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Saturday, 24 July 2010

DFM Company records a consolidated net profit of AED 79.5 Million in the first half of 2010

Dubai Financial Market Company (PJSC) announced today its consolidated financial results for the first half of the year ending June 30th 2010, recording a net profit of AED 79.5 Million, with 57% decline compared to AED 186.7 Million in the corresponding period of 2009. Net profit for the second quarter of 2010 stood at AED 25.9 Million. The Company recorded AED 69.7 Million of revenues in the second quarter of 2010, which comprised of AED 51.5 Million of operating income and AED 18.2 Million representing the return on investments. Meanwhile, operating expenses amounted to AED 24.8 Million.

It is noteworthy that DFM Company's revenue and profit was affected by a 32% decline in trading value during the second quarter of the year to AED 19 Billion compared to AED 28 Billion in the first quarter.

Commenting on the results, Abduljalil Yousuf Darwish, Chairman of DFM Company said: "Over the recent months, DFM Company has embarked upon executing a series of development and investment plans which directly benefit our investors, in addition to the announcement of fully acquiring NASDAQ Dubai, all of which will further support the emirate of Dubai's drive to become the leading financial center in the region. In this regard, the Company successfully finalized the purchase of two thirds of NASDAQ Dubai. Additionally, the company effectively implemented the many stages of the consolidation process between the two exchanges. Undeniably, the management's restless and sincere effort over the last few months is an indication of a clear vision, full understanding of the challenges, and above all, it is based on an undisputed commitment to our investors as our paramount priority".

Saudi Shares Climb After Oil, Global Stocks Rise, Paced by Sabic, Al Rajhi - Bloomberg

Saudi Arabian’s benchmark stock index rose the most in almost two weeks, driven by petrochemical companies and banks following an advance in U.S. and European stocks and the price of oil, the kingdom’s main revenue earner.

Saudi Basic Industries Corp., the world’s largest petrochemical maker and Al Rajhi Bank, the biggest publicly traded lender in Saudi Arabia, lifted the Tadawul All Share Index the most since July 11. The benchmark rose 1 percent to 6,149.37 as of 1:03 p.m. in Riyadh, the highest intraday level since July 20.

“A general feeling-good factor is pervading,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. “It is based on overall thin volumes as oil is above $78, global markets performed well over the past two days.” The volume of shares traded on Tadawul was 57.2 million as of 1:09 p.m., compared with this month’s daily average of 107 million.

Emirates: How One Airline Drives Profit And Passenger Growth « Wheels Up -

It is a quiet night, lit by a half- moon and millions of stars above. Nico is flying the A-332, which left Nice some 6 hours ago (having been in the air for some 18 hours on the last 24 hours, one of the world’s highest utilization rates), and he is now preparing his “heavy” for its final approach to DXB (Dubai airport, third largest airport in the world after London Heathrow and Frankfurt) on runway 30. Check list is completed, runway smoothly hurries closer and larger. Touch down.

In one hour, Nico will be back to his flat, supplied at no cost by his employer, carried there by a private taxi. One hour later, the aircraft he flew will leave for another of the 100 cities that Emirates serves in more than 60 countries.

In a few days, he will get his pay, free of any income tax.

Emaar, Indonesia part ways on Lombok project - Emirates24|7

The Indonesian government has terminated all commitments with Emaar Properties on a mega-tourism project in Lombok, West Nusa Tenggara after the Dubai-based developer failed to meet its share of the bargain in developing the project, according to a media report.

According to Jakarta Post, the Indonesian government will reissue a tender for the mega resort project to foreign investors two of whom are from Abu Dhabi and Ras Al Khaimah.

"Four investors, from Abu Dhabi, Qatar, India and Ras Al Khaimah are interested in the project," Chairman of the Indonesian Investment Coordinating Board (BKPM) Gita Wirjawan told the newspaper.

Qatar Economy Is Booming

You may remember the Middle East as that part of the world that overspent on opulent development.

It was easy to do in the mid 2000s, as oil was ticking up to $147 a barrel...

You've heard the stories of the man-made palm-shaped islands full of luxury villas and indoor ski resorts. Or maybe you've seen the Youtube videos of young sheiks destroying Lamborghinis for fun.

Woman with a mission: Fatma Al-Bader wants Gulf Arab entrepreneurs to realise their dreams - Business Intelligence Middle East - - News, analysis, reports

Fatma Al-Bader is a woman with a mission: to help aspiring entrepreneurs in the Gulf region realise their dreams.

When asked about the state of young entrepreneurs in the Gulf, the Kuwaiti businesswoman beams with pride.

“The Gulf region thrives with young entrepreneurs. There are a lot of them (in Kuwait, the UAE, Oman, Al Qatar, Saudi Arabia) who have come up ideas that not even the West have, but who haven’t had the chance to expose themselves. I hope to be a part of that,” she says.