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Sunday, 22 April 2012

MENA stock markets close - April 22, 2012

 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)

Adnoc Drawing List of Finalists to On-Shore Oil Concessions - Bloomberg

Abu Dhabi National Oil Co. is still preparing the final list of bidders to compete for on-shore oil concessions due to be awarded by 2014, Director General Abdulla Nasser Al Suwaidi said.
“We are now in the selection process of the bidders and we have not come up with the final list of bidders,” al Suwaidi told reporters today in Abu Dhabi. Current partners and new companies will be considered, he said.
Adnoc, as the state producer in the capital of the United Arab Emirates is known, is currently setting up the tendering process to accept bids for the oil fields, he said.

Egypt regulator clears France Tel's Mobinil offer | Reuters

Egypt's financial market regulator EFSA said on Sunday that France Telecom can go ahead with a tender offer for a stake in mobile operator Mobinil held by local shareholder Orascom Telecom Media and Technology.

France Telecom plans to purchase most of OTMT's stake for 1.5 billion euros. Some media had reported that EFSA may reject the deal, or was delaying it until the French firm responded to a request for information.

In a statement confirming its approval, EFSA gave a list of technical requirements the companies must fulfil, such as publishing full details of the tender offer within two days.

NOW Lebanon -Qatar’s sovereign fund exceeds $100 billion

The assets under management by the sovereign wealth fund (SWF) of gas-rich Qatar have far exceeded $100 billion, Qatar Investment Authority board member executive Hussein al-Abdulla said Sunday.

Asked if the assets of the fund have reached $100 billion, Abdulla told reporters they were "much more" but declined to provide a specific figure.

Speaking on the sidelines of the World Investment Forum in the Qatari capital Doha, Abdulla said the fund "will have $30 billion more to invest in 2012."

STOCKS NEWS MIDEAST-Egypt gains on political optimism - Yahoo! News UK

Egypt's main index achieves its biggest gain since Feb. 29 after mass weekend protests ended peacefully and the military rulers took steps to try to get the writing of a new constitution back on track, traders say.
The EGX30 is up 2.3 percent at 4,815 points, with Egyptian investment bank Pioneers Holding up 8.5 percent, real estate firm Talaat Moustafa Group gaining 7.3 percent and its peer Palm Hills 6.7 percent.
"Today we are seeing some buying and no selling as foreign and Arab investors are optimistic about the current state of political stability and a lack of negative decisions or actions," says Ahmed Khalil, trader in Cairo Capital Securities.

Abu Dhabi's NBAD launches UAE real estate fund - Yahoo! News UK

National Bank of Abu Dhabi has launched a real estate fund in partnership with a Kuwaiti firm to seek investment opportunities in the United Arab Emirates' property sector, the lender said on Sunday.
NBAD, the UAE's top bank by market capitalisation, has teamed up with Kuwaiti firm Gulf Investment Corp for
the venture, which it plans to convert to a real estate investment trust (REIT) in the future.
"In the future, it is our intention to bring this fund to an initial public offering, thereby creating what we expect to the region's first REIT," Mahmood al-Aradi, senior general manager of NBAD's financial markets division said in a statement.

Dubai Shares Snap Five-Day Drop Before Emaar Dividend, Results - Bloomberg

Dubai’s shares advanced for the first time in six days on speculation Emaar Properties PJSC (EMAAR) may agree to boost its 2011 dividend at a meeting with shareholders tomorrow and before the real-estate company reports earnings.
Emaar, developer of the world’s tallest building and expected to post a 37 percent gain in quarterly profit, advanced the most in almost three weeks. Aramex PJSC (ARMX), the Middle East’s largest logistics company, rallied 2.3 percent. The DFM General Index (DFMGI) climbed 0.7 percent, the first gain since April 12, to 1,650.20 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 (BGCC200) Index added 0.1 percent at 1:34 p.m. in Riyadh.
Emaar, the company with the heaviest weighting on Dubai’s index, is scheduled to meet with shareholders at 4 p.m. tomorrow to discuss its proposal to pay a cash dividend of 10 fils for 2011, unchanged from 2010. Last year, Emaar abandoned a plan not to pay a dividend after a three-hour meeting between shareholders and executives.

Canada's RBC to double Mideast wealth management team: executive | Reuters

Royal Bank of Canada (RY.TO) expects to double the number of wealth management employees in its Dubai office in the near future, and is open to opportunities for acquisitions, a senior executive said on Sunday.

Toronto-based RBC has set its sights on global wealth management as a key driver for growth, targeting organic growth in the United States, Britain, Asia, the Middle East and Latin America as well as small or medium-sized acquisitions to build its global wealth, private banking and trust business.

"We currently have 15 people in our Dubai office and will expect to double that in the next two to three years," Barend Janssens, head of the bank's wealth management in emerging markets told reporters in Dubai.

STOCKS NEWS MIDEAST-Heavyweights lift Qatar; Emaar rallies - Yahoo! News UK

Qatar's index ends higher, rebounding from Thursday's four-week low as bargain hunters step in and first-quarter earnings help sentiment.
Industries Qatar climbs 2.3 percent to a five-week high after posting estimate-beating earnings.
"Today's move is led by IQCD and the performance of SABIC. There is a psychological correlation between these two companies," says Samer al-Jaouni, General Manager of Middle East Financial Brokerage.

Qatar sovereign fund says has $30 bn to spend this year - Yahoo! News UK

Qatar's aggressive sovereign wealth fund, the Qatar Investment Authority (QIA), has $30 billion to spend this year, executive board member Hussain Al Abdulla said at a conference on Sunday.
QIA has been the most active of the region's sovereign wealth funds in recent years, deploying the Gulf nation's
natural gas riches in assets ranging from German sports car maker Porsche to British bank Barclays.
Abdulla said QIA had invested $2 billion in agriculture over the past two years through its Hassad Food food security unit.

Qatar fund bullish on Brazil, other emerging markets - Yahoo! News UK

Qatar Holding, a unit of the gas-rich Gulf state's sovereign wealth fund, is bullish on emerging economies, its chief executive told reporters on Sunday.
"We are very optimistic on Brazil and other emerging economies," Ahmad al-Sayed said on the sidelines of a
Qatar's sovereign wealth fund, like most Gulf funds, has traditionally preferred investing in Western markets, picking up stakes in companies ranging from carmakers to banks.

Aldar says no financial help needed from Abu Dhabi -

Abu Dhabi's Aldar Properties is committed to repaying all its debt and does not need more financial support from the government of Abu Dhabi, the company's deputy chief executive told reporters on Sunday.

"We won't need more (financial) help, we are comfortable on the financing side," Mohammed Al Mubarak said on the sidelines of a property conference.

"We are committed to all our debts and they will be paid, we are in a healthy financial position," he added.

Kuwait's Global to hold bondholder meetings on Apr 24 | Reuters

Global Investment House , which is in talks to restructure $1.7 billion in debt, is due to hold meetings with bond investors on Tuesday, a regulatory bourse disclosure showed.

The investment company, which has laid off 17 percent of its staff, will hold separate meetings with holders of a 50 million Kuwaiti dinar ($179.66 million) bond and a 45 million dinar bond, a statement on the Dubai Financial Market (DFM) said.

Global said last year it was asking lenders for a delay to principal repayments on debt to allow for a renegotiation of a debt restructuring plan it agreed in 2009.

Iraqi phoenix to rise from the ashes - The National

Noaman Muna returned to his native Iraq five decades after fleeing chaos and revolution in the 1950s.

"If I wasn't optimistic, I wouldn't have returned," says Mr Muna, who went back to Baghdad three years ago as a project manager to build the new headquarters of the Central Bank of Iraq after working at major architectural practices in London.

A decade after the United States war that ousted Saddam Hussein, plans are being drawn up to design a mega-city and urban planners and architects such as Mr Muna are at the vanguard.

Greater Arab role needed at IMF, says UAE official - The National

More Arabs are needed at the IMF to give the international lender credibility with member states from the region, the UAE Minister of State for Financial Affairs said yesterday.

Arabs account for fewer than 3 per cent of employees at the IMF, said Obaid Humaid Al Tayer in a statement issued on behalf of several countries during the IMF's spring meeting at the organisation's headquarters in Washington.

"We consider staff diversity as integral to the fund's credibility with members," Mr Al Tayer said in a statement posted on the IMF website. "The number of Arab economists at the fund has declined since 2009. Additional recruitment efforts are needed at all economist staff levels."

Saudi mutual funds capture 66% of total GCC asset industry - Arab News

Saudi Arabian mutual funds account for 66 percent of the total GCC asset management industry ($17.5 billion), followed by Kuwaiti funds with 16 percent share and GCC/MENA mandated funds with 14 percent share, according to a report by Kuwait Financial Centre (Markaz).

GCC asset management industry, with roughly 100 asset management companies, manages $26.5 billion in assets in about 328 funds as on Dec. 31, 2011, the report said.

In terms of products, money market funds lead the pack with a 53 percent share, followed by equities at 42 percent, while the remainder is in fixed income and specialized funds. Of the total, Islamic funds manage $17 billion (64 percent) in assets.