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Saturday, 31 July 2010

Saudi Shares Climb, Sending Tadawul Index Higher for First Month in Three - Bloomberg

Saudi Arabian shares rose, with the Tadawul All Share Index recording the third-biggest monthly gain in a year, following flat trading in U.S. and European shares.

The 143-company gauge rose 0.3 percent to 6283.73, the highest since June 28, at the 3:30 p.m. close in Riyadh, after falling as much as 0.2 percent. Al Rajhi Bank, the biggest publicly traded lender in Saudi Arabia, was the leading mover, while Samba Financial services, the kingdom’s second biggest lender by market value, drove lagging movers. Tadawul gained 3.1 percent in July, the highest monthly gain since March.

“Today’s small uptick is nothing to call home about,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. “Oil has been hovering in the high $70s and global equities have been rather flat as the summer lull is taking hold in Europe and the U.S.”

ADCB posts Q2 loss, Dubai World weighs, UAE Banks, Banking & Investment - Maktoob Business

Abu Dhabi Commercial Bank (ADCB) said on Saturday it had 6.6 billion dirhams ($1.8 billion) worth of exposure to indebted state conglomerate Dubai World and posted a second-quarter loss.

The lender reported a net loss of 531 million dirhams in the second quarter compared to a net profit of 295 million dirhams in the same period a year ago, missing analyst forecasts.

'The enforcement of provisions and impairments, especially those connected with ADCB's exposure to Dubai World, resulted in reporting a net loss,' the bank's chairman, Eissa al-Suwaidi, said in a statement.


Debt crisis failed to impede Emirates' growth | Seattle Times Newspaper

Last year the global financial crisis finally burst the economic bubble of Dubai, hitting mainly the real-estate, construction and financial sectors in the extravagantly built Middle Eastern city.

In the fallout, the Dubai government reined in some ambitious plans. One government-owned company whose growth plans were severely cut back was Dubai Aerospace Enterprise (DAE), formed with a grand plan to create various aviation-related businesses.

The aircraft leasing unit of DAE was forced to off-load most of the 200 Boeing and Airbus jets that it had ordered in 2007."

UAE’s Mubadala plans to enter Indian aerospace market - Home - livemint.com

An Abu Dhabi government-backed investor with $24 billion (Rs1.12 trillion) in assets, Mubadala Development Co. plans to enter India’s aerospace market by next year and is in talks with several potential partners, including the Tata group.

The company has stakes in the US-based Carlyle Group and Zurich-based SR Technics. Along with Tata Ltd, the UK arm of the Tata group, it is also a one-third partner in Italian aeronautics firm Piaggio, which specializes in producing business jets, engine parts and structural components.

It now wants to shift part of the manufacturing for Piaggio business jets to India, where they will be cheaper to build than Italy, said Homaid Al Shemmari, executive director for aerospace at Mubadala."