Company Name : Arab Gathering Investment ISIN Code : EGS67221C019 Currency : LE F/S Standalone Period : From 01/01/2009 to 31/12/2009 Net Profit : 14,344,704 F/S Standalone Period : From 01/01/2008 to 31/12/2008 Net Comparative Profit : 14,678,391 Audit Status : Audited Source : Arab Gathering Investment
Company Name : Arab Gathering Investment ISIN Code : EGS67221C019 Currency : LE F/S Consolidated Period : From 01/01/2009 to 31/12/2009 Net Profit : 26,362,026 F/S Consolidated Period : From 01/01/2008 to 31/12/2008 Net Comparative Profit : 25,181,643 Audit Status : Audited Source : Arab Gathering Investment
Company Name : Misr Conditioning (Miraco) ISIN Code : EGS3G061C012 Reuters Code : MRCO.CA Content : EGX decided to suspend trading on the company effective 11/03/2010 trading session till the company sends its financial statements for the year ended 31/12/2009.
Company Name : El Arabia Engineering Industries ISIN Code: EGS3G111C015 Reuters Code: EEII.CA Type of Dividend : Cash Coupon No. : 19 Dividend per Share : LE 1.50 Payment Date : 23/03/2010 Dividend Date : 28/03/2010
Company Name : Lord Import & Export "SOTRACO" ISIN Code : EGS421I2C018 Currency : $ F/S Period : From 01/01/2009 to 31/12/2009 Net Profit : 5,445,210 F/S Period: From 01/01/2008 to 31/12/2008 Net Comparative Profit : 4,854,286 Audit Status : Audited Source : Lord Import & Export "SOTRACO"
Company Name : Arab Gathering Investment ISIN Code : EGS67221C019 Currency : LE F/S Consolidated Period : From 01/01/2009 to 31/12/2009 Net Profit : 26,362,026 F/S Consolidated Period : From 01/01/2008 to 31/12/2008 Net Comparative Profit : 25,181,643 Audit Status : Audited Source : Arab Gathering Investment
Company Name : Arab Gathering Investment ISIN Code : EGS67221C019 Currency : LE F/S Standalone Period : From 01/01/2009 to 31/12/2009 Net Profit : 14,344,704 F/S Standalone Period : From 01/01/2008 to 31/12/2008 Net Comparative Profit : 14,678,391 Audit Status : Audited Source : Arab Gathering Investment
Company Name : Egyptian Electrical Cables ISIN Code : EGS3G231C011 Currency : LE F/S Period : From 01/01/2009 to 31/12/2009 Net Profit : 60,142,695 F/S Period: From 01/01/2008 to 31/12/2008 Net Comparative Profit : 40,259,185 Audit Status : Audited Source : Egyptian Electrical Cables
Company Name : Al Bader Plastic ISIN Code : EGS3A2Z1C015 Currency : LE F/S Period : From 01/01/2009 to 31/12/2009 Net Profit : 1,437,207 F/S Period: From 01/01/2008 to 31/12/2008 Net Comparative Profit : 549,206 Audit Status : Audited One of Nilex companys Source : Al Bader Plastic
Company Name : Lord Import & Export "SOTRACO" ISIN Code : EGS421I2C018 Currency : $ F/S Period : From 01/01/2009 to 31/12/2009 Net Profit : 5,445,210 F/S Period: From 01/01/2008 to 31/12/2008 Net Comparative Profit : 4,854,286 Audit Status : Audited Source : Lord Import & Export "SOTRACO"
Company Name : El Arabia Engineering Industries ISIN Code: EGS3G111C015 Reuters Code: EEII.CA Type of Dividend : Cash Coupon No. : 19 Dividend per Share : LE 1.50 Payment Date : 23/03/2010 Dividend Date : 28/03/2010
Company Name : Misr Conditioning (Miraco) ISIN Code : EGS3G061C012 Reuters Code : MRCO.CA Content : EGX decided to suspend trading on the company effective 11/03/2010 trading session till the company sends its financial statements for the year ended 31/12/2009.
Company Name : Modern Company For Water Proofing ISIN Code : EGS3J041C011 Reuters Code : WATP.CA Content : EGX decided to resume trading on the company effective 11/03/2010 trading session at 01:45 PM as the company responds to EGX inquires.
Company Name : Modern Company For Water Proofing ISIN Code : EGS3J041C011 Reuters Code : WATP.CA Content : EGM minutes after certification Assembly Date : 10/02/2010
The Emirates Securities Market Index has increased by 0.56% to close at 2,768.31 points. Accordingly the Market Capitalization has gained 2.24 Billion AED attaining 404.23 Billion AED. A total of....(More...)
The Emirates Securities Market Index has increased by 0.56% to close at 2,768.31 points. Accordingly the Market Capitalization has gained 2.24 Billion AED attaining 404.23 Billion AED. A total of 0.51 Billion shares were traded with a total value of 1.02 Billion AED during the trading session of Thursday 11 March 2010 through 9,796 transactions. The Services sector has increased by 1.57% , followed by the Industry sector that increased by 0.9% , followed by the Insurance sector that increased by 0.18% , followed by the Banks sector that decreased by 0.73%.
The number of companies which has been traded is 65 out of 133 companies listed in the market. Shares for 33 companies were advanced, whereas shares for 21 companies were declined and the rest remained unchanged.
«Emaar Properties» came at the top of the most active companies with a trade value of 0.30 Billion AED distributed over 87.29 Million shares through 1,961 transactions.«Dubai Financial Market» shares followed by 0.20 Billion AED distributed over 0.12 Billion shares through 1,699 transactions.
«Abu Dhabi National Hotels» shares has achieved the highest increase in the price which closed at 4.45 AED with 8.54% increase during 30,497 shares traded with a trade value of 0.14 Million AED. Whereas «Global Investment» shares Increased by 7.25% to close at 1.48 AED during the trading of 31,699 shares traded value of 42,784 AED.
«Finance House» has achieved the lowest decline by 10.00% to close at 4.77 AED during 5,000 shares traded with a trade value of 23,850 AED. Followed by «Hits Telecom Holding» which dropped by 8.28% to close at 1.44 AED during the trading of 10.02 Million shares traded value of 15.06 Million AED.
Since the beginning of the year, the percentage change in the Emirates Securities Market index has declined by -0.12%, with a total accumulation trade value of 24.53 Billion AED. The number of companies which has achieved a rise in its market price reached 35 out of the 133 listed companies whereas the declined ones are 56 companies.
The Industry sector index has the lead over the other indices, with a growth of 2.25% since the end of last year to settle at 349 points.Whereas, the Services sector index has growth by 0.19% to close at 2,553 points.Followed by the Banks sector index with percentage of -0.16% to settle at 2,933 points.Followed by the Insurance sector index with percentage of -6.19% to settle at 3,105 points. (Less...)
Trading value for Thursday 11/3/2010 reached JD(96.8) million. (37.3) million shares were traded through (9184) transactions.The shares price index closed at (2482) point, an increase of (0.55%).The....(More...)
Trading value for Thursday 11/3/2010 reached JD(96.8) million. (37.3) million shares were traded through (9184) transactions.
The shares price index closed at (2482) point, an increase of (0.55%).
The shares of (159) companies were traded, the shares prices of (86) companies rose, and the shares prices of (47) declined.
The top five gainers were, the Al Barakah Takaful by (4.89%), Amoun International For Investments by (4.88%), General Lightweight Concrete Industries by (4.88%), Akary For Industries And Real Estate Investments by (4.76%), and Al Bilad For Securities And Investment by (4.72%).
The top five losers were, the Middle East Diversified Investment by (4.95%), Specialized Investment Compounds by (4.88%), Jordan Emirates Insurance by (4.76%), Unified Transport & Logistics by (4.76%), and Nopar For Trading And Investment by (4.40%). (Less...)
Company Name : Tourism Urbanization ISIN Code : EGS65021C015 Reuters Code : TOUR.CA Content : Tourism Urbanization sent a release concerning the coverage ratio for issued capital increase from LE 39.120 million to LE 45.640 million distributed over 652,000 shares where the subscription was covered by 98.45%.
The Listing Committee held on 08/03/2010 has approved to list the capital increase of Six of October Development & Investment "Sodic" from LE 284,133,960 to LE 362,705,390. The 78,571,430 capital....(More...)
The Listing Committee held on 08/03/2010 has approved to list the capital increase of Six of October Development & Investment "Sodic" from LE 284,133,960 to LE 362,705,390. The 78,571,430 capital increase (representing the 6th issue) is distributed over 7,857,143 fully paid cash shares (through rights issue for the existing shareholders) at par value of LE 10 per share. Shares of this capital increase will be available for trading effective 11/03/2010 trading session. (Less...)
Company Name : Semiramis Hotels ISIN Code: EGS70051C015 Reuters Code: SEHO.CA Type of Dividend : Cash Coupon No. : 18 Dividend per Share : LE 7.50 Payment Date : 11/03/2010 Dividend Date : 08/03/2010 Ex-Dividend Date : 09/03/2010
Company Name : Beltone Financial Holding ISIN Code : EGS691G1C015 Reuters Code : BTFH.CA Content : EGX decided to suspend trading on the company effective 11/03/2010 trading session till the company sends Board of Directors' decisions which should be held today, to take a decision concerning the issue of the merger between the company and Pioneers Holding.
Company Name : Pioneers Holding ISIN Code : EGS691L1C018 Reuters Code : PIOH.CA Content : EGX decided to suspend trading on the company effective 11/03/2010 trading session till the company sends Board of Directors' decisions which should be held today, to take a decision regarding the issue of the merger between the company and Beltone Financial Holding.
Company Name : Tourism Urbanization ISIN Code : EGS65021C015 Currency : LE F/S Period : From 01/01/2009 to 31/12/2009 Net Profit : 8,401,046 F/S Period: From 01/01/2008 to 31/12/2008 Net Comparative Profit : 8,124,808 Audit Status : Audited Source : Tourism Urbanization
Company Name SHARM FOR TOURISM DEVELOPMENT Maturity Date08/03/2010 Pay date11/03/2010 Coupon Number4 Currency LE Issue Number 1 Corporate action type Cash Dividends : value paid is 50.7368 LE per share
Company Name OCTOBER PHARMA S.A.E Maturity Date 10/03/2010 Pay date 11/03/2010 Coupon Number 1 Currency LE Issue Number 1 Corporate action type Splitting : Splitting 1 share(s) To 10 share(s)
Company Name International Eye Hospital Maturity Date 10/03/2010 Pay date 11/03/2010 Coupon Number 1 Currency LE Issue Number 1 Corporate action type Splitting : Splitting 1 share(s) To 10 share(s)
Company Name Delta Insurance Company Maturity Date 10/03/2010 Pay date 11/03/2010 Coupon Number 4 Currency LE Issue Number 1 Corporate action type Free shares : 0.2 Free share(s) For every 1 share(s)
Company Name El Arabia Engineering Industries Maturity Date 10/03/2010 Pay date 11/03/2010 Coupon Number 2 Currency LE Issue Number 1 Corporate action type Splitting : Splitting 1 share(s) To 4 share(s)
CAIRO (Reuters) - Egypt's telecom regulator has extended the deadline for bids for two restricted licences to supply cable, voice and internet services to residential compounds by one month, after....(More...)
CAIRO (Reuters) - Egypt's telecom regulator has extended the deadline for bids for two restricted licences to supply cable, voice and internet services to residential compounds by one month, after requests from potential bidders. Bids will now be due by April 15, Amr Badawi, head of the National Telecom Regulatory Authority (NTRA), told Reuters on Thursday. "There was a request (to delay) by at least five of the prospective bidders" who sought more time to prepare bids." The licences have received a lukewarm reception from many telecom firms and analysts disappointed by their limited scope and reliance on the infrastructure of landline monopoly Telecom Egypt. Badawi said at least 18 firms had bought bid documents but not all were expected to bid and the NTRA had not yet received any bids. "They have the right to submit their bids early, but nobody usually does that," he said. Among those that have bought the documents include existing operators Mobinil and Vodafone Egypt, and regional operator Orascom Telecom. Egypt invited bids in September for licences it expects to generate $1 billion in investments over five years. The bids were initially due in January, with successful bidders expected to start work in the second half of 2010. That deadline was extended by two months in December. In 2008, Egypt suspended plans to launch a second fixed-line operation that would have broken Telecom Egypt's monopoly. (Less...)
RABAT (Reuters) - Morocco's Credit Agricole, the country's fourth largest in terms of assets, will remain on a strong growth path this year after profit jumped 36 percent in 2009, its chief executive....(More...)
RABAT (Reuters) - Morocco's Credit Agricole, the country's fourth largest in terms of assets, will remain on a strong growth path this year after profit jumped 36 percent in 2009, its chief executive officer said on Wednesday. Though it is not listed on the bourse, the performance of state-owned Credit Agricole is closely watched by investors at home and abroad as the bank is mulling over launching an initial public offering in the near future. "The bank's net profit rose 36 percent in 2009 to 306 million dirhams, which is a higher percentage compared to peers in the sector," Chief Executive Officer Tariq Sijilmassi told Reuters in an interview. Credit Agricole put aside 340 million dirhams as provisions for bad loans dating back to the years before 2002. "I think we can collect up to 40 percent of these bad loans," the CEO said. The provisions stemmed from the country's monetary policy to reinforce the health of the banking system, he added. The bank saw its revenue rise 11 percent to 2.130 billion dirhams while costs rose 6 percent, Sijilmassi said. "We will continue on the same trend of growth in 2010 as in the previous year," he said. SOLVENCY UP Credit Agricole had been on the brink of bankruptcy early in the 2000s because its business then was linked to the fortunes of Morocco's farming sector which suffers cyclical drought. "The bank's business structure had deeply morphed for the better. It had been 89 percent dependent on agriculture. We had grown all segments of our business, including those dependent on farming over the recent years," the CEO said. "The bank now draws 55 percent of its revenue from agribusiness and other farming activities, including those linked to small farming, and 45 percent from other banking activities like retail, corporate and other financial segments," Sijlimassi added. Credit Agricole, which is not linked to France's Credit Agricole, saw its solvency rate rising by three percentage points this year following a capital increase of 700 million dirhams. "The amount of new capital increased our equity to 3.9 billion dirhams and our solvency rate is now standing at 11 percent versus 8 percent before," he said. Asked about the bank's plan to list on the bourse or sell stake to private investors or private investor, Sijlimassi said: "I think that during the second half of this year, we will have more visibility regarding what can be done," he said, adding that an IPO would involve between 20 percent and 25 percent of the bank's capital. (Less...)
CAIRO (Reuters) - Egypt's Raya Technology and Communication aims to diversify into logistics to tap demand in a relatively virgin market as it shifts away from its main technology businesses, the....(More...)
CAIRO (Reuters) - Egypt's Raya Technology and Communication aims to diversify into logistics to tap demand in a relatively virgin market as it shifts away from its main technology businesses, the firm's chairman said. Raya, which sells mobile handsets, runs call centres and provides outsourced IT services, intends to use its experience in technology to drive its expansion beyond these core activities. "Our target is that in five years time we will get 50 percent of our profit from non-classical, non-core activities, from new activities," Medhat Khalil told Reuters in an interview on Wednesday. Khalil said Raya will consider any project offering at least a 20 percent return on individual investments of no more than 100 million Egyptian pounds that fill a niche and utilise the firm's strengths in technology. Raya will next month establish a heavy trucking company using tracking systems and automation in a joint venture with private equity firm Citadel Capital, Khalil said. Trucking and ground transportation in Egypt is mostly run by small firms unable to guarantee delivery specifications. Raya and Citadel will each hold 45 percent of the new operation, with the remaining 10 percent held by its chief executive, Tamer Badrawi, who is also a Raya executive. Khalil said the project, moved forward by five months due to "solid demand," will start with 30 trucks tracked by global positioning systems and should grow quickly. "You're talking eventually a fleet of a few hundred," he said. "It should be quite sizable by mid-next year." The firm will also start building a plastic recycling centre in July that is expected to be operational one year later at a cost of 40 million pounds, and is reassessing Sudan, which it shied away from a couple of years ago. "There is huge potential in Sudan but also major constraints," Khalil said, noting the country's high tariffs and poor infrastructure. "We are not looking to be a private equity fund, (but) we are trying to use our cash in the best possible investment opportunities," Khalil said. The firm, which got 15 percent of its profit from outside Egypt in 2009, aims to increase that contribution. "This year I think it will be more than 20 percent," Khalil said. Already present in Algeria and Nigeria, Khalil said both countries are "very promising markets." The business environment in Algeria, which is tussling over tax with Egyptian mobile network operator Orascom Telecom, does not concern him. "We have had a very good business environment until today," Khalil said, adding that "the outlook looks good." Raya has recently opened a fourth core operation -- the building, managing and leasing of corporate property with integrated systems for security, communication, and energy and waste management. Raya has spent 100 million pounds to purchase land in three blocks around Cairo and will spend another 500 million pounds over the next three years, including 350 million this year, to build offices, Khalil said. Raya is due to issue its full-year results by the end of March. Khalil said Raya had not reached its own initial expectations but had produced "good results" compared to peers and considering the effect of the global slowdown. "At least we have not lost market share" in core sectors, he said. "We gained a few percentage points in each." The firm's third-quarter net profit was 13 million pounds, up 18 percent from a year earlier. (Less...)
Company Name : Naeem Holding ISIN Code : EGS69182C011 Currency : $ F/S Consolidated Period : From 01/01/2009 to 31/12/2009 Net Loss : 6,505,237 F/S Consolidated Period : From 01/01/2008 to 31/12/2008 Net Comparative Profit : 4,408,623 Audit Status : Audited Source : Naeem Holding
Company Name : Naeem Holding ISIN Code : EGS69182C011 Currency : $ F/S Standalone Period : From 01/01/2009 to 31/12/2009 Net Profit : 1,270,526 F/S Standalone Period : From 01/01/2008 to 31/12/2008 Net Comparative Profit : 14,137,900 Audit Status : Audited Source : Naeem Holding
Company Name : Samad Misr - EGYFERT ISIN Code : EGS51191C012 Currency : LE F/S Period : From 01/01/2009 to 31/12/2009 Net Profit : 2,369,671 F/S Period: From 01/01/2008 to 31/12/2008 Net Comparative Profit : 5,269,372 Audit Status : Audited Source : Samad Misr - EGYFERT
Company Name : Arab Investment Urbanization ISIN Code : EGS65112C012 Currency : L.E F/S Period : From 01/01/2009 to 31/12/2009 Net Profit : 17,405,685 F/S Period: From 01/01/2008 to 31/12/2008 Net Comparative Profit : 16,941,631 Audit Status : Audited Source : Arab Investment Urbanization
Egyptian International Pharmaceutical Industries Company (Eipico) posted a 15 per cent rise in 2009 net profit to EGP285 million ($52.02 million), the stock exchange said on Wednesday. Net profit in 2008 was EGP248 million, the bourse statement said.
Banks in the United Arab Emirates are strong enough to absorb any shock, even from Dubai World's restructuring, and no capital injection is needed for now, a senior finance ministry official said.The....(More...)
Banks in the United Arab Emirates are strong enough to absorb any shock, even from Dubai World's restructuring, and no capital injection is needed for now, a senior finance ministry official said. The banking sector in the world's third-largest oil exporter is heavily exposed to Dubai World, with estimates of potential exposure ranging up to $15 billion, according to Moody's. "The ministerial committee is meeting every month and reviewing the end results of local banks, so far they have not seen any need for further injection," Younis Al-Khouri, director general at the finance ministry, said. When asked if the ministry could provide more capital to banks if needed, he said, "Yes". Analysts said the UAE banks may require more state support if the debt restructuring of state-owned Dubai World forces lenders to take significant debt writedowns, or "haircut". Dubai World, whose debt troubles have shaken global markets, is still negotiating the terms of a restructuring plan with nearly 100 creditors.
Emirates NBD and Abu Dhabi Commercial Bank are part of a seven-member committee believed to have most exposure to the debt-laden conglomerate. Al-Khouri also said that the country was unlikely to tap debt markets with its first ever federal bond issue this year as it was still setting up its debt management office. "We may not be able to go to the market by 2010," he told reporters. "The office should be ready by the end of the year." With Dubai reeling from debt woes, the emirate of Abu Dhabi is now most likely to come to debt markets this year as its government is already preparing roadshows for investors. Al-Khouri declined to comment on Abu Dhabi plans, but said in the future debt offices of the federal and emirate levels are going to coordinate issuance plans. Dubai World creditors expect to see the option of a full repayment over a longer period of time, while some others are willing to take a haircut to receive their money back faster. In the case of a significant haircut, banks in the UAE will be forced to take new writedowns, further eroding their capital base, analysts said. - Reuters (Less...)
A new economic report on Jordan was issued this week by Bank Audi s.a.l-Audi Saradar Group. The report, entitled "Fiscal consolidation requirements: The key challenges for the Kingdom's economy",....(More...)
A new economic report on Jordan was issued this week by Bank Audi s.a.l-Audi Saradar Group. The report, entitled "Fiscal consolidation requirements: The key challenges for the Kingdom's economy", addresses the most important economic developments in 2009 at the macro side and by sector of activity and discusses the outlook for 2010 at large. The Jordanian economy reported signs of weakening amid one of the worst global economic crisis in the World contemporary history. According to Bank Audi, the real sector slowed down in real terms as foreign demand collapsed post-crisis, but recession was avoided thanks to several domestic growth drivers within the Kingdom. The stable political/security domestic environment, the government post crisis stimulus package aimed at improving domestic liquidity, in addition to the effects of recent structural reforms contributed partially to alleviate the adverse global financial spillovers.
The report actually stated the Jordanian economy was actually impacted by the repercussions of the global crisis through several external transmission channels. Those were tied to the contraction of external growth drivers in 2009: A 20% decline in exports as a result of the contraction in global trade, a reduction in FDI from $1.9bn to $1.2bn amid regional liquidity squeeze, a 5.2% drop in remittances due to the regional economic slowdown and a 1% decline in touristic receipts within the context of a slump in global touristic spending.
But the Jordanian banking sector was more or less unscathed by the global financial turmoil, despite the impact of the latter on lending quality at large. The consolidated assets of domestic banks grew by 7.3% in 2009, driven mainly by customer deposits which grew by 12.1%. Depositors increasingly headed towards deposits in Jordanian Dinars within the context of massive conversion aimed at benefiting from interest rate differentials helping generated a rise in Central Bank reserves to a record high of above $11bn. Credit facilities yet went up by a mere 2.1% in 2009, against 15.6% in 2008, within the context of global deleveraging.
The bank's report said that the Kingdom's economy, while slowing down from a 4-year growth trajectory of nearly 8% per annum to circa 3% last year, managed to avoid a recessionary trap due to the support of significant domestic demand drivers. The government adopted important countercyclical policies hinging over monetary policy measures (four times drop in benchmark interest rates, decline in reserve requirement and deposit guarantee across the board) and fiscal policy measures (stimulus spending packages with accommodating tax policies). While those measures reflected positively on the overall liquidity in the economy during a tough year, the outlook for 2010 remains somehow uncertain, as an austere 2010 budget was put in place to address the aggravating requirements of fiscal consolidation at large, after the debt to GDP ratio reported slightly below 70% and the deficit ratio approximated 8% of GDP over the past year.
According to Bank Audi, the growth outlook for 2010 depends on a large extent on the signs of global and regional recovery, but also on domestic factors such as the extension of new waves of loans by banks operating in Jordan after the relative deterioration in the quality of lending over the past year, the launch or continuation of projects under the auspices of both private and public sectors and the impact of new fiscal measures on consumption and investment aggregates in the Kingdom. Within this context, the IMF adopted recently a 4% real growth forecast for 2010 along with a 3% inflation rate.
When looking at the 2010 domestic outlook, Bank Audi says a SWOT analysis actually imposes itself overviewing the economy's strengths, weaknesses, opportunities and threats. At the level of strengths, the report mentioned the kingdom's long term domestic political and security stability, adequate institutional framework and legislation, the strong recent accumulation of foreign reserves at the Central Bank and the strict banking regulatory oversight and prudent banking policies.
At the level of weaknesses, the Kingdom suffers from a number of negative factors, namely the large current account deficit ratio, (one of the largest worldwide despite the relative improvement over the past year), the country's vulnerability to swings in international oil prices, the elevated fiscal deficit and public debt ratios relative to the size of the national economy, the high cost of living with Amman being one of the most expensive cities in the region, and the recent bank credit tightening in an environment of macroeconomic sluggishness.
At the level of opportunities, the report mentioned first the large infrastructural projects underway or in the pipeline. Among those we mention the erection of the new airport, the newly built Abdali project, the large Aqaba project, the ambitious railway project, the peaceful nuclear power project, and the growing number of touristic projects. Such large scale infrastructural projects, while possibly facing rising financing challenges within an environment of overall fiscal consolidation needs, are apt to create significant investment opportunities and leave clear imprints on the country's overall investment framework.
At the level of threats, a number of challenges lie at the horizon according to the report. Those are mainly tied to the lagged effects of the global crisis, the uncertainty about the sustainability of public finance imbalances, the gradual fading of external donor support, the high unemployment rate within growing social pressures, and the threats of regional political/security instabilities at large.
While all those risks represent serious challenges, it is believed that the country's large opportunities outpace challenges at the horizon concludes the report. Still, the country is not likely to witness again in the foreseeable future the same significantly strong growth trajectory that was reported between the years 2003 and 2008, even in an assumption of the long awaited softlanding scenario in public finance conditions. The 5% average annual growth forecasts by the IMF for Jordan over the period 2010-2014 are a plausible outcome in the event of a persistent regional stability and in the absence of major fiscal drifts over the years ahead. (Less...)
Energy market sentiment remains relatively positive amid rising economic expectations, according to the latest quarterly market outlook from Ernst & Young's Global Oil & Gas Center. David Barringer,....(More...)
Energy market sentiment remains relatively positive amid rising economic expectations, according to the latest quarterly market outlook from Ernst & Young's Global Oil & Gas Center. David Barringer, Ernst & Young's Oil & Gas Leader in the Middle East, says that the oil and gas sector is likely to fare better than most in the year ahead, given the sustained demand for oil. "Larger companies in the sector, supported by stronger oil prices and more robust balance sheets, are on the lookout for opportunities to expand their asset base. I believe that more consolidation in the sector is inevitable as larger companies take advantage of the strategic opportunities presented by their junior counterparts."
Barringer says that a number of IPOs are planned for 2010 and, if successful, it is likely that there will be increasing investor interest in the sector. "More consolidation in the sector is inevitable as larger companies take advantage of strategic opportunities," he adds. M&A activity building
Andy Brogan, Ernst & Young's global oil and gas transaction advisory leader, says: It is clear that optimism is slowly returning to the market, with 837 deals announced worldwide in 2009. "The positive trends that we have seen in recent months are likely to continue into 2010 and the outlook for oil and gas transactions is healthy in upstream and oilfield services. In the downstream sub-sector, over-capacity in some regions is likely to drive a longer period of uncertainty and transactional challenges. But as 2009 has demonstrated, one person's challenge represents another's opportunity. Although the volume of deals was down by 24% compared to 2008, the total value of oil and gas transactions was up by 10% to $198b." Tough times for refiners
The downstream sector remains under pressure. Refiners are likely to continue to be squeezed by upward crude price pressures and very limited demand pressures. At the same time, refining expansions, planned during times of high demand growth and strong economics, are coming online - implying weak margins over the next few years. Depressed spreads are further punishing complex and sophisticated refiners.
"Over capacity in refining will be the biggest issue facing integrated oil and gas companies, both globally and - particularly - in Asia," adds Brogan. "We are seeing a massive modernization and expansion of the Chinese refining system, which includes closing numerous smaller, inefficient simple plants and replacing them with newer, larger, complex refineries that are more able to process heavier, more sour and acidic crude oil. This will further depress margins for other refiners, who are already struggling." Short-term outlook
Despite some uncertainty with regard to the strength of the economic recovery and the shape and impact of forthcoming policy decisions, Barringer is confident that the oil and gas industry will be able to sustain its recovery. "The oil price has strengthened, equity capital is starting to flow back into the sector, development projects are coming back on stream with increasing frequency, and stronger exploration budgets are being set. These all suggest increasing activity in an industry that has more experience than most of managing volatility and which tends to run on a considerably longer investment horizon," he concludes. (Less...)
Fitch Ratings has affirmed the National Bank of Abu Dhabi's (NBAD) strong rating, basing its decision on robust management and the Bank's performance during the global financial crisis. Fitch....(More...)
Fitch Ratings has affirmed the National Bank of Abu Dhabi's (NBAD) strong rating, basing its decision on robust management and the Bank's performance during the global financial crisis. Fitch affirmed NBAD's Long-term Issuer Default Rating (IDR) at 'AA-' with a Stable Outlook. The credit rating agency has also affirmed NBAD's Short-term IDR at 'F1+', Support Rating at '1' and Support Rating Floor at 'AA-'. The Individual Rating is affirmed at 'B/C', by Fitch.
Explaining its decision regarding NBAD, the Number One Bank in the UAE, Fitch said: "The Individual Rating reflects the Bank's strong domestic franchise, consistent profitability, relatively conservative risk profile and low funding costs, and its close links to the Abu Dhabi government which benefits its lending and funding profile. It also reflects concentrations in loans and deposits and risks inherent in the UAE operating environment."
Fitch recognised that NBAD absorbed the impact of rising impairment charges with strong core earnings in 2009, thus keeping net profits in 2009 flat despite difficult market conditions. Fitch said its affirmation of its strong rating are also based on NBAD's management keeping costs well controlled and funding cost low. It also credits NBAD with a conservative risk profile that has "translated into a lower increase in impairment charges than the bank's peers." Fitch also confirmed that the Bank's liquidity is adequate, capitalisation strengthened in 2009 and that "the 2009 non-performing loan ratio was 1.3% and reserve coverage strengthened to a satisfactory 158%."
"We are pleased that Fitch has affirmed our strong ratings," said Mr. Michael Tomalin, NBAD's Group Chief Executive. "The affirmation of our strong ratings is a confirmation of NBAD's prudent management during difficult market conditions."
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution. (Less...)
Khaleej Times Etisalat has agreed to permit its only competitor in the country, du, to use its infrastructure in the second half of this year. This was disclosed here by Mohammed Omran, Chairman of....(More...)
Khaleej Times
Etisalat has agreed to permit its only competitor in the country, du, to use its infrastructure in the second half of this year.
This was disclosed here by Mohammed Omran, Chairman of Etisalat, at a session at the Abu Dhabi Media Summit which entered the second day on Wednesday. “We are committed to the UAE Government and the regulator on the network sharing between us and the du. We are working towards that. There is a time-table,” Omran said, but did not elaborate on the time-table. (Less...)
International Islamic (QIIB) shareholders have approved a cash dividend of 40% of the paid-up capital for 2009, which amounts to QR4 a share.The resolution to the effect was approved by the....(More...)
International Islamic (QIIB) shareholders have approved a cash dividend of 40% of the paid-up capital for 2009, which amounts to QR4 a share.
The resolution to the effect was approved by the shareholders at their annual general meeting at the Diplomatic Club yesterday.
Addressing shareholders QIIB chairman and managing director Sheikh Dr Khalid bin Thani al-Thani said ‘the bank was successful in attracting a wide range of substantial investments and deposits during 2009.’
“This testifies our ability to generate satisfying returns for our investors and depositors as well as the trust they continue to have in our expertise, experience and infrastructure.
“The year saw us record phenomenal achievements by optimising our performance levels, expanding our client base, upgrading the quality of our services, enhancing our local presence and engaging in a number of overseas expansion projects. These strategic measures will instill in us the confidence required to face a tough and challenging 2010 and ensure that we continue to tread on the path of success,” Sheikh Dr Khalid said.
Islamic bank (QIIB) posted a full-year net profit of QR511.3mn and the bank’s total assets stood at QR16.6bn in 2009 compared with QR12.8bn in 2008.
The bank earned an income of QR963.5mn and total deposits worth QR9.5bn last year compared with QR8.8bn in 2008.
The total assets stood at QR16.6bn in 2009, up from 12.8bn in 2008 while the bank’s total equity was QR3.8bn in 2009.
QIIB’s Capital Adequacy Ratio was 19.75% and favoured well with Basel II requirements. (Less...)
Gulf Times International Islamic (QIIB) has made 100% allocation this year to develop its core banking business particularly in Qatar, CEO Abdulbasit A al-Shaibei has said.“We stay focused on our....(More...)
Gulf Times
International Islamic (QIIB) has made 100% allocation this year to develop its core banking business particularly in Qatar, CEO Abdulbasit A al-Shaibei has said.
“We stay focused on our core business; we are not greatly concerned about making investments in the non-banking areas to maximise returns. It is a challenge nevertheless, but by God’s grace, we will meet it,” al-Shaibei said in an exclusive interview with Gulf Times here. Al-Shaibei said his bank would execute a well-researched retail expansion programme this year.
“We will open more branches and install many more ATMs across Qatar this year. This year we will also roll out a suite of new products and services, some of them in the e-banking platform. International Islamic has a highly secure Internet banking platform in place,” al-Shaibei said. Currently, the bank has some full-scale 15 branches and 55 ATMs across Qatar.
Asked whether International Islamic had put on hold its overseas expansion programme, al-Shaibei said, “Certainly, we will look for good opportunities abroad.”But we don’t have to unduly worry about it now. We believe the local market is promising enough to absorb us. The Qatar economy is expanding at a rapid pace and expected to grow by 16% this year.
International Islamic has geared up to make the best use of Qatar’s economic expansion.”
With regard to International Islamic’s activities abroad, the bank’s board of directors has taken a decision to act ‘cautiously and diligently’ against the backdrop of the global economic turbulence. The bank has not suffered on account of defaults by any of the foreign companies. “We have exposure, abroad, but that’s manageable,” he said.
Al-Shaibei said reaching out to expatriates, particularly non-Arabs, was a major challenge. “We have devised a plan to get as many non-Arab customers as possible. They are a very important segment of our population. International Islamic will have several products and services that suit them,” al-Shaibei said.
He said the local banks were expected to do well this year given the overall expectations about Qatari economy. Internationally accepted data indicate that Qatar’s economy will grow by 16% in 2010.
Al-Shaibei was all praise for the government’s “apt handling” of the economy, safeguarding it from the ill-effects of the global economic turbulence.In three stages, the government ensured the local banks would not face a liquidity crunch.
“I am pleased with the government support to our financial system, which has helped the local banks weather the global economic turbulence. It has also reignited confidence in the banking sector,” al-Shaibei said.
While the global economic slowdown has impacted the Qatari banks, al-Shaibei said local lenders are “strong, financially stable and fully equipped to withstand the turbulence”. “We went through a learning curve last year. We need to learn from the setbacks in 2009 and work out ways to move forward”, al-Shaibei added. (Less...)
Bahrain Islamic Bank (BisB) yesterday opened its new model branch at the Bahrain Financial Harbour to join the bank's network of 12 branches. The opening ceremony was attended by Central Bank of....(More...)
Bahrain Islamic Bank (BisB) yesterday opened its new model branch at the Bahrain Financial Harbour to join the bank's network of 12 branches.
The opening ceremony was attended by Central Bank of Bahrain executive director of supervision Khalid Hamad.
"We are pleased with the opening of our new branch at the Harbour which is part of the bank's new expansion policy to meet the requirements of its broad base of customers and businessmen in Bahrain," said BisB chief executive Mohamed Ebrahim.
"The new branch will provide a wide range of banking services and facilities to its customers."
"Since its inception, the bank has sought to provide various banking services and sophisticated Islamic solutions to its customers in the best possible manner in spite of the strong competition," he said.
"Given the challenges faced by the regional economic sector, it has become imperative for us to maintain the high level of service provided to our customers and to consider new offerings that keep pace with the requirements of technological development and convenient customer services, which are available in all our branches including the new Harbour outlet."
"This year will witness the launch of many development projects for the bank including the opening of another new branch at City Centre Mall followed by starting work with five new financial malls by the end of 2011," he said.
"We hope to meet the expectations of our customers by offering them advanced and sophisticated banking services that are Sharia-compliant."
Currently, BisB has a network of 12 branches and 46 ATMs throughout Bahrain. (Less...)
Emaar Properties is finalising the cost of developing a project in Turkey, it said yesterday, the latest sign the real estate firm is looking overseas to mitigate a downturn at home. The builder of....(More...)
Emaar Properties is finalising the cost of developing a project in Turkey, it said yesterday, the latest sign the real estate firm is looking overseas to mitigate a downturn at home.
The builder of the world's tallest tower bought prime land in Libadiye, Istanbul, in February 2008 to develop a shopping mall, residences and a five-star hotel, according to its website.
"Emaar is proceeding with the development of the New Istanbul Project. This is in line with the company's strategy of seeking growth opportunities in promising global markets," Reuters reported quoting a company statement. It added a detailed development value was being finalised.
Emaar initially invested $400 million (Dh1.4 billion) in the Istanbul project, according to its website, the second project it is building in Turkey after completing the first phase of the $700m Tuscan Valley gated-community. Emaar, 32 per cent owned by the Government of Dubai, said in February it would focus on mid-income housing in emerging markets and overseas expansion to boost 2010 revenue after returning to profit in the fourth quarter.
The developer said it was waiting for responses from the Bali Tourism Development Corporation and Indonesia's government to proceed with a $600m project in the world's most populated Muslim country.
Sergio Casari, CEO, Emaar International, told Emirates Business, last year, that Emaar International was going ahead with all its committed projects, but was studying future workload to realign its plans. (Less...)
The Listing Committee held on 10/03/2010 has approved the increase of treasury bonds (Jan -2013), prior to reopening the subscription in this treasury bond issue with an additional LE 1.5 billion....(More...)
The Listing Committee held on 10/03/2010 has approved the increase of treasury bonds (Jan -2013), prior to reopening the subscription in this treasury bond issue with an additional LE 1.5 billion (distributed over 1.5 million bonds at a par value of LE 1000) to reach LE 6 billion. The above-mentioned treasury bonds increase has been available for trading effective Thursday 04/03/2010 trading session. (Less...)
The Listing Committee held on 10/03/2010 has approved the listing of the treasury bonds Mar 2015 (issued Mar 2010) amounted to LE 3 billion distributed over 3 million bonds at a par value of LE 1000 per bond. These bonds have been available for trading effective 04/03/2010 through the Primary Dealers System.
Gulf Daily News Bahrain and Britain yesterday signed an agreement on the avoidance of double taxation aimed at boosting financial and economic co-operation and joint investment. It was signed by....(More...)
Gulf Daily News
Bahrain and Britain yesterday signed an agreement on the avoidance of double taxation aimed at boosting financial and economic co-operation and joint investment.
It was signed by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Ambassador Jamie Bowden.
Shaikh Ahmed said Bahrain is keen to promote co-operation with Britain in finance, economy and investment through negotiating and signing bilateral and multilateral agreements, which provide a legal framework to enhance competitiveness of its economy.
He expressed happiness that the agreement would join Bahrain's 27 similar deals and hoped the number would soon go up to 38 as 11 more, concluded by ministry, are awaiting signing.
Mr Bowden also welcomed the agreement.
"This is another indication of the close ties between two key financial centres - the UK and Bahrain," he said.
"Negotiations on these agreements are a complex process but the elimination of double taxation on income and capital gains in each other's countries is a positive step towards facilitating investment.
"We look forward to taking further steps to strengthen this vital partnership as Bahrain progresses towards Vision 2030."
It will also be one of 16 avoidance of double taxation agreements signed by Bahrain, which comply with the standard for the exchange of tax information set by Organisation for Economic Co-operation and Development and endorsed by the G20 at its summit in London last April.
It has been signed as part of Bahrain and the UK's continued efforts to extend their economic treaty network and adds to the treaty of friendship, the agreement to promote and protect investments and the memorandum of understanding on economic and technical co-operation already signed.
Senior ministry and British Embassy officials attended the signing ceremony. (Less...)
Banks in the UAE are strong enough to absorb any shock, including the impact of Dubai World's debt restructuring, the director-general of the Finance Ministry said yesterday. "The committee, which is....(More...)
Banks in the UAE are strong enough to absorb any shock, including the impact of Dubai World's debt restructuring, the director-general of the Finance Ministry said yesterday.
"The committee, which is headed by our minister, made sure that UAE banks have enough capital to absorb any shock that might come," said Younis Al Khouri. The UAE will also not see a federal bond issue in 2010. "We may not be able to go to the market in 2010. We are still in the process of setting up the debt management office," he added.
Al Khouri said the government did not see the need for a capital injection for banks at this time. "The ministerial committee is meeting every month and reviewing the end results of local banks. So far they have not seen a need for further injection," he said.
He said the country has Dh20 billion left out of a Dh70bn facility set up in 2008 to inject liquidity into the UAE banking system. "Twenty [billion dirhams] is still with us. Twenty from the 70 [billion dirhams]," said Al Khouri.
Also yesterday, the Finance Ministry released a statement saying achieving a balanced budget in the 2011 to 2013 period would be its top priority. (Less...)
Gulf Daily News Last year was yet another difficult one for the world economies although there were signs of green shoots of recovery in the financial markets during the second half of the year. That....(More...)
Gulf Daily News
Last year was yet another difficult one for the world economies although there were signs of green shoots of recovery in the financial markets during the second half of the year.
That was the positive message from First Investment Bank chairman Dr Mohammed Abdul Aziz Al Aloush to shareholders at the annual meeting in Manama yesterday.
"The bank weathered difficulties during 2008 and last year with a strategy to ensure preservation of capital and maintain adequate liquidity," he said.
"The banks asset allocation will remain biased towards a liquid assets portfolio and target a liquid assets to total assets ratio, of at least 60 per cent, until the geo-political risks and the risks of deeper recession abate."
"The GCC economies contracted last year as a result of lower oil prices compared to the previous years average," he said.
"Oil prices plummeted from a high of $147 a barrel in July, 2008 to $34 a barrel in December 2008 and averaged around $60 a barrel last year. The GDP growth rate of GCC countries contracted by 0.6pc last year compared with a 4.6pc growth rate in 2008.
"In a highly surprising development, last year, the Dubai Government announced that Dubai World will ask creditors for a standstill agreement to extend the maturities of all debt repayments by Dubai World, and its property unit Nakheel, until May next year.
"The move rocked the credit markets, as many expected Abu Dhabi to stand behind the emirate."
"The sovereign GCC credit markets, except for Dubai related entities, returned to stability in the middle of last year, after Abu Dhabi announced $10 billion of emergency financial aid to deal with the immediate obligations of Dubai," he said.
"We expect the recent events in Dubai and its effect on the GCC to be a focal point for the Investors in the region as well as globally."
"First Investment Bank continued to adopt a risk-averse approach in investing and launching products in an environment, which consisted of volatile oil prices, unpredictable public equity markets, liquidity constraints of the banks and a non-existent private placement market," he said.
"The banks in the region, particularly the investment banks, reported poor results during the year as there were no exits in their investment portfolio and a lack of fee income due to the absence of the private placement market.
"During the year, the bank allocated capital to liquid investments by creating a regional sukuk portfolio and a portfolio of regional equities, in order to benefit from any rebounds in the markets.
"Although the transaction team built a strong deal pipeline in the private equity and real estate investment, the Bank did not conclude any transactions due to valuation concerns and also lack of bank funding for the projects."
During the reporting period, the bank made a net loss of $3.5 million as compared to $3.6m in the previous reporting period. (Less...)
Gulf Daily News The Middle East could be producing more than 10 per cent of the world's aluminium in less than a decade, according to industry experts. Over the past 10 years, GCC states have begun....(More...)
Gulf Daily News
The Middle East could be producing more than 10 per cent of the world's aluminium in less than a decade, according to industry experts.
Over the past 10 years, GCC states have begun implementing long-term strategies that aim to develop the region's aluminium industry, and the region is now well positioned to be one of the world's main aluminium producers.
In 2000, the GCC share of global aluminium production was 1.8 million metric tonnes per annum.
By 2008, this figure had risen to 2.2m metric tonnes per annum representing 5.4pc of global production, and it is expected to continue to increase to 6m metric tonnes per annum in 2015, and to 9m metric tonnes per annum in 2020 to reach 13pc of global production.
As the price of aluminium continues its quick recovery from the impact of the global crisis, MEED, the Middle East business intelligence provider, is preparing to host the Fourth Middle East Aluminium Conference.
Entitled 'Building a Sustainable Downstream Industry', the conference, which will take place at the Dubai Marina Address Hotel on March 16 to 17, provides a comprehensive overview of the Mena aluminium production and processing sector and its place in the global market, with focus on building a sustainable downstream sector for the region's industry.
"There are huge opportunities for investments in the region to capitalise on the production of primary metal by the region's major smelters," said MEED Events chairman Edmund O'Sullivan.
"This year's event is bigger than ever, with dedicated streams for the upstream production and smelter side of the industry, and for the downstream processing and fabrication sector.
"The Middle East Aluminium 2010 Conference presents an ideal opportunity for the local aluminium sector to forge strategic partnerships and alliances with international and regional partners that will help them expand and keep the Middle East at the cutting edge of aluminium sector growth." (Less...)
As the price of aluminium continues its quick recovery from the impact of the global crisis, with experts agreeing that the worst of the price slumps are over and producers beginning to dust off....(More...)
As the price of aluminium continues its quick recovery from the impact of the global crisis, with experts agreeing that the worst of the price slumps are over and producers beginning to dust off expansion plans, especially for downstream value-adding developments, MEED, the Middle East’s premier business intelligence provider, is preparing to host the 4th Middle East Aluminium Conference.
Entitled “Building a sustainable downstream industry”, the conference, which will take place in Dubai on March 16-17, 2010, provides a comprehensive overview of the MENA aluminium production and processing sector and its place in the global market, with focus on building a sustainable downstream sector for the region’s industry.
Over the past ten years, GCC member states have begun implementing long-term strategies that aim to develop the region’s aluminium industry, and the region is now well positioned to be one of the world’s main aluminium producers.
In 2000, the GCC share of global aluminium production was 1.8 million metric tonnes per annum. By 2008, this figure had risen to 2.2 million metric tonnes per annum (5.4 per cent of global production), and it is expected to continue to increase — to 6 million metric tonnes per annum in 2015, and to 9 million metric tonnes per annum in 2020 (13 per cent of global production).
According to Edmund O’Sullivan, Chairman at MEED Events, “There are huge opportunities for investments in the region to capitalise on the production of primary metal by the region’s major smelters. This year’s event is bigger than ever, with dedicated streams for the upstream production and smelter side of the industry, and for the downstream processing and fabrication sector.
The Middle East Aluminium 2010 Conference presents an ideal opportunity for the local aluminium sector to forge strategic partnerships and alliances with international and regional partners that will help them expand and keep the Middle East at the cutting edge of aluminium sector growth.”
2010 is set to be an important year for aluminium production in the Middle East, with two of the biggest smelters in the world — Qatalum and Emal — preparing to ramp up production. CEOs of both projects will be on hand at the conference, offering attendees business-critical insight into their challenges and ambitions as they move from the project phase to full operations. Speakers and panel session participants will include ADBIC Vice-President Metals, Juan Gomez-Cordobes; Sohar Aluminium CEO, Bruce Hall; CRU Principal Analyst, Marco Georgiou; Ma’aden Vice-President Aluminium SBU and Project Management, Abdullah Busfar; Qatalum CEO, Jan-Arve Haugan; Garmco CEO, Adel Hamad; International Aluminium Institute Secretary-General, Ron Knapp; and Alumco Managing Director, Samer Barakat.
In addition to project updates on Sohar Aluminium, Emal, Qatalum, and Ma’aden, a number of topics pertinent to the post-financial crisis aluminium industry will be presented by a world-class line-up of speakers representing the full value-chain.
These include: Supply and demand in the global metals market; Capitalising on the potential of the Middle East; Future trends in the Middle East aluminium sector; Aluminium production in China; Global integration in the aluminium sector supply chain; Stimulating the development of technical aluminium products in the Middle East; and Lowering environmental impact and developing sustainable aluminium production.
The Middle East Aluminium 2010 Conference will bring together aluminium sector leaders and senior decision makers driving the sector’s growth, offering delegates a chance to network and engage with leading producers, fabricators, traders, end-users, energy providers, raw materials producers, financiers and consultants from across the region and beyond. (Less...)
(KUNA) -- Kuwaiti shares recorded a slight rise in early morning trade on Thursday. The Kuwait Stock Exchange (KSE) price index climbed 8.4 points to 7,4. The weighted index also rose 1.24 points to 433 points. Nearly 64.5 million shares valued at KD 16 million changed hands over 1,250 spot transactions.
Abu Dhabi’s benchmark index on Wednesday climbed to the highest level in more than 3 months as Aldar Properties PJSC’s asset sale to the government boosted investor confidence developers will be....(More...)
Abu Dhabi’s benchmark index on Wednesday climbed to the highest level in more than 3 months as Aldar Properties PJSC’s asset sale to the government boosted investor confidence developers will be able to repay loans.
Aldar advanced 3.9 per cent. First Gulf Bank PJSC gained 4.5 per cent, pushing the emirate’s banking index up the most in five weeks. The ADX General Index increased 1.2 per cent to 2,827.37 points, the highest close since November 25.
“The biggest loans banks issue are to real-estate companies,” said Kifah Maharmeh, general manager of Al Dar Shares & Bonds Brokerage in Abu Dhabi. “Any improvement among developers will have a positive impact on banks because the likelihood they can repay their loans is higher.”
The DFM General Index dropped for the first time in five days, falling 0.2 per cent to 1,659.89 points. (Less...)
Qatar’s bourse yesterday lost 0.53% on profit-booking by foreign retail investors and reduced buying support from foreign institutions.The 20-stock benchmark settled lower at 6,818.37 points, led....(More...)
Qatar’s bourse yesterday lost 0.53% on profit-booking by foreign retail investors and reduced buying support from foreign institutions.
The 20-stock benchmark settled lower at 6,818.37 points, led by Industries Qatar, Qatar Islamic Bank, Commercialbank (Cb) and Qatar Telecom, even as Qatar Real Estate Investment (Qreic) and Barwa, which are on the final stages of merger, bucked the trend. Local institutions were found bullish in the market which is down 1.98% year-to-date.
Insurance witnessed the maximum selling as its group index plunged 4.49%, followed by industry (0.70%), banks and financial institution (0.58%) and services (0.20%).
Of the 44 stocks; only nine gained, while 25 declined and five were unchanged. Five others were not traded.
Market capitalisation shrank 0.86% to QR375.58bn as small and large cap equities plunged 0.87% and 0.86% respectively. Opening weak at 6,847.17 against the previous close of 6,854.96 points, the market then made a marginal rise to reach a high of 6,848 points mainly on services, after which profit booking ensued to settle the index 37 points lower.
A total of 6.31mn stocks worth QR229.34mn changed hands across 4,115 transactions. Services saw 3.74mn equities valued at QR123.47mn trade across 2,256 deals and in the case of lenders, a total of 1.42mn stocks worth QR67.19mn changed hands across 1,122 transactions.
Industry and insurance saw 0.92mn and 0.23mn stocks valued at QR30.75mn and QR7.93mn trade across 544 and 193 deals respectively. Foreign individual investors turned bearish that they were net sellers (in terms of value) to the tune of 5.74% compared with net buyers of 0.66% on Tuesday.
A higher 16.74% of them were into buying against 15.78% in the previous day and a much higher 22.48% were into selling compared with 15.12%. Foreign institutions continued to be bullish but with much lesser intensity as their net buying sunk to 2.14% from 9.25% on Tuesday.
A lower 23.01% bought stocks against 31.33% in the previous day and a lower 20.87% offloaded compared with 22.08%.
Local institutions turned bullish that they were net buyers to the extent of 3.95% against net sellers of 2.89% on Tuesday. A higher 16.43% of them bought equities compared with 15.93% in the previous day, while a lower 12.45% sold against 18.82%.
Qatari retail investors’ profit booking considerably eased as their net selling fell to 0.35% from 7.02% on Tuesday.
A higher 43.82% of them were into buying compared with 36.96% in the previous day and a higher 44.20% were into offloading against 43.98%.
Actively traded stocks (in terms of volume) were Qreic (896,890 shares); Barwa (760,434); Qatar Shipping (591,354); Cb (448,988) and United Development Company (442,882). (Less...)
The MSM Index gained 17 points to close at 6,655 points, 0.26 per cent higher. The total shares exchanged increased by 28.3 per cent to 5.184 million shares and the total value traded increased by....(More...)
The MSM Index gained 17 points to close at 6,655 points, 0.26 per cent higher. The total shares exchanged increased by 28.3 per cent to 5.184 million shares and the total value traded increased by 27.5 per cent to RO5.184 million. The market breadth was positive with 21 advances and 15 declines out of 51 traded securities.
Amongst the sectors, Services & Insurance sector was the only loser yesterday and closed at 2,661 points, 0.06 per cent lower. However, the Banking & Investment and the Industrial sector both went up by 0.35 per cent and 0.25 per cent to close at 9,510 and 7,548 points respectively.
The two gainers were United Finance (+2.31 per cent) and Transgulf Holding (+1.75 per cent) to close at RO0.133 and RO0.116. The top two losers were Oman Packaging (-9.71 per cent) and Kamil Power (-4.64 per cent) to close at RO0.251 and RO1.667.
The top two by volume traded were Oman & Emirates Inv. (1.618 million shares) and BankMuscat (1.032 million shares). The top two by value traded were Bank Muscat (RO1.038 million) and Renaissance Services (RO0.791 million). (Less...)
The Kuwait Stock Exchange (KSE) ended yesterday's trading session in the red posting marginal declines across the board. It should be mentioned that the number of companies that disclosed their data....(More...)
The Kuwait Stock Exchange (KSE) ended yesterday's trading session in the red posting marginal declines across the board. It should be mentioned that the number of companies that disclosed their data for the fiscal year ended December 31, 2009 was nearing fifty only within the eight sectors. Global General Index (GGI) shed 0.76 points (-0.37 percent) during yesterday's session to reach 207.10 points. Furthermore, the KSE Price Index decreased by a marginal 3.90 points (-0.05 percent) and closed at 7 ,436.80 points. Market capitalization was down KD123.80mn yesterday to reach KD33.86bn.
Market breadth During the session, 137 companies were traded. Market breadth was skewed towards decliners as 55 equities retreated versus 40 that advanced. A total of 112 stocks remained unchanged during yesterday's trading session.
Trading activities ended on a positive note today as volume of shares traded on the exchange increased by 13.22 percent to reach 576.74mn shares. In addition, value of shares traded gained by 7.02 percent to stand at KD83.34mn. The Real Estate Sector was the volume leader accounting for 36.86 percent of total market volume. The Services Sector was the value leader with 22.55 percent of total traded value. Kuwait Real Estate Company saw 150.28mn shares changing hands, making it the volume leader. The same company was also the value leader, with a total traded value of KD13.72mn.
In terms of top gainers, Gulf Petroleum Investment Company was the top gainer for the day, adding 9.26 percent and closed at KD0.059. On the other hand, Advanced Technology Company shed 8.77 percent and closed at KD0.520, making it the biggest decliner in the market yesterday.
Regarding Global's sectoral indices, they mainly ended on a negative note. Global Insurance Index and Global Food Index were unchanged during today's trading session and Global Industrial Index was the only gainer. The index ended the day up 0.58 percent backed by Kuwait Cement Company ending the day up 2.90 percent and closed at KD0.710.
In terms of decliners, Global Banking Index took the lead with a drop of 0.87 percent backed by five banks ending on a negative note. Among them, Commercial Bank of Kuwait and Kuwait Finance House were the top decliners posting a loss of 3.16 percent and 1.72 percent, respectively.
Global Real Estate Index was the second biggest decliner with a 0.35 percent drop backed by The Commercial Real Estate Company ending the day down 1.82 percent and closed at KD0.108. Furthermore, National Real Estate Company also contributed to the index's decline by posting a 0.92 percent loss to close at KD0.216.
Global's special indices all ended in the red except for Global High Yield Index being the only gainer. The index ended the day up 0.47 percent backed by Future Communications Company which ended the day with a 1.43 percent gain. Global Islamic Index was the top decliner. The index ended the day down 1.06 percent backed by losses witnessed in some of the Islamic banks. (Less...)
KUWAIT (Reuters) - Bahrain's Ahli United Bank said it has acquired a 40 percent stake in Libya's United Bank for Commerce & Investment (UBCI) through a capital hike.The Bahraini lender has invested....(More...)
KUWAIT (Reuters) - Bahrain's Ahli United Bank said it has acquired a 40 percent stake in Libya's United Bank for Commerce & Investment (UBCI) through a capital hike. The Bahraini lender has invested $53.8 million in the acquisition, AUB said in a statement on the Bahraini bourse website on Tuesday. UBCI's capital has been increased from 33.3 million Libyan dinars to 80 million Libyan dinars, 60 percent of which is owned by Libyan shareholders, and the remaining is the Bahraini lender's share, AUB said. "The general assembly of (UBCI) has unanimously approved the capital hike through issuing new shares and allocating them completely to (AUB) as a strategic partner," AUB said in a separate statement on the Kuwaiti bourse website on Tuesday. Last month, AUB received the approval of each of the central banks of Bahrain and Libya for the deal. UBCI was founded in 2007 through the merger of three national banks in Libya, according to the bank's website. Libya has experienced a boom in foreign investment since it renounced banned weapons programmes and emerged from decades of international isolation. (Less...)
CAIRO (Reuters) - Egypt's urban annual consumer price inflation slid to 12.8 percent in the year to February, below forecasts, the state statistics agency said on Wednesday.Annual inflation in....(More...)
CAIRO (Reuters) - Egypt's urban annual consumer price inflation slid to 12.8 percent in the year to February, below forecasts, the state statistics agency said on Wednesday. Annual inflation in January was 13.6 percent, the statistics agency CAPMAS said on its website. Six analysts cited forecasts for urban inflation -- the most closely watched indicator of prices -- that ranged from 12.4 to 13.9 percent. The average of the forecasts was 13.3 percent. Prices of food and beverages, which account for more than 40 percent of the weighting of the basket Egypt uses to measure inflation, rose 22.6 percent from February 2009 but were lower month-on-month, the index showed. Analysts are looking for signs that urban inflation may be declining, making it easier for the central bank to cut interest rates, which the bank left unchanged at its last three meetings. The next monetary policy meeting is on March 18. (Less...)
Saudi annual inflation accelerated to 4.6 percent in February after 4.1 percent in January, the state news agency SPA said on Wednesday.The kingdom's cost of living index was 126.1 points in....(More...)
Saudi annual inflation accelerated to 4.6 percent in February after 4.1 percent in January, the state news agency SPA said on Wednesday.
The kingdom's cost of living index was 126.1 points in February, SPA quoted government statistics saying, without giving a comparison.
Housing will keep Saudi Arabia's inflation rising during the first quarter but a stabilisation in food prices will keep it below the 1.5 percent recorded in the previous quarter, the kingdom's central bank saidlast month. With the exception of sugar, the Saudi Arabian Monetary Agency (SAMA) expects a stabilisation in food prices, which account for 26 percent in the the weighting of the cost of living index used to track Saudi inflation. (Reuters) (Less...)
International ratings agency Moody's has rated Qatar Islamic Insurance Company (QIIC) as one of the best Islamic insurers in the world for the second consecutive year in 2009. Net profits of the....(More...)
International ratings agency Moody's has rated Qatar Islamic Insurance Company (QIIC) as one of the best Islamic insurers in the world for the second consecutive year in 2009.
Net profits of the company totalled QR51m in the year (2009). The shareholders of the company approved its 2009 financials at the annual general meeting (AGM) here yesterday.
Of the total net profits of QR51m, policy holders' profits amounted to QR17m, while the remaining QR34m went to the shareholders' account, representing earnings per share (EPS) of QR2.27. Insurance premiums collected last year amounted to QR159m, whereas total Assets amounted to QR586.75m as compared to QR584.511m in 2008.
The AGM also approved the recommendation of the company's board of directors to distribute cash dividend of 25 percent (of the nominal value of a share), that is QR2.5 per share.
The AGM endorsed the remunerations for the board members too, totaling QR1.395m, or QR155,000 for each member, for the year under review.
Sheikh Abdullah bin Thani Al Thani, Chairman of the Board, told the shareholders while tabling the 2009 financials that the company was able to post robust results in the year.
He said Moody's, the global ratings agency, for the second consecutive year running has rated the QIIC as one of the best Islamic Insurance companies with regard to capital adequacy and financial strength in the world. (Less...)
The UAE Government should come out with schemes to encourage mergers in the banking system, Union of Arab Banks (UAB) Chairman Adnan Ahmed Yousif said yesterday. The UAE has more than 50 banks but....(More...)
The UAE Government should come out with schemes to encourage mergers in the banking system, Union of Arab Banks (UAB) Chairman Adnan Ahmed Yousif said yesterday.
The UAE has more than 50 banks but only one merger, between Emirates Bank International and National Bank of Dubai, has taken place in the recent history.
"We do not have a tax system here. Otherwise, tax reliefs could have been used as an incentive to mergers," he added. Stating that the banking has good prospects in the region, especially the UAE, he stressed that good borrowers is the key to good banking. "And for this to happen, governments should announce good projects and come forward to borrow long term," he reminded.
Yousif said UAB is working on the incorporation of more accounting standards from Accounting and Auditing Organisation for Islamic Financial Institutions (Aaoifi).
Currently, central banks solely depend on international accounting standards (IAS) and this poses inconvenience to the Islamic banks in certain areas, especially on calculating capital adequacy ratio. "This will change and we will see some standards from Aaoifi getting added to this though some central banks have already started using Islamic standards," he said, adding: "It is a fact that there are many Islamic banks that are really liquid and park most of their funds with central banks, but they are unable to accept returns from this as Shariah prohibits them from doing so," Ahmed Yousif pointed out. However, some Islamic banks have started issuing sukuks to absorb the excess liquidity in the Islamic banking system.
Referring to the Dubai's debt situation, UAB chief said: "Dubai will come out of all of its problems soon."
Stating that Dubai has accomplished in ten years what many others could do in 50 years, and the emirate has established exemplary benchmarks in infrastructure, health, education and tourism sectors. "I am sure Dubai World will strike an amicable deal with its creditors soon. It could be a deal whereby the Dubai-headquartered conglomerate will offer to pay up the banks in a well-structured way. Though the tenure may be a little long, I am sure the group will take into account the creditors' interest as well as its own reputation as a borrower," he added. Stating that the Arab banks have done reasonably well in 2009, he reminded that one need not be surprised if the ratio of non-performing loans (NPLs) remains high in the current year.
Though the Central Bank of the UAE has hinted at the possibility of NPLs rising to around 6.4 per cent in 2010, it is believed that the Arab banks' average could be higher than this.
Yousif said that 89 banks from the Arab countries figure on the list of 1,000 top banks globally and UAE tops this list from the region.
He also highlighted the need for a proper bankruptcy law and a regional credit bureau that can share risk information with the banks.
"A GCC credit bureau can take shape soon and the work on it is already on, said Ahmed Yousif. (Less...)
Kuwait has invited bids to provide technical, legal and financial advisory services for its planned metro project, MEED has reported. The scheme involves the construction of a 171-kilometre-long network with four lines running across Kuwait City. A total of 45 consultants expressed an interest in the $1.7bn project in November last year, the magazine said. The deadline for bids is 20 April.
Global credit rating agency Fitch yesterday affirmed Commercialbank’s (Cb) long-term issuer default rating (IDR) at ‘A’, short-term IDR at ‘F1’, individual rating at ‘C’ and support....(More...)
Global credit rating agency Fitch yesterday affirmed Commercialbank’s (Cb) long-term issuer default rating (IDR) at ‘A’, short-term IDR at ‘F1’, individual rating at ‘C’ and support rating at ‘1’.
The support rating floor is affirmed at ‘A’ and the outlook on the long-term IDR is stable, according to a Fitch spokesman.
Commercialbank’s IDRs “are support-driven, reflecting Qatar’s strong credit fundamentals and the extremely high probability of external support available to the bank from the Qatari authorities in case of need,” the rating agency said.
The individual rating of ‘C’ reflected the bank’s strong corporate banking franchise and growing presence in retail banking, credit cards and Islamic finance as well as strategic stakes in National Bank of Oman (35%) and UAE-based United Arab Bank (40%).
The individual rating also captures the bank’s track record of consistently good results and the loss absorption capacity from strong and sustainable core earnings.
Capital is strong with Commercialbank issuing $600mn of subordinated notes in the fourth quarter of 2009 and Qatar Holding raising its stake to 9.1% by end-2009.
Asset quality “deteriorated” somewhat with non-performing loans (on a 180+ days overdue basis) rising to 2.2% of gross loans in 2009, although this was due to several isolated cases,” it said.
However, the rise in past due loans and to a lesser extent restructured loans could point to weaker asset quality trends ahead.
On a 90+ day classification, which is used by the bank’s peers, its non-performing loans ratio would rise to 3.2% of gross loans which is on the high-side for Qatar.
Commercialbank de-risked its loan and investment portfolios following the sale of assets to the government as part of Qatar’s banking support measures.
Highlighting that liquidity is satisfactory, Fitch calculated loans/deposit ratio at 124% at end-2009, which “is high and could pose a problem in a severe stress scenario”, it said.
“Risk is mitigated by a stable deposit base, substantial liquid assets and good access to wholesale funding - as demonstrated in 2009 when Commercialbank issued $1.6bn of notes in Q409 ($1bn of senior notes and $600mn of subordinated notes) despite lower market sentiment for regional banks,” it said.
In addition, Commercialbank has QR8bn of investments in Qatar government bonds and certificate of deposits, which can be used for repo if necessary. (Less...)
The Saudi Arabian Ministry of Finance said in a statement that real growth in the construction sector of the Kingdom reached 3.9 percent in 2009 with real estate growing by 1.8 percent, SPA....(More...)
The Saudi Arabian Ministry of Finance said in a statement that real growth in the construction sector of the Kingdom reached 3.9 percent in 2009 with real estate growing by 1.8 percent, SPA reported.
Sustained government expenditure and private sector investments continue to drive new real estate and construction projects across the country, the report added.
The ministry said the Kingdom had set aside $12.2 billion for various water, agriculture and infrastructure projects, representing an increase of 30 percent over the previous year.
The new budget covers construction of water sources, dams and wells, water and sewage networks, and water desalination plants, it added. (Less...)
The UAE Economy Minster Sultan Al-Mansuri told a forum in Dubai that the UAE economy is expected to expand by 3.2 percent in 2010, in sharp contrast to an International Monetary Fund (IMF) forecast....(More...)
The UAE Economy Minster Sultan Al-Mansuri told a forum in Dubai that the UAE economy is expected to expand by 3.2 percent in 2010, in sharp contrast to an International Monetary Fund (IMF) forecast of 0.6 percent growth, Reuters reported
He also said that the country's economy grew by an estimated 1.3 percent last year, although the IMF said last month that the UAE economy had contracted by 0.7 percent in 2009 due to the global financial crisis.
The IMF said last month that the UAE's economy was adversely affected by a series of external and domestic shocks in 2009. The economy was also affected by plummeting oil receipts, and a contraction in global trade, logistics and construction activities, it added. (Less...)
Abu Dhabi's index ADI hits a 15-week closing high as banks surged, buoyed by dividend-based buying and a positive broker report.National Bank of Abu Dhabi climbed 2.6 percent after HSBC raised its....(More...)
Abu Dhabi's index ADI hits a 15-week closing high as banks surged, buoyed by dividend-based buying and a positive broker report.
National Bank of Abu Dhabi climbed 2.6 percent after HSBC raised its price target for the stock to AED19.2 from AED18.1, giving it an overweight rating and saying it was the best way to play Abu Dhabi banks.
First Gulf Bank climbed 4.5 percent, taking its gains to 8.3 percent since it approved a 50 percent cash dividend.
The index rose 1.2 percent to 2,827 points, its highest close since Nov. 25 and its largest gain for five weeks. Dubai's index DFM ended lower for the first session in five as some investors opted to book gains from the recent stock surge.
The index climbed 4.9 percent in three days amid rumours of an imminent announcement over Dubai World's debt restructuring.
"Market sentiment depends on what happens with Dubai World and there's still a lot of speculation in the market," says Samer al-Jaouni, General Manager of Middle East Financial Brokerage Co. "The market is not moving according to fundamentals or technicals, but rumours about Dubai World."
Emaar Properties slipped 0.9 percent to 3.37 dirhams. It was up 12.7 percent this week.
"It's good to see Dubai steady at current levels, especially Emaar after its sharp rally of the past few days - Emaar holding near 3.40 dirhams is a positive signal," said Jaouni.
National Central Cooling Co fell 5.8 percent, tumbling for a third day since saying it would receive a $354 million bailout from Abu Dhabi investment vehicle Mubadala.
Selling pressure on banks weighed on Qatar's index QSI, which ended lower for a first day in three, with no new catalysts to spur fresh buying.
Commercial Bank of Qatar dropped 0.2 percent. It jumped 6.5 percent in the previous two days. Qatar National Bank and Industries Qatar each fell 0.8 percent.
"CBQ saw a big rally for the previous few sessions, especially yesterday, so there's a technical correction today and banks in general are under pressure," says Samer Al Jaouni, General Manager of Middle East Financial Brokerage Co.
"We're not expecting any breaking news apart from Q1 results so usually would not see heavy trading and it is important for the market to hold above 6,800 points.
The index fell 0.5 percent to 6,818 points. It was down 2 percent since hitting a six-week high on Feb. 22.
Banks slid, weighing on Kuwait's index KWSE, which declined for a third in session in four.
A late rally enabled National Bank of Kuwait to end flat. On Thursday, HSBC downgraded the stock to underweight from neutral.
Commercial Bank of Kuwait fell 3.2 percent and Kuwait Finance House (KFH) lost 1.7 percent. On Monday, KFH forecast flat earnings for 2010.
"(Middle East) banks are likely to continue to face refinancing risk in the medium term," HSBC wrote in a research note.
The index slipped 0.1 percent to 7,437 points.
Banks helped Oman's index MSI end higher for the first session in three as volumes hit a two-week high, with investors buying back stocks at lower levels.
"The market was down for a few days, so people saw value in some stocks," says Sayed Quadry, vice-president of business development at Amwal Investment in Muscat.
"The market is looking more positive and sentiment has improved, with people increasingly buying for the medium- to-long-term, but the large investors are still outside the market - trading is coming from small-medium investors."
These big traders will only return once first-quarter results come out, says Quadry, and providing no bad news hits international markets in the meantime.
National Bank of Oman climbed 1.6 percent and Bank Muscat added 0.5 percent.
The index rose 0.3 percent to 6,655 points. It was down 2.1 percent since hitting a 15-month high on Feb. 21.
Banks have been steady in terms of news flow this year, says Quadry, so investors are buying back at lower levels following the market's recent slide.
Financial stocks were the prime support as Saudi Arabia's index TASI edged higher in early trading.
Al Rajhi Bank climbed 0.3 percent, Riyad Bank added 0.4 percent and Kingdom Holding rose 0.5 percent.
Saudi Basic Industries Corp (SABIC) rose 0.3 percent, just below Monday's 16-month high.
"There has been a slow down in demand for petrochemical products, but SABIC is the lowest cost producer in the world and has a big competitive advantage," said Daniel Broby, chief investment officer at London-based Silk Invest.
The index rose 0.1 percent to 6,533 points. (Less...)
Qatar Islamic Insurance Company (QIIC) is strengthening its domestic and global operations to increase its market share and efficiency of its investments.“Our approved three-year strategic plan and....(More...)
Qatar Islamic Insurance Company (QIIC) is strengthening its domestic and global operations to increase its market share and efficiency of its investments.
“Our approved three-year strategic plan and goals will permit us to increase our share of insurance business in Qatar, maximise our insurance underwriting capacities, retention and profit efficiency and re-engineer motor insurance operations,” QIIC chairman Sheikh Abdulla bin Thani al-Thani told shareholders at the general assembly, which approved 25% cash dividend.
He said the company would also provide technical support to its affiliated Takaful companies in Pakistan and Syria and maximise the efficiency of investment assets diversification and profitability.
Given the current global economic turmoil and the unprecedented competitive environment dominating the domestic insurance market, Sheikh Abdulla said “we are confident that we will consolidate our market position, create new business opportunities in Qatar and abroad.”
QIIC generated gross premium of QR159mn in 2009 against QR168mn in the previous year and aggregate net profit of QR51mn, of which net policyholders’ surplus amounted to QR17mn and shareholders’ profit of QR34mn, he said.
Accordingly, the board, in co-ordination with the Shariah Supervisory Board, decided to reimburse policyholders with cash surplus equaling 20% of the premium written in 2009, the highest so far, he said. (Less...)
The privatization of Saudi Arabian Airlines is progressing as planned, its director general has said. Khaled Al-Molhem added that the organizations core aviation unit could be privatized within 24....(More...)
The privatization of Saudi Arabian Airlines is progressing as planned, its director general has said. Khaled Al-Molhem added that the organizations core aviation unit could be privatized within 24 months.
Speaking to reporters after signing a memorandum of understanding with Al-Ahli Capital and Morgan Stanley, who will act as financial advisers for the airlines privatization, he indicated that the airline would sell part of its stake in the core aviation unit to a consortium of national companies.
Al-Molhem, who oversaw the privatization of the Saudi Telecom Company (STC) before joining Saudia, said technical procedures to privatize the airline would be much easier this time round.
He said the privatization of the organizations catering and cargo units was successful. A consortium comprising Abdul Mohsen Al-Hokair Tourism and Development and the Fowzan Holding and Newrest Group bought 49 percent of Saudia Catering, while Tarabut Air Freight Services bought 30 percent of Saudia Cargo.
"The financial consultants will set up the basis for the airlines privatization within the next 24 months," Al-Molhem said, adding that the transfer of employees from the public to the private sector would be completed as per the plan.
He expected the privatization of the maintenance service unit to be completed by the beginning of next year at the latest.
"Our privatization plan is going ahead successfully as planned," he added.
The airline had signed an agreement with BNP Paribas, who will act as adviser for the privatization of the technical service unit.
There are more than 5,600 employees in the maintenance sector, with Saudis accounting for 87 percent. They are distributed among 26 domestic and 30 international stations.
Economic observers believe that the privatization of Saudias core aviation unit would not take a long time.
Two years ago it signed deals with Airbus and Boeing to purchase 70 new aircraft at a total cost of SR10 billion.
The new aircraft deal was self-financed for the first time and reflects the airlines financial strength. The purchase includes 58 Airbus planes and 12 Boeing 787s.
Saudi Airlines, which was established about 60 years ago, has played a significant role in the Kingdoms development and connecting the country with other parts of the world.
The airline operates flights to 80 domestic and international destinations, and transports more than 18 million passengers, including a large number of pilgrims, annually.
The airlines cargo unit posted revenues of SR1.7 billion in 2007 and a net profit of SR307 million. The result encouraged companies to buy 30 percent of Saudia Cargos stake.
Saudia, which has a fleet of more than 100 aircraft, employs more than 18,000 people. (Less...)
Emirates Industrial Bank (EIB) yesterday announced net profit of Dh98.16 million during 2009 compared to Dh77.184m in the previous year – a growth of 27.18 per cent. In the field of financing, the....(More...)
Emirates Industrial Bank (EIB) yesterday announced net profit of Dh98.16 million during 2009 compared to Dh77.184m in the previous year – a growth of 27.18 per cent.
In the field of financing, the bank studied 34 industrial projects during the year, out of which 27 projects were approved to be financed, and these projects were granted loans and facilities with a total value of Dh274.50m.
By adding the volume of finance in this year to the accumulated volume in previous years, the number of projects studied by the bank reached to 871 projects, out of which 640 had been approved to be financed with a total value of Dh4,860.09m.
As for the volume of disbursed loans and facilities during 2009, it amounted to Dh331.52m compared to Dh447.82m in 2008.
By adding the volume of disbursed loans and facilities in this year to the accumulated volume of the same in previous years, the total value of disbursed loans and facilities by the end of year 2009 reached to Dh3,572m.
By the end of 2009, the fully-recovered loans and facilities were 309 with a value of Dh1, 575.31m million, inclusive of fees. (Less...)
Company Name : Engineering Industries (ICON) ISIN Code : EGS3F021C017 Currency : LE F/S Period : From 01/01/2009 to 31/12/2009 Net Profit : 19,232,927 F/S Period: From 01/01/2008 to 31/12/2008 Net Comparative Profit : 13,276,000 Audit Status : Audited Source : Engineering Industries (ICON)
Company Name : The Arab Dairy Products Co. ARAB DAIRY ISIN Code : EGS30221C013 Currency : LE F/S Standalone Period : From 01/01/2009 to 31/12/2009 Net Profit : 16,771,383 F/S Standalone Period : From 01/01/2008 to 31/12/2008 Net Comparative Profit : 19,498,050 Audit Status : Audited Source : The Arab Dairy Products Co. ARAB DAIRY
The Listing Committee held on 10-03-2010 has approved the capital increase for Modern Company for Water Proofing from LE 20 million to LE 85 million, the LE 65 million capital increase (representing the 3rd issue) distributed over 65 million fully paid cash shares at par value of LE 1 per share. These shares will be available for trading effective 18-03-2010 trading session.
The Listing Committee held on 10-03-2010 has approved to change the name of Egyptian Saudi Finance Bank to be Barka - Egypt Bank effective 01/04/2010 trading session.
Company Name : Societe Arabe Internationale De Banque (SAIB) ISIN Code: EGS60142C014 Reuters Code: SAIB.CA Type of Dividend : Cash Coupon No. : 31 Dividend per Share : 70.00 Cent Payment Date : 28/03/2010 Dividend Date : 23/03/2010
Company Name : Gezirah Hotels & Tourism ISIN Code : EGS70062C012 Reuters Code : GIZF.CA Content : The company sent a release for the stock's fair value knowing that the management team of the company and the financial expert are liable for the study mentioned above.
Company Name : Egyptian Company for Mobile Services (MobiNil) ISIN Code: EGS48011C018 Reuters Code: EMOB.CA Type of Dividend : Cash Coupon No. : 22 Dividend per Share : LE 7.50 Payment Date : 31/03/2010 Dividend Date : 28/03/2010
