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Monday, 25 July 2011

MENA stock markets close - July 25, 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)

Court ruling lifts shares of Bank Dhofar - The National

Bank Dhofar, Oman's second biggest bank by market value, was up by 7 per cent after the Primary Court in Muscat ruled in its favour as part of a lawsuit filed by rival Oman International Bank and others.

The court overruled 'the previous judgment of the Enforcement Court that imposed an attachment on 26.1 million rials from Bank Dhofar account,' the lender said in a regulatory filing.

In late 2001, Ali Redha, a commodity trading company based in Oman, announced a default on a debt of 70m rials owed to local and international banks. Majan International Bank was one of the affected lenders and was forced to merge with BankDhofar. Majan's chairman was among the shareholders of Ali Redha. OIB said in its lawsuit it was owed the equivalent of 1.93 million BankDhofar shares as a result of losses incurred in the transaction. BankDhofar said it had disputed the claim.

Saudi Aramco, Dow to build $20-bln chemical complex - Maktoob News

Saudi Aramco and U.S. Dow Chemical Company is to immediately start building a $20-billion integrated chemicals complex in Jubail, Saudi Arabia, Aramco said on Monday.

The joint venture called 'Sadara Chemical Company' will build one of the world's largest chemical facilities, the state-run Saudi energy giant said, producing over 3 million metric tonnes of chemical products and plastics a year.

'This enterprise will play a key role in the Kingdom's industrial and economic diversification while contributing to the creation of thousands of high quality jobs,' Khalid Al-Falih, president and CEO of Saudi Aramco, said in a statement.

Saudi banks end private lending aversion -

A combination of a huge stimulus announced this year and rock-bottom interest rates are trickling through to Saudi Arabia’s banks, which are resuming lending to the private sector at the fastest pace in two years, economists say.

Bank lending to companies was severely curtailed after an economic slowdown induced by the collapse of Lehman Brothers, Dubai’s well-publicised debt problems and the default of two of the kingdom’s family holding companies.

Yet Saudi bank credit to the private sector expanded 7.1 per cent in May, the fastest rate of growth in two years, according to Banque Saudi Fransi in Riyadh.

UAE's First Gulf Bank sets initial guidance for sukuk sale | Reuters

Abu Dhabi's First Gulf Bank has set initial price guidance for a five-year, dollar-denominated benchmark Islamic bond at 210 basis points above midswaps, a document from the lead banks showed on Monday.

Joint bookrunners for the Islamic bond, or sukuk, issue are Citibank , HSBC and Standard Chartered .

A benchmark bond is typically at least $500 million.

Dubai's Shorter-Dated Bonds May Prove a Better Bet: Arab Credit

Dubai's Islamic bond due 2014 may provide better returns than its 2020 security as investors shift toward shorter maturities and because of the need to hedge against an increase in U.S. treasury yields, analysts say.

The yield gap between the Dubai government's 6.396 percent Islamic bond, or sukuk, due 2014 and its 7.75 percent security due 2020 widened 11 basis points this month, led by a drop in yields on the shorter-dated notes, according to data compiled by Bloomberg. The yield gap between the Abu Dhabi government's 5.5 percent coupon bond due 2014 and its 6.75 percent note due 2019 widened 6 basis points over the month.

'Local investors tend to prefer shorter-dated bonds, while longer-dated bonds tend to see more interest from international accounts,' Nick Stadtmiller, a fixed-income analyst at lender Emirates NBD PJSC, said July 21. 'Liquidity in this region is ample, but liquidity is becoming increasingly tighter in other regions on the back of problems in the euro zone.'

Dubai's ENBD Q2 net surges 87 pct as provisions drop | Reuters

Emirates NBD , Dubai's largest bank by market value, on Monday said its second-quarter net profit surged 87 percent helped by a drop in loan loss provisions and improved income from investment securities.

The lender, which reshuffled its board last month, made a net profit of 744 million dirhams ($202.6 million)for the three month period ending June 30, compared with 398 million dirhams in the prior-year period.

Four analysts polled by Reuters had estimated an average profit of 746.3 million dirhams for the second quarter.

gulfnews : DFSA issues warning over website

The Dubai Financial Services Authority (DFSA) yesterday issued an alert to the investor community to false, misleading and deceptive statements made by a company named Dubai Investment Financial Capital UAE on their website —

The website states that 'Dubai Investment Financial Capital UAE' is regulated by the DFSA.

'This statement is incorrect. Dubai Investment Financial Capital is not regulated by the DFSA, and is not affiliated with the Dubai International Financial Centre [DIFC], despite the use of the initials 'DIFC' on the website.'

gulfnews : RAK Bank posts Dh296m profit for second quarter

RAK Bank yesterday reported a net profit of Dh296 million for second quarter of 2011, up by 23 per cent compared to the same quarter last year.

While the bank's net interest income for the second quarter increased by 23 per cent to Dh488.09 million, fee and commission income declined 10 per cent to Dh121.24 million compared to the same quarter last year.

RAKbank reported a net profit of Dh589.1 million for the six months ended June 30, 2011, reflecting a 25.8 per cent growth compared to the same period in 2010.

Qatar central bank restrictions take a toll - The National

Qatar's restriction on how much banks can lend is taking its toll, the chief executive of Ahli Bank said yesterday.

The effect of the Qatari central bank's regulations on retail loans is 'high', Salah Murad said yesterday, according to Bloomberg News.

Retail loans account for 20 per cent of the bank's total portfolio, Mr Murad added.

Former Nakheel exec wins case

The former general counsel for Nakheel has won a Dh751,000 judgment against the developer.

David Nicholson, who left Nakheel at the beginning of the year, filed a case in April in the Dubai World Tribunal seeking his end-of-employment entitlements. Mr Nicholson had joined the company in Sept., 2006, part of a contingent of Australians hired during the tenure of chief executive Chris O'Donnell, who is also from Australia.

Mr O'Donnell, who left the company in June, also has a case in the Tribunal, seeking unpaid benefits worth $3.7 million (Dh13.5 million).

Saudi Gazette - Qatar, Saudi Arabia lead growth in GCC this year

Saudi Arabia, the largest Arab economy, is likely to be the second fastest growing GDP in the Gulf Cooperation Council (GCC) region this year, National Commercial Bank (NCB) said in a new study on the GCC economies.

'We expect the GCC region as a whole to grow by some six percent this year and by some five per cent next year,' the report said.

NCB, Saudi Arabia’s largest bank, has posted 10.9 percent increase in net income for the first half of 2011 at SR2,927 million compared to SR2,640 million for the same period of the previous year. NCB Chairman Abdullah Bahamdan said the bank’s total assets grew significantly to reach SR314 billion compared to SR263 billion at the end of the same period of the previous year, an increase of 19.2 percent. Total shareholders’ equity reached SR33.3 billion compared to SR30.7 billion of the same period last year, an increase of 8.5 percent.

Dubai's Noor Islamic posts $23.1m H1 net profit - Banking & Finance -

Dubai-based Noor Islamic Bank posted on Sunday net profit of AED85m ($23.1m) for the first half of the year, on a revenue base of AED386m.

The bank remained adequately capitalised with a capital adequacy ratio of 18.36 percent, Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, chairman, said in a statement.

'Our robust performance in the first half of this year is a direct result of the strategic initiatives and business model realignment that we have been undertaking within the bank over the past 18 months,' he said.

Global Petroleum Survey - Zawya ht @alifarabia

A new survey ranks Qatar as the best regional jurisdiction for energy development. However, Iran offers the greatest room for improvement.

Qatar has made a habit of beating regional peers in global surveys. The Fraser Institute's Global Petroleum Survey is the latest where super-rich Qatar beats its regional competitors' as it pips them to the post as the Middle East's most investment-friendly destination for petroleum exploration and development.

Still, the country is a far way down in global ranking - emerging as the 33rd most investor-friendly jurisdiction in the world. The word 'jurisdiction' is important as the survey rates various states in the United States, Canada, Australia separately to determine a much more accurate investor climate.