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Sunday, 13 February 2011

Bad loan provisions at UAE banks double in 2 years - Emirates24|7

The UAE Central Bank said provisions for bad loans among UAE banks surged almost 36 per cent to Dh44.3b at the end of December 2010, up Dh11.7b from Dh32.6b in December 2009.

Banks in the country have seen a rising level of non-performing loans since the onset of the global financial crisis in late 2008, and have seen their provisions for bad loans more than double in two years, from Dh19.7b at the end of December 2008 – an increase of 125 per cent in two years.

General provisions, on the other hand rose 17 per cent in 2010, from Dh10.7b at the end of 2009 to Dh12.5b in 2010. General provisions too have surged 136 per cent in two years, from Dh5.3b at the end of 2008.

Egypt cbank lengthens transfers clearing to 5 days | Reuters

Egypt's central bank has lengthened the clearance period for large transfers of funds abroad to five days from the previous two, bankers said on Sunday.

One trader in a bank treasury said this was being applied to transfers of $100,000 or more and appeared designed to slow capital flight and prevent government officials and businessmen from transferring illegally obtained funds outside of Egypt.

Traders at two other banks confirmed that the measure had been taken, but the central bank was unavailable for immediate comment.

MENA stock markets - February 13, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
6626.89-0.14%
DFM (Dubai Financial Market)
1604.190.36%
ADX (Abudhabi Securities Exchange)
2727.710.63%
KSE (Kuwait Stock Exchange)
6715.7-0.34%
BSE (Bahrain Stock Exchange)
1468.360.05%
MSM (Muscat Securities Market)
6955.160.58%
QE (Qatar Exchange)
9016.030.74%
LSE (Beirut Stock Exchange)
1462.50.06%
EGX 30 (Egypt Exchange)
5646.5-10.52%
ASE (Amman Stock Exchange)
2365.74-0.07%
TUNINDEX (Tunisia Stock Exchange)
4601.69-1.44%
CB (Casablanca Stock Exchange)
12775.70.33%
PSE (Palestine Securities Exchange)
488.22-0.37%

Egypt Sells $1.1 Billion in T-Bills in First Sale After Mubarak's Ouster - Bloomberg

Egypt sold 6.5 billion Egyptian pounds of treasury bills at an auction today. The finance ministry sold 3 billion pounds in 91-day bills yielding at 10.95 percent and 3.5 billion pounds in 266-day bills yielding at 11.68 percent. That compares with yields of 10.97 percent and 11.66 percent, respectively, at last week’s sale.

Middle East Shares Rise After Egypt’s President Mubarak Resigns - Bloomberg

Middle East shares gained, sending Abu Dhabi’s stock index to the highest in a month, as Egyptian President Hosni Mubarak’s resignation bolstered investor optimism. Israeli stocks rose the first time in four days.

Dana Gas PJSC, a fuel producer with operations in the North African country, jumped 4.5 percent. Emirates Telecommunications Corp., the telephone-service provider with a unit in Egypt, climbed to the highest in more than three months as full-year earnings topped estimates. The ADX General Index increased 0.6 percent to 2,727.71, the highest since Jan. 13, at the 2 p.m. close in Abu Dhabi. Israel’s TA-25 Index advanced 0.6 percent at 2:38 p.m. in Tel Aviv.

“Investors have now been assured that in the short term there will not be chaos in Egypt,” said Sebastien Henin, who helps oversee $110 million at The National Investor in Abu Dhabi. “Names with exposure to the country are gaining. We should have a strong week across the region.”

Kuwait's KFH Q4 profit falls 29 pct, misses f'casts | Reuters

Quarterly profit at Kuwait Finance House (KFIN.KW) (KFH), the Gulf state's biggest Islamic lender, fell 29.2 percent, missing analysts' forecasts.

The lender made 8.7 million dinars ($31.13 million) in the three months to Dec. 31, Reuters calculated, compared with 12.3 million dinars in the prior-year period.

Two analysts polled by Reuters had estimated an average fourth-quarter profit of 36.4 million dinars.

Kuwait's Gulf Bank had $403m provisions in '10 - ArabianBusiness.com

Kuwait's Gulf Bank booked provisions worth KD113m ($403.3m) in 2010 to meet losses arising from its credit portfolio, the bank's chief executive said in published remarks on Sunday.

The bank had set aside KD111m in 2009 to meet investment and loan losses.

"The percentage of irregular debts in the bank's portfolio went down to 14 percent compared with 24 percent in 2009, and I expect this percentage to continue improving during the year," Chief Executive Michel Accad said to the local newspaper Al Rai.

MENA stock markets at midday +4GMT 13 February, 2011


Exchange
Status IndexChange
TASI (Saudi Stock Market)
6635.860.37%
DFM (Dubai Financial Market)
1613.880.97%
ADX (Abudhabi Securities Exchange)
2728.410.66%
KSE (Kuwait Stock Exchange)
6715.3-0.35%
BSE (Bahrain Stock Exchange)
1472.50.33%
MSM (Muscat Securities Market)
6951.190.52%
QE (Qatar Exchange)
8971.740.25%
LSE (Beirut Stock Exchange)
1462.50.06%
EGX 30 (Egypt Exchange)
5646.5-10.52%
ASE (Amman Stock Exchange)
2371.750.18%
TUNINDEX (Tunisia Stock Exchange)
4601.69-1.44%
CB (Casablanca Stock Exchange)
12775.70.33%
PSE (Palestine Securities Exchange)
488.9-0.23%


Middle East Safe Havens « Alpha Dinar- talking Gulf finance

The Economist published an index of Arab League unrest, where they take into consideration certain factors that have triggered riots recently in Tunisia and Egypt. These factors include: government’s years in power, youth population, GDP per capita, and rankings of democracy, corruption, and press freedom. It is weird that the index does not include unemployment rates and inflation, as the lack of jobs and rising costs were the two main reasons people went to the streets.

It is predictable to see the Gulf states of Qatar, Kuwait, and UAE ranked as safe havens, as per capita income is high in these countries, and their citizens enjoy many perks that keep them happy.


Kingdom extends Zain offer for a second time to Feb 16 | Reuters

Saudi investment firm Kingdom Holding 4280.SE said on Sunday it has extended, for the second time, its offer to buy the Saudi telecoms asset of Kuwait-based operator Zain (ZAIN.KW) to Feb. 16.

Kingdom, owned by Saudi billionaire and Citigroup (C.N) investor Prince Alwaleed bin Talal, made a non-binding offer on Jan. 31 for Zain's 25 percent stake in Zain Saudi (7030.SE). The offer was due to expire on Feb. 13.

"The firm has agreed to extend the offer for the second time until 5 p.m. time on Wednesday, February 16 and that is according to the request of the board of Kuwait's Zain," Kingdom Holding said in a bourse statement on Sunday.

India airs its affinity with Dubai - The Times of India

India courts Dubai like no other country when it comes to air travel.

An average of 18,000 passengers flew daily—incoming and outgoing—between India and Dubai last summer, putting the Arab emirate way ahead of Singapore, the UK, Thailand and Sri Lanka in terms of air passenger traffic. Dubai's airline, Emirates, was also the single largest international carrier operating to and from India during that same period of April to June. The one-way passenger load for Emirates last summer was 1.8 lakh flyers a month.

A combined average of 5,000 passengers flew from Mumbai, Delhi, Chennai and Hyderabad to Dubai last summer. London came in a poor second, with an average of only 2,500 flyers—50% less than the passenger traffic to Dubai—travelling daily from the four cities.

Read more: India airs its affinity with Dubai - The Times of India http://timesofindia.indiatimes.com/business/india-business/India-airs-its-affinity-with-Dubai/articleshow/7485089.cms#ixzz1DoprGc4I