed almost one per cent higher at $10.70.
Earlier in the day DP World has said its global portfolio of container terminals has delivered another solid quarter handling gross volumes of 14.4 million TEU (Twenty-foot equivalent unit) in the third quarter of 2011, 10% ahead of the third quarter last year. Gross volumes for the first nine months of the year were 40.6 million TEU or 11% ahead of the prior year. This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently acquired
DP World shares gain on growing container handling
October 25, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1411.560 today, up 0.45%, from the previous close. DEPA Limited, the Dubai-based interior design firm, ended even at $0.445.
Global maritime port operator DP World closed almost one per cent higher at $10.70. Earlier in the day DP World has said its global portfolio of container terminals has delivered another solid quarter handling gross volumes of 14.4 million TEU (Twenty-foot equivalent unit) in the third quarter of 2011, 10% ahead of the third quarter last year. Gross volumes for the first nine months of the year were 40.6 million TEU or 11% ahead of the prior year. This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently acquired Suriname and additional capacity in Callao, Peru and Qingdao, China. Like for like gross volume growth was 9%.
Qatar Navigation falls half a per cent, as nine-month profit dives
October 25, 2011--The QE Index ended unchanged at 8,452.46, as only the banking sector posted a small advance.
Shares of international shipping and transport company Qatar Navigation Company fell 0.52% to QR78.00. Earlier in the day, Qatar Navigation disclosed a net profit of QR584.3m for the nine months period ended September 30, 2011 in comparison to a net profit of QR1.1bn for the corresponding period last year.
Kuwait bourse declines 0.29%
October 25, 2011--The KSE Market Index closed 0.29% lower at 5,901.3 points. Shares of budget flyer Jazeera Airways gained 1.56% to reach KD0.325.
Earlier in the day, Jazeera Airways has said it has secured $200m in financing to buy four Airbus A320 aircraft, and said it expects "record" profits in 2011, Reuters has reported. Since the start of 2011, Jazeera under its German CEO Stafan Pichler rose almost three-fold. "We will do nothing, which does not generate shareholder value," Mr. Pichler told AMEinfo.com.
Abu Dhabi Commercial Bank Q3 profit climbes 90%
October 25, 2011--The ADX General Index broke a week-long series of losses and added 0.16% on Tuesday, closing at 2,450.61 points. Shares of the UAE's third largest lender Abu Dhabi Commercial Bank, known as ADCB, were not traded, ending unchanged at Dhs2.79.
Earlier in the day ADCB announced that it has earned Dhs613m in the third quarter, an 88% surge compared to the corresponding period the year before. Aldar Properties, Sorouh Real Estate, Abu Dhabi National Insurance Co. (Taqa) and Sharjah-based Dana Gas all closed flat.
Gulf Finance House soars as Islamic bank returns to Q3 profit
October 25, 2011--The Dubai Financial Market (DFM) General Index declined half a per cent to 1,353.69 points. Bahrain's leading Islamic investment bank Gulf Finance House or GFH posted the second highest advance (up 6.96% at Dhs0.507).
During the third quarter GFH earned $3.4m, up from a loss of 115.12m during the corresponding period in 2010. Emaar dipped 0.40% to Dhs2.47. Some 56m shares were traded, valued at Dhs47.7m.
Bahrain predicts economy to grow 5% next year
October 25, 2011--Sheikh Mohammad Bin Eisa Al Khalifa, CEO of Bahrain's Economic Development Board has said the Gulf country's economy is set to grow 5% next year after slowing down in 2011, as the government implements a stimulus package and receives aid from other Gulf countries,
Bloomberg has reported. "A lot of it is stimulus spending," Sheikh Mohammad said. "It is our largest capital-expenditure budget, plus the money coming in from the GCC."
Nasdaq Dubai to re-launch derivatives market
October 25, 2011--Nasdaq Dubai will relaunch its derivatives market, targeting regional institutions wanting to hedge their share portfolios, the exchange's chief executive told Reuters.
The bourse, owned by Dubai Financial Market , launched a derivatives exchange in November 2008 at the height of the global financial crisis and trading has been lacklustre.
