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Thursday, 7 June 2012

gulfnews : Bill likely to allow foreigners to hold telco’s shares

Abu Dhabi’s stock market will receive a much needed liquidity boost if foreigners are allowed to own shares in etisalat, analysts said on Thursday.
Amid conflicting reports over whether the UAE’s largest telco is set to undergo a transformation of its corporate structure, industry experts believe institutional investors would be very interested in acquiring etisalat’s stock.
Arabic newspaper Emarat Al Youm reported a new law governing etisalat may be amended to allow overseas investment in the telco. But etisalat - in a statement to the Abu Dhabi Securities Exchange (ADX) - said it was unaware of any new legislation.

gulfnews : Airline arranges $517m in Islamic facility

Emirates, the world's largest airline by international traffic, raised 1.9 billion dirhams ($517 million) from an Islamic facility for the purchase of three aircraft.
The carrier completed the 12-year loan to buy planes including Boeing Co's 777-300ERs and Airbus SAS's A380 with Dubai Islamic Bank PJSC, Al Hilal Bank and Ajman Bank PJSC, it confirmed yesterday in an e-mailed statement. The two Boeing planes were delivered in February and May, said the company.
Emirates is building the world's largest fleet of Airbus superjumbo jets to establish Dubai as a long-haul travel hub and win passengers from Air France-KLM and Deutsche Lufthansa AG. The Dubai-based airline is one of the biggest buyers of Airbus SAS A380 superjumbos and the Boeing 777s, and in November signed a deal valued at $18 billion with Boeing.
The airline raised $1 billion from the sale of a five-year bond in June. The yield on the 5.125 per cent security dropped 48 basis points this year to 4.692 per cent today, according to prices compiled by Bloomberg.

First IPO planned on Nasdaq Dubai since 2008 - The National

The Nasdaq Dubai stock exchange is in line for its first public share sale since 2008, after the little-known RegisCard, based in London, yesterday announced its intention to list.

The company announced an agreement with Global Equity Partners to manage an initial public offering on the bourse as it seeks to tap opportunities in the financial services sector in emerging markets.

The company has made several acquisitions and developed software to introduce prepaid debit cards and discount cards to the international community.

Qatar's QIIB mulls sale of Islamic Bank of Britain | Reuters

Qatar International Islamic Bank (QIIB), parent company of Islamic Bank of Britain (IBB), is considering the sale of the UK's only sharia-compliant retail lender as it struggles to gain scale in the UK market.

IBB confirmed it had received an approach by QIIB, which currently owns a controlling 88.41-percent stake, to take over the remaining shares with a view to a possible sale as it considers the strategic future of the UK bank.

Masraf Al Rayan, the biggest Islamic bank in Qatar, said on Monday that it had begun negotiations to acquire a 70-percent stake in IBB, with the remaining 30 percent stake to be bought by the Qatar government.

MENA stock markets close - June 7, 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)

Qatar lifts Xstrata stake to over 10 pct | Reuters

Qatar's sovereign wealth fund has raised its stake in miner Xstrata, in the final stages of a $30 billion takeover by commodities trader Glencore , to over 10 percent, according to a regulatory filing on Thursday.

Qatar has been building its stake consistently in recent months, buying shares most days since the Glencore takeover bid for Xstrata was announced in February, in a move that has turned the reclusive fund into a potential kingmaker in one of the mining sector's largest deals to date.

It has gone from less than 3 percent to becoming the largest shareholder in Xstrata after Glencore, which holds a stake of almost 34 percent. It now owns 10.05 percent, including written put options.

Egypt's economy turning around? Not so fast | The Majlis

Egypt's battered economy has lost more than half of its foreign reserves - more than $18 billion - since the revolution. The balance  of payments finally seemed to be improving, though: The central bank reported a small gain ($92 million) in April, and a larger one ($302 million) last month.

Good news, right? Maybe not. Reuters dug a little deeper:

The reserves figure apparently includes $1 billion that the central bank received from a 15 May sale of dollar-denominated T-bills to local banks, money from that came from inside Egypt and does not represent an improvement in the balance of payments.
[...] This would indicate that without the $1 billion in dollar T-bills, reserves would have fallen by $700 million, traders and analysts said, a number that suggests Egypt continues to bleed from the political and economic turmoil of the last 18 months.

India plans Gulf roadshow to drum up investment - Yahoo! News Maktoob

India plans a roadshow next week in five Gulf countries to attract sovereign funds and other investors to help revive slowing growth in Asia's third largest economy.
A rapid pace of more than 9 percent expansion before the 2008 global financial crisis has softened to just 5.3 percent in the March quarter, the weakest in nine years, and Finance Minister Pranab Mukherjee hopes to attract petro dollars to invest particularly in the country's infrastructure.
India recently relaxed rules to allow foreign retail investors to invest in mutual funds, stocks and corporate bonds.

Investcorp seeks $500 mln-plus refinancing - sources - Yahoo! News Maktoob

Investcorp, a Bahrain-based investment company, is seeking a loan of more than $500 million to help refinance debt due in 2013 as it looks to head off any potential refinancing risk next year, four sources familiar with matter said on Thursday.
The firm has done some high-profile deals in the past, including flotations of luxury brands Gucci and Tiffany & Co, but like other private equity houses in the region has been hit by unfavourable global market conditions. It reported a 90 percent drop in first-half profits in February.
But by securing a refinancing well ahead of time, Investcorp shows it is in a much stronger position than other investment houses in Bahrain which have faced refinancing issues.

Persian Gulf Stocks: Etisalat in Abu Dhabi and Vodafone Qatar - Bloomberg

Dubai’s benchmark DFM General Index (DFMGI) gained for a third day, rising 0.5 percent to 1,463.69 at the 2 p.m. close in the emirate. The index lost 0.5 percent this week. Qatar’s QE Index (DSM) declined 0.3 percent.

STOCKS NEWS MIDEAST-Qatar slumps to 8-mth low as foreign funds exit - Yahoo! News Maktoob

Doha's index slumps to an eight-month low as foreign institutions cut their investments in Qatar stocks due to a lack of short-term catalysts.
Heavyweight stocks are the main drags. Qatar National bank and Industries Qatar drop 0.6 and 1 percent
The index falls 0.3 percent to 8,316 points, its lowest finish since Oct 10.

Oil unable to push UAE's GDP further: Economist |

As Abu Dhabi's oil production is near its maximum capacity, the oil and gas sector is not expected to drive the United Arab Emirates (UAE) output growth in 2012 as it did in 2011, according to chief economist of Abu Dhabi's largest bank.

Giyas Gokkent, chief economist and head of research of National Bank of Abu Dhabi, said in a study on the UAE National Income that "in 2011, the rise in oil and gas sector output accounted for 49 percent of overall real GDP growth in the UAE", Xinhua reported.

On Monday, UAE Minister for Economy Sultan Al Mansoori said that he expected the real GDP growth in 2012 to fall to 3 percent, down from 4.2 percent last year.

Qatar budget surplus narrows to $1.4 bln | Reuters

Qatar's state budget surplus narrowed to 2.9 percent of quarterly economic output in the third quarter of its 2011/12 fiscal year, as revenue dropped compared with the previous three months while spending took off, data showed on Thursday.

The world's top exporter of liquefied natural gas booked a surplus of 5.1 billion riyals ($1.4 billion) in October-December 2011, down from a hefty surplus of 42.2 billion riyals, or 25.6 percent of gross domestic product, in the previous quarter, preliminary estimates published by the central bank showed.

On a cumulative basis, the budget surplus reached 45.1 billion riyals in the first three quarters, or 7.1 percent of 2011 GDP, a Reuters calculation based on official data showed.