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Sunday, 5 February 2012

STOCKS NEWS MIDEAST-Property stocks lead Dubai to 4-mth high - Yahoo!

Dubai's index hits a four-month high on
improved sentiment, with volumes higher than average for a
Sunday trading session.
Emaar Properties, which has yet to report its
quarterly earnings, jumps 3.2 percent. Deyaar Properties ends
4.4 percent higher after swinging to a full-year profit in 2011.
The index rises 2.2 percent to 1,467 points, its highest
finish since Sept. 21.
Abu Dhabi property stocks also advance, but banks decline as
the emirate's benchmark ends almost flat, inching up 0.04
percent to 2,478 points.

MENA stock markets close - February 5, 2012

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
6758.870.37%
DFM (Dubai Financial Market)
1466.842.15%
ADX (Abudhabi Securities Exchange)
2477.690.04%
KSE (Kuwait Stock Exchange)
58580.03%
BSE (Bahrain Stock Exchange)
1136.59-0.02%
MSM (Muscat Securities Market)
5564.090.06%
QE (Qatar Exchange)
8724.091.02%
LSE (Beirut Stock Exchange)
1166.910.06%
EGX 30 (Egypt Exchange)
4584.39-2.22%
ASE (Amman Stock Exchange)
1945.880.05%
TUNINDEX (Tunisia Stock Exchange)
4725.230.06%
CB (Casablanca Stock Exchange)
11360.90.84%
PSE (Palestine Securities Exchange)
478.55-0.13%

Dubai Shares Rise to Four-Month High on Earnings Optimism, Led by Arabtec - Bloomberg

Dubai stocks rose to the highest in more than four months on bets earnings will beat expectations and after the U.S. jobless rate slid to the lowest level in three years, boosting the outlook for the global economy.
Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ lender that last week posted a 25 percent surge in full-year profit, jumped 1 percent. Arabtec Holding (ARTC) PJSC, the U.A.E.’s biggest construction company, rose to the highest in more than two years. Dubai’s DFM General Index (DFMGI) surged 2.2 percent to 1,466.84, the highest since Sept. 21, at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index increased 0.6 percent at 1:33 p.m. in Riyadh.
“A combination of good international news flow and strong banking results announced last week are giving the DFM reason to continue its strong performance,” said Samer Darwiche, a Dubai- based analyst at Gulfmena Investments.

2011 MENA M&A deal volumes up by 4% but values decrease by 28%, says Ernst & Young - bi-me.com

Total Mergers & Acquisitions (M&A) deal volumes in the Middle East and North Africa (MENA) region registered a rise of 4% last year, from 401 in 2010 to 416 in 2011, according to Ernst & Young’s 2011 year-end MENA M&A update.

Deal values on the other hand fell by 28%, from US$44.1bn in 2010 to US$31.7bn in 2011.

The first half of 2011 experienced a higher average value of M&A deals at approximately US$10bn as compared to the second half, which showed an average value of approximately US$6 billion.

gulfnews : Corruption: UAE to recover Dh1b

The State Audit Institution, the UAE’s anti-corruption watchdog, said on Sunday it demanded recovering more than a billion dirhams from illicit financial flows involving misappropriation of public funds, forgery, fraud and bribery cases that took place in 2010.
Dr Harib Saeed Al Amimi, President of the State Audit Institution, said 10 graft cases were reported to the public prosecutors over the last two years involving illicit financial flows of hundreds of millions of dirhams.
The UAE, however, remains one of the most investment-friendly countries in the region, according to an anti-corruption watchdog survey published in December.

Dubai Shares Climb, Paced by Emaar Ahead of Developer’s Results, U.S. Data - Bloomberg

Dubai stocks rose for the fourth time in five days on bets earnings will beat expectations and after the U.S. jobless rate slid to the lowest level in three years, boosting the outlook for the global economy.
Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ lender that last week posted a 25 percent surge in full-year profit, jumped as much as 1.9 percent. Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, headed for the highest close since December. Dubai’s DFM General Index (DFMGI) gained 1 percent, the most since Feb. 1, to 1,449.99 at 11:37 a.m. in the emirate. Abu Dhabi’s ADX General Index (ADSMI) rose less than 0.1 percent.
“A combination of good international news flow and strong banking results announced last week are giving the DFM reason to continue its strong performance,” said Samer Darwiche, a Dubai- based analyst at Gulfmena Investments.

Dubai shares facing selling pressure on debt worries - Equities - ArabianBusiness.com

Dubai's index may face selling pressure on Sunday following a Reuters report that the emirate's government has walked away from talks about a $10 billion debt restructuring at Dubai Group.
This has left the group, part of the Dubai ruler's personal empire, to deal directly with creditors and dashing hopes of a state-backed rescue.
"If the government has stepped away from the table, all the things which we have asked for are impossible because they (Dubai Group) don't have the ability to give us anything," one source told Reuters.

KUNA : Kuwait China Investment Company expects GCC oil imports to Japan to surge - Power & Materials - 05/02/2012

Japan is expected to increase oil imports from the Gulf States, Kuwait China Investment Company (KCIC) said Sunday.
"As long as the nuclear reactors remain shut and there is no alternative source of energy in the short-run, energy imports are forecasted to rise further," KCIC said in its weekly analysis.
"This could lead to a significant surge in oil exports from the GCC, as Japan tries to keep up with energy demand, creating a deeper deficit," it said. After 31 years, Japan's annual trade deficit made a comeback in 2011, following a dismal performance throughout most of that year.

Dubai's Deyaar swings to full-year profit - Yahoo!

Deyaar Development,
Dubai's second largest developer by market value, swung to a
small profit in 2011, it said in a statement to the Dubai bourse
on Sunday.
Deyaar made a net profit of 37.7 million UAE dirhams ($10.3
million) last year, compared to a net loss of 2.87 billion
dirhams in 2010.
The company also posted improved fourth-quarter results,
according to Reuters calculations, but remained in a loss.
Deyaar made a 7.3 million dirhams net loss in the fourth
quarter of 2011, according to Reuters calculations, compared
with a net loss of 1.77 billion dirhams during prior-year
period.

gulfnews : Dubai FDI brings more than Dh3b into economy in 2011

Dubai FDI, the foreign investment office of the Department of Economic Development, yesterday said it brought Dh3.44 billion in capital and 77 companies to Dubai in 2011 whose collective turnover was Dh16.57 billion.
"The past year also saw significant gains by Dubai FDI in strengthening its links with governments, investment promotion agencies and the investor community across the globe," Dubai FDI said in a statement.
It said the strategic advantages of Dubai as a regional operations hub and investment destination were successfully conveyed across a wide range of platforms including trade and industry forums, workshops and mutual visits by business delegations, hosted and attended by Dubai FDI in 2011.

Gulf markets poised to increase gains - The National

Gulf stockmarkets are poised to extend gains this week amid increased optimism after world markets last month had their best run in 18 years.

The Abu Dhabi Securities Exchange General Index and Dubai Financial Market General Index last month rallied 6.1 per cent and 3 per cent, respectively, outperforming Gulf markets. That came at a time US economic growth showed signs of accelerating and European policymakers moved closer to a resolution on the region's debt crisis. UAE equities were also helped by strong corporate earnings in the fourth quarter and generous dividend payments from local companies.

"We have witnessed higher trading activity as cash moves into the equity markets," said Rami Sidani, the head of Middle East and North Africa investments at Schroder Investment Management, in Dubai.

UAE Exchange takes on global expansion - The National

UAE Exchange plans to almost double its international reach in the year ahead after reaching an acquisition deal with an Abu Dhabi investor.

The news comes as the funding crisis of the past few years starts to ease in the Emirates' private sector.

"We are expanding to the highest level," said Dr B R Shetty, the founder of UAE Exchange. The company aims to expand to 53 countries this year, from 29 countries at present, he said. "We want to be everywhere in the world," Dr Shetty added. "The sky's the limit."

UAE repeals asset freeze on Libya to aid recovery - The National

UAE and Gulf businesses are poised to flood into Libya after the Emirates' Central Bank lifted a freeze on the African country's assets.

Complying with UN resolutions, Abdulrahim Mohamed Al Awadi, the UAE Central Bank's executive director and head of anti-money laundering, instructed financial institutions to "cancel the freeze on accounts in the names of central bank of Libya, Libyan Arab Foreign Bank and related bank accounts, and Libyan Oil Supply DMCC."

In a separate move, the UAE Central Bank also instructed lenders to halt trade finance with Iran amid heightened sanctions to pressure the country to end its nuclear programme, reported Reuters.

UAE's largest bank expects loan growth to slow - Banking & Finance - ArabianBusiness.com

National Bank of Abu Dhabi, the UAE's largest lender by market value, expects slower loan and deposit growth this year with its overseas performance "tempered a bit" by Arab political unrest, its chief executive has said.
Michael Tomalin said the lender, whose fourth-quarter earnings fell shy of expectations this week, said the outlook for this year was solid.
"For 2012, we are cautiously optimistic. We will see strong growth in our wealth and private banking business and good growth in Islamic banking," he said in a telephone interview.

gulfnews : RAK boost for research activities

In the race to become a knowledge economy, the UAE's larger emirates have dominated the spotlight when it comes to research activities.
In 2009 His Highness Shaikh Saud Bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, established the Shaikh Saud Bin Saqr Al Qasimi Foundation for Policy Research. Since its inception, the organisation has geared up research activities in Ras Al Khaimah (RAK) to specifically address issues in the emirate and the country as a whole.
Gulf News spoke with Dr Natasha Ridge, executive director of the foundation, who explained the purpose of the organisation and its recent achievements.

Abu Dhabi’s IPIC Can Supply Oil to Spain, Expansion Says - Bloomberg

International Petroleum Investment Co., Abu Dhabi’s sovereign wealth fund that owns Spanish oil company Cepsa, is available to supply the oil to the European country if there is an embargo on Iran, Expansion reported citing unidentified people familiar with the matter.
IPIC Managing Director Khadem Al Qubaisi made the offer during a meeting this week with Spanish government officials, according to Expansion. Iran supplies about 11 percent of Spain’s oil, Expansion said.

gulfnews : Abu Dhabi to kick off investment show in Tokyo

The Department of Economic Development in Abu Dhabi will kick off the Abu Dhabi Investment Forum in Tokyo tomorrow.
Senior government officials headed by Nasser Ahmad Al Suwaidi, Chairman of the Abu Dhabi Department Economic Development, will participate.
The forum aims to shed light on opportunities and investment incentives offered by Abu Dhabi in infrastructure, energy, finance and industry.