|TASI (Saudi Stock Market)||6546.06||-0.34%|
|DFM (Dubai Financial Market)||1600.98||-0.04%|
|ADX (Abudhabi Securities Exchange)||2761.48||0.65%|
|KSE (Kuwait Stock Exchange)||6336.9||-0.14%|
|BSE (Bahrain Stock Exchange)||1345.21||-0.06%|
|MSM (Muscat Securities Market)||6021.12||-0.51%|
|QE (Qatar Exchange)||8319.65||-0.79%|
|LSE (Beirut Stock Exchange)||1360.91||-0.20%|
|EGX 30 (Egypt Exchange)||5541.64||-0.34%|
|ASE (Amman Stock Exchange)||2159.29||0.01%|
|TUNINDEX (Tunisia Stock Exchange)||4231.14||0.31%|
|CB (Casablanca Stock Exchange)||11838.6||-0.70%|
|PSE (Palestine Securities Exchange)||500.93||0.14%|
Thursday, 16 June 2011
The sale follows Axiom's aborted initial public offering (IPO) last year, when it planned to sell up to one-third of its shares to institutional investors. Axiom cited "market conditions and liquidity" concerns. [ID:nLDE6B51YK]
Axiom had been expected to list on the Nasdaq Exchange with a market value of up to $1 billion, but the company said the Mannai deal was at a higher valuation, without offering further details on pricing.
After a day spent blissfully detached from the troubles engulfing Europe yesterday, the Dubai Financial Market General index fell 0.8 per cent in the opening hours of trading before rising slightly, currently off 0.07 per cent at 1,600.36.
Leading the decline was Dubai Islamic Bank, which fell 0.47 per cent to Dh2.10 per share, though construction stocks including Emaar Properties and Arabtec saw large volumes traded.
كونا : Kuwait''s PISS makes up for ledger losses, investments up to KD 15.9 bln - الشؤون الإقتصادية - 15/06/2011
Al-Rajaan added, in a statement made to Arabia news channel today, that the PISS which saw its ledger investment dropping to KD 1.8 billion during the financial crisis in 2008, had investment revenues exceeded eight percent to hit some KD 15.9 billion last year.
He also said that PISS faced criticisms against the backdrop of its ledger losses, though the decline in its profits did not exceed 12.7 percent, while it ranged between 20 to 30 percent within global institutions, noting that PISS has been able to make up for these losses in view of its surefootedness on selecting its investments, and their sound geographical and sector distribution.
Of the 64 brokerages listed by the U.A.E.’s Securities & Commodities Authority as “active,” 56 posted losses in the quarter, according to financial statements on the regulator’s website. Five brokerages reported declining income, two returned to profit and one had a yearly loss.
“Brokerages are a function of the market value, and that value has dropped significantly,” said Mohammed Ali Yasin, chief investment officer at Abu Dhabi-based financial services company CAPM Investments PJSC. “It’s a constant challenge and it doesn’t look like things will improve in the second quarter.”
The diversified trading, property and industrial company had aimed to list up to 24 percent of its share capital in the form of global depositary receipts, boosting its free float from a previously illiquid 0.3 percent.
"Ultimately when there is a listed price and the price the market is willing to pay is meaningfully below that ... they weren't happy to sell the stake and decided to postpone," said one of the sources.
Gulf shopping mall owner Majid Al Futtaim has established a $2 billion global bond program, the first by a UAE private sector group since the global financial crisis.
Government-owned Dubai airline Emirates issued a $1 billion bond earlier this month, and 32 per cent government owned Emaar has raised $500 million. However, MAF Holding is one hundred per cent owned by its reclusive founder who never gives interviews.
A total of 5,684 licences were granted to new businesses launching outside free zones between January and the end of last month, said Mohammed al Saadi, the chief executive of the Dubai Department of Economic Development's (DED) business registration and licensing sector. He did not provide a comparative figure for the same period last year.
DED anticipates annual growth in new businesses to fall from 18 per cent last year to about 9 per cent this year, he said. "Real estate and real estate-related services have declined a bit, but at the same time there is a positive sense towards the retail sector, food and beverages and luxurious products [firms]," Mr al Saadi said yesterday.
Futures dropped 4.6 percent as European finance ministers struggled to break a deadlock on a second rescue plan for Greece, sending the euro and most commodities lower. The Federal Reserve Bank of New York’s general economic index slipped to the lowest level since November. An Energy Department report today showed U.S. fuel demand fell for the first time in five weeks.
“The Greek crisis is making people worry about further bank failures in Europe and cascading defaults hitting the economy and fuel demand,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “The demand numbers in today’s report were terrible, especially for industrial fuels.”
The Qatar Exchange added almost 1 per cent to 8,386.30 ahead of the index compiler MSCI's decision on a possible status upgrade next Tuesday. The top gainers on the market included Barwa Real Estate, which rose 1.9 per cent to 30.3 Qatari rials, and lender Masraf al Rayan, which edged almost 1 per cent higher to 23.14 rials.
Qatar and the UAE are both vying for an upgrade by the MSCI to "emerging market" status from "frontier market" status.
Algosaibi switched course during a London trial after deciding the judge would likely find the company hadn’t done enough to prevent the forgery and fraud it alleges were behind the loans, the family said today in a statement. The company has said Maan al-Sanea, a family relation and founder of Saudi conglomerate Saad Group, wrongfully got about $9.2 billion of loans in Algosaibi’s name.
“It could be found in this case that if the Algosaibis knew there was” improper use of loans “they should have taken more aggressive steps to detect and prevent the massive forged lending scheme,” said Eric Lewis, Algosaibi’s legal coordinator with the law firm Baach Robinson & Lewis Pllc in Washington.
Less than three years ago foreign investors turned their backs on Dubai, the tiny desert city-state with grand ambitions built on massive debt, after state-conglomerate Dubai World announced it would restructure about $25 billion in debt.
But now, Dubai's flagship airline has successfully marketed a $1 billion bond, hotels have attracted thousands more guests and unrest across the Middle East has persuaded some businesses to move some their offices to the more stable emirate.
A stellar cast of investment bankers from Standard Chartered, HSBC, Emirates NBD and UBS has been hired to sell the Dubai Government's 10-year dollar bond with a five-year put option.
This follows the sale of five and 10-year bonds by the Government of Dubai in October last year that carry a coupon of 6.7 per cent and 7.75 per cent respectively, according to data from Reuters.
"The Decree has been amended in order to allow for the development of independent water and power plants [IWPPs] in the Emirate of Dubai as part of an IWPP programme," the Dewa statement said.
In conjunction with the Dewa Decree Amendment, Law No (6) 2011 (the Enabling Law) has been created to regulate the participation of the private sector in electricity and water production. The new law specifies regulations applicable to both public and private entities in electricity generation and water production.
Aabar Investments wants a stake in RHB Capital, Malaysia's fifth largest bank that is currently in merger talks with top two lenders Maybank and CIMB .
The Edge said Aabar could end up holding a ten percent stake in the merged banking entity.