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Dubai World assets top $120bn
January 25, 2010--Dubai World's property and investment assets exceeded $120bn at the end of 2009 and could cover its debt of $57bn, Arabic daily Al Ittihad has reported.
Citing a recent internal report shared with creditors, the paper said the value of the company's property assets dropped around 35% in 2009, compared with $157bn in 2008.
Commercial Bank of Qatar announces its financial results for year ended 31 December 2009
January 24, 2010--Commercialbank, one of the largest private sector banks in Qatar, announces its full financial results for the year ended 31 December 2009. The Bank delivered resilient earnings with net profit at QR1,524m and increased fourth quarter profits of 33% to QR186m compared to the same period in 2008 despite the challenges faced from the global financial downturn.
Key financial highlights:
• Net operating income increased to QR2,778m
• Net interest income up 30% to QR1,584m
• Net profit at QR1,524m
Dubai Gold And Commodities Exchange Weekly Views January 24, 2010
January 24, 2010--Commodities Overview:
Petroleum and precious metals were pushed sharply lower late last week by a round of profit taking. A stronger dollar helped trigger commodities selling. The selling was common across most commodities, and was not limited to the oil and gold markets. The selling may prove to be relatively short-term in nature. Prices may continue to test the lows seen late last week early this week.
These lows may hold however, as demand was seen already on Friday from investors and traders seeking to take advantage of the lower prices. Many investors continue to hold long-term bullish views toward commodities, and will be expected to establish fresh long positions as soon as the price declines appear to have run their course. The CFTC proposed regulations limiting positions on energy markets, and said similar restrictions on precious metals markets may follow soon.
Currencies Overview
The dollar could experience some profit-taking and selling pressure early this week. It may recover as the week progresses, however. The dollar performed strongly last week, as investors bought dollars in line with reallocation of assets into the U.S. markets and economy. News of the U.S. government plan to impose trading limits and size restrictions on U.S. commercial banks, coupled with political uncertainties and poor quarterly earnings reports from several major U.S. corporations hit U.S. assets later last week.
Bahrain to up oil production
January 21, 2010--Speaking at the inauguration of the new petroleum development company, Bahrain's oil minister has said the kingdom will focus on increasing oil production to reach the 100,000 barrels per day margin in a decade and will try to hold that production level till 2028, Kuna has reported.
The plan is expected to generate around $15bn by 2029, Abdulhussein Mirza told reporters. Bahrain's current oil production stands at 38,000 bpd, while it also produces around 150,000 bpd from the sea oil-field of Abu-S'afa co-owned with Saudi Arabia.
DME 2009 - The Year in Review
January 21, 2010--2009 was a positive year for the DME characterised by four significant developments. Firstly, liquidity has
increased with trading volumes achieving a 69% year-on-year increase and average daily volumes approaching
3,000 lots in the last quarter.
Secondly, the DME continues to strengthen its reputation as the largest
physically-delivered contract in the world and achieved a record delivery of 11.6 million barrels in September
2009. Thirdly, the adoption of DME Oman as the basis for setting the Official Selling Price (OSP) for Dubai crude
by the Dubai Department of Petroleum Affairs in June 2009 further reinforces the growing acceptance of the
DME Oman contract as the third global crude oil pricing benchmark. And fourthly, DME contracts were migrated
seamlessly onto CME Globex® thereby allowing market participants to access the world’s three crude oil
benchmarks on a single electronic platform.
Saudi stocks rise 0.21%
January 20, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.21% to 6,382 as 68 stocks ended higher while 48 fell.
The day's most heavily traded stock, Alinma Bank, rose 1.57% to SR12.90, while Kingom Holding climbed 3.68% to SR7.05.
DFM falls 1.48%
January 21, 2010--The Dubai Financial Market (DFM) fell 1.48% to 1,652.26, with four companies rising, three holding steady and 20 falling.
Ekttitab, Hits Telecom, DarTakaful and CBD were the only rising stocks, moving up 1.52% (to Dhs0.67), 1.43% (Dhs1.42), 0.68% (Dhs1.47) and 0.54% (Dhs3.72) respectively.
ADX slides 0.64%
January 21, 2010--The Abu Dhabi Securities Exchange (ADX) fell 0.64% to 2,636.73, with seven stocks rising, three holding steady and 20 falling.
Gulf Medical Projects was the day's biggest gainer, moving up by 5.56% to Dhs2.35. Abu Dhabi National Hotels registered the biggest drop, moving down 9.77% to Dhs3.60.
Abu Dhabi: Non oil and gas GDP constitutes 64% of the total GDP
January 20, 2010--Abu Dhabi is better known for holding the largest hydrocarbon resources in the country, which accounts for 95% of oil and 92% of natural gas, thus accounting for 9% of the world's proven oil reserves.
But remarkable, non oil and gas GDP constitutes 64% of the total GDP. This trend is reflected in Abu Dhabi with substantial new investment in real estate, tourism, Utilities and retail.
The economic progress has led to a greater demand in a lot of aspects. Therefore, infrastructure developments in terms of roads, power and water, ports etc, play a very crucial role.
Dubai's debt may be $170bn, says report
January 20, 2010--The total debt of Dubai could be as much as $170bn, far higher than previously reported, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank.
'The total debt held by Dubai Inc could well be in the range of $130-170bn," the bank said in its 2010 UAE Yearbook. Dubai Inc is a term used to refer to the Dubai government and its government-related entities.
