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Thursday, 14 July 2011

MENA stock markets close - July 14, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
DFM (Dubai Financial Market)
ADX (Abudhabi Securities Exchange)
KSE (Kuwait Stock Exchange)
BSE (Bahrain Stock Exchange)
MSM (Muscat Securities Market)
QE (Qatar Exchange)
LSE (Beirut Stock Exchange)
EGX 30 (Egypt Exchange)
ASE (Amman Stock Exchange)
TUNINDEX (Tunisia Stock Exchange)
CB (Casablanca Stock Exchange)
PSE (Palestine Securities Exchange)

WAM | ADNOC and China National Petroleum Corporation Sign Head of Terms Agreement

Abu Dhabi National Oil Company (ADNOC) and China National Petroleum Corporation (CNPC) have signed head of terms agreement for further cooperation on oil sale.

Under the new agreement, ADNOC will provide additional quantities of crude oil to CNPC from the Emirate of Abu Dhabi with effect from 2014.

The new agreement will be effective for 20 years renewable on annual basis according to the quantity and quality of the crude oil agreed upon between the two parties.

Dubai Holding may sell telco assets to repay debt: J.P. Morgan | Reuters

Dubai Holding Commercial Operations Group (DHCOG), a unit of the conglomerate owned by Dubai's ruler, may sell its entire telecom portfolio valued at $2 billion to repay debt, J.P. Morgan said in a research note on Thursday.

'Based on a number of management comments, we expect the company to sell all these assets over time,' J.P. Morgan's analyst Zafar Nazim said in the note.

Among its telco assets, DHCOG has a 35 percent stake in Tunisie Telecom and a 19.5 percent stake in du .

FGB rises after Q2; Abu Dhabi on week high - Stocks -

Large-cap stocks pushed Abu Dhabi's index to a week high, with First Gulf Bank edging higher after posting estimate-beating quarterly results.

The lender gained 0.3 percent to AED17.85, after posting a 13 percent rise in second quarter net profit, helped by a rise in net interest income.

'Earnings were lower than our slightly optimistic estimate of AED1bn, mainly due to higher-than-expected provisions,' EFG-Hermes said in a note. 'We maintain our Buy rating on FGB as our fair value of AED24.30.'

Abu Dhabi's TDIC may pause on bond plan-sources | Reuters

Abu Dhabi's government-owned Tourism Development and Investment Co (TDIC) may have to put plans on hold for a 10-year bond issue until market volatility subsides, two banking sources familiar with the matter said.

TDIC, tasked with bringing branches of the Louvre and Guggenheim museums to Abu Dhabi, completed roadshows for a potential bond sale earlier this week but there has been no indication of the company's intention since.

'TDIC is currently watching levels as they want to do a 10-year but the risk premium is too much and investors want a five-year maturity,' said a regional banker familiar with the situation.

Egypt's Citadel to proceed with capital raise plans | Reuters

Egyptian private equity firm Citadel Capital said on Thursday the regulator had agreed to its plans to call a shareholders' meeting that will seek approval to raise its capital.

The Egyptian Financial Supervisory Authority previously refused Citadel's request to raise its issued capital to 4.35 billion Egyptian pounds. Citadel said at the time it would challenge the decision.

'The regulator has approved the plan to hold a shareholders' meeting to raise (Citadel's) capital to 4.35 billion Egyptian pounds,' a spokeswoman for Citadel Capital told Reuters.

Abu Dhabi aid rewards Dubai electricity over Taqa - Banking & Finance -

Dubai Electricity & Water Authority bonds are generating more than twice the return compared with debt issued by Abu Dhabi National Energy Co, rewarding investors willing to bet on riskier Dubai assets.

Dollar-denominated bonds issued by the Dubai government- owned utility known as DEWA and due in 2015 have returned 9.3 percent so far this year, compared with the 4.2 percent return on 2014 dollar bonds sold by Abu Dhabi National, or Taqa, the neighbouring emirate’s utility. DEWA’s credit ratings are at least four steps lower than those of Taqa, Abu Dhabi’s top power supplier.

Confidence in Dubai, commercial hub of the United Arab Emirates, has improved this year as state-run companies, including holding unit Dubai World and property developer Nakheel, complete debt-restructuring talks with creditors.

Dubai Holding unit repays $250 mln Swiss franc bond - Maktoob News

Dubai Holding Commercial Operations Group (DHCOG), a unit of the conglomerate owned by Dubai's ruler, on Thursday said it had repaid a 250 million Swiss franc ($304.9 million) bond, maturing on July 14.

'Dubai Holding Commercial Operations Group is committed to meeting its financial obligations as they fall due,' the company said in a statement to the bourse.

The company, the main unit of Dubai Holding, had said it would repay the Swiss franc bond when it announced its annual results in April, a move positively received by investors.

Masdar Capital confident despite investment struggle - The National

Abu Dhabi's clean tech fund is having trouble finding companies it can invest in on its home turf.

Masdar Capital, the investment arm of the Government's clean energy initiative, has found only one UAE company in which to invest, said Alex O'Cinneide, the investment arm's director.

The comments come two days after the Ministry of Economy predicted a US$100 billion (Dh367.3bn) opening for alternative energy investments in the UAE in the coming decade.

Crude Oil Futures Decline in New York, Snapping Two Days of Increases - Bloomberg

Crude oil fell in New York, snapping two days of gains. Futures declined as much as 46 cents, or 0.5 percent, to $97.59 a barrel on the New York Mercantile Exchange, and were at $97.70 at 11:43 a.m. Singapore time.

Qatari Diar to cut staff and restructure - The National

Qatari Diar, the property investment arm of the Qatar government, is cutting back staff and restructuring management as part of a re-evaluation of its business plans.

The changes include a new chairman, the Qatar finance minister Yousef Hussein Kamal, who last month replaced the Qatar prime minister Sheikh Hamad Al Thani.

Qatari Diar has not confirmed the change, but sources close to company say Mr Kamal has been in the position for a month.

Bahrain: Stranded on the island -

Political turmoil hurts the business case of a banking hub

A year ago, Crédit Agricole was deciding to streamline its operations in the Gulf by merging its investment banking division in Dubai and regional banking headquarters in Bahrain, writes Simeon Kerr.

The debate within the French bank turned on whether Dubai’s more global environment trumped Bahrain’s superior access to the region’s biggest market – Saudi Arabia – and its skilled local staff.

Bahrain’s uprising in February and March made the decision to quit the troubled island kingdom a “no-brainer”, according to staff involved in the decision. Over the next year, Crédit Agricole plans to put the bulk of its Bahrain and Dubai operations into a larger office at Dubai’s financial centre, while maintaining a small wealth management office in Manama. The bank declined to comment.

Builder: MGM Resorts won't fix unsafe Vegas hotel - StamfordAdvocate

The builder of an unfinished hotel tower on the Las Vegas Strip deemed structurally unsafe claims MGM Resorts International does not want to repair the Harmon boutique hotel because the company cannot rent more hotel rooms until the economy rebounds.

The accusation came a day after MGM Resorts released a structural report Monday that claimed the Harmon would likely collapse in a strong earthquake.

The finger-pointing is the latest development in a growing legal feud between the two companies that began last year over the stalled hotel project. MGM Resorts claims the hotel was shoddily built, while Tutor Perini Corp. claims the Harmon was defectively designed, but remains stable and could easily be repaired.