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Thursday, 28 July 2011

Dubai Financial Market Q2 profit drops 46% - Arab News

Dubai Financial Market posted a 46-percent-drop in its second-quarter net profit on Thursday as revenues fell and expenses jumped.

DFM reported a quarterly profit of AED14.71 million ($4 million), the company said in an e-mailed statement, compared with a profit of AED27.2 million for the same period in 2010.

Revenue for the quarter dropped to AED64.59 million from AED69.09 million in the second quarter of 2010. The quarterly revenue included an operating income of AED50 million and investment returns of AED14.59 million.

UAE president orders financial watchdog shake-up | Alrroya

The United Arab Emirates is reorganising its audit bureau, state news agency Wam reported on Thursday, extending its powers to include fighting corruption in the entities it controls.

The audit bureau is the supreme organ of financial control and accountability in the country, Wam said, and will have corporate, financial and administrative autonomy.

The chairman of the audit bureau's board will be appointed by federal decree and will be a minister.

MENA stock markets close - July 28, 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)

» UAE sees no reason for alarm in U.S. debt row –

The United Arab Emirates’ central bank said on Thursday it was confident there will be a compromise to avert a U.S. debt default by an Aug. 2 deadline, adding that it holds no U.S. Treasury bonds or U.S. financial instruments.

Public comment on the U.S. crisis has been scarce from Gulf central banks and sovereign wealth funds, some of whom are major holders of U.S. Treasuries and other dollar assets.

Any sign of concern that would lead to institutions in the region dumping those assets to protect themselves would be likely to alarm financial markets more broadly.

Exclusive: Abu Dhabi Backs Branson's Rock Bid | Sky News Blogs

A prominent Abu Dhabi financier is among the investors backing Sir Richard Branson’s effort to win control of Northern Rock, the nationalised mortgage lender, I have learned.

The Abu Dhabi sovereign wealth investor, a major UK pension fund and at least two US-based private equity firms have agreed to inject hundreds of millions of pounds into Virgin Money’s bid to buy the Rock.

Virgin’s bid will be submitted later today, ahead of a deadline set by advisers to UK Financial Investments, the body which manages the taxpayer’s stakes in Britain’s bailed-out banks.

Media reports of Rothschild takeover bid fuels Dana Gas shares - The National

Stocks of Dana Gas jumped their most in a month after reports surfaced that the Sharjah-based company is being stalked as a possible takeover target.

Vallares, the investment vehicle backed by Nat Rothschild and ex-BP boss Tony Hayward, is exploring a bid for Dana Gas, according to media reports.

Dana's shares rose 3.39 per cent to 61 fils per share.

Sorouh Second-Quarter Profit Rises on More Home Completions - Bloomberg

Sorouh Real Estate PJSC, Abu Dhabi’s second-biggest property developer by market value, said second- quarter profit more than tripled as the company increased deliveries of completed properties to buyers.

Net income increased to 110.4 million dirhams ($30 million), or 4 fils a share, from 30.8 million dirhams, or 1 fil, a year earlier, the company said in a statement today. The average estimate of six analysts was for a profit of 155 million dirhams, according to data compiled by Bloomberg.

Property values in Abu Dhabi, the capital of the United Arab Emirates, have declined 45 percent since the market’s peak in mid-2008, after banks curtailed lending and demand waned. The market probably needs three years to absorb the homes now being built, thwarting price and rent increases, Chief Operating Officer Gurjit Singh said in a July 6 interview.

Business : Emaar sukuk rally as mortgage unit worries ease

Emaar Properties PJSC’s sukuk rose to their highest level in two weeks after the company said it didn’t have to reduce the value of assets related to a mortgage subsidiary in the second quarter.

The yield on the 8.5 per cent Islamic notes due August 2016 dropped eight basis points, or 0.08 percentage point, to 7.21 per cent on Tuesday, the lowest level since July 11, according to data compiled by Bloomberg.

The Dubai-based builder of the world’s tallest skyscraper said it was posting no impairments related to affiliate 
Amlak Finance PJSC, which has struggled to raise funds since the onset 
of the global financial crisis.

Keeping Abu Dhabi's 2030 vision in sharp focus - The National

The Economic Vision 2030 formalises the great ambition for Abu Dhabi to become a world-leading knowledge economy.

It sets as objectives the diversification of the national economic development, the rise of the emirate on the international scene, the mobilisation of the country's capital assets, and the recruitment of key international talents and brands.

The articulation of this strategy has been initiated across several sectors - aerospace, semiconductors, aluminium, information and communications technology, health care, clean technology, logistics and financial services - and in partnership with top research institutes and multinationals.

Aabar stake in Daimler pays off as profit leaps - The National

Aabar Investments' stake in Daimler paid off handsomely yesterday as the German car maker reported a dramatic rise in second-quarter profit.

'We now assume that [full-year profit] will develop more positively than we previously expected and will very significantly exceed the level of 2010,' said Dieter Zetsche, the chief executive of Daimler.

The company reported a second-quarter profit of €1.7 billion (Dh9.03bn), a 30 per cent increase on the same period last year.

gulfnews : NBAD sees rise in non-performing loans this year

National Bank of Abu Dhabi expects non-performing loans (NPLs) to spike this year but sees its lending surpassing the market growth rate, its CEO told Reuters Wednesday.

Michael Tomalin also said the bank, which is majority-owned by the Abu Dhabi government, expects 10 per cent revenue growth in 2011 but sees profit growth depending on the level of provisions.

NBAD reported a second-quarter net profit of Dh1.03 billion last week, up 2.5 per cent over the same period last year.