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Sunday, 14 October 2012

MENA stock markets close - October 14, 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)

MIDEAST STOCKS-Results, global cues weigh on Saudi; UAE drops - Yahoo! News Maktoob

Saudi Arabia's stock market declined for a second straight day on Sunday as disappointment over third-quarter corporate earnings weighed.
Having recorded its biggest one-day drop in over four months on Saturday, a slide of 1.8 percent, the Saudi bourse fell once more, by 0.3 percent, to a fresh 11-week low.
Concerns which sent global bourses lower at the end of last week, including expectations for weak corporate earnings in the United States and Spain's debt problems, are combining with weak results Saudi companies to hurt investor sentiment.

BRIEF-Al Rajhi Bank Q3 net profit drops to 1.87 bln riyals - Yahoo! News Maktoob

Al Rajhi Bank :
* Al rajhi bank Q3 net profit 1.87 billion riyals versus 1.94 billion riyals year-ago - statement
* Al rajhi bank says increase in operating expenses led to profit drop in Q3

STOCKS NEWS MIDEAST-Saudi hits fresh 11-wk low, poor results weigh - Yahoo! News Maktoob

Saudi Arabia's market slumps to a fresh 11-week low as disappointment over third-quarter results published so
far mixes with negative global sentiment.
The index slips 0.3 percent to 6,662 points, its lowest level since July 23. This follows the 1.7 percent decline
in the previous session.
"It's a combination. Clearly, the concerns over global growth prospects are weighing on the market," says
Julian Bruce, EFG-Hermes' director of institutional equity sales.

UAE telco Etisalat will not exit foreign mkts -CEO | Reuters

Etisalat, the Gulf's No.2 telecommunications operator, will not completely sell out of any its foreign markets, the company's chief executive said on Sunday.

The United Arab Emirates firm, which operates in about 17 countries in Africa, Asia and the Middle East, sold a 9.1 percent stake in Indonesian mobile firm PT XL Axiata for $510 million in September, but retained a 4.2 percent holding.

The Indonesian sale, which followed Etisalat's exit from India, was seen by some analysts as part of a broad push to trim back underperforming foreign units. But chief executive Ahmad Julfar insisted on Sunday that the company would retain its current footprint.

"We are not going to exit any markets," Julfar told reporters on the sidelines of a conference in Dubai. "We are very happy with our international operations, even Africa."

Abu Dhabi 2011 economic growth fastest in seven years | Reuters

Abu Dhabi's economy grew 6.8 percent in inflation-adjusted terms in 2011, the fastest rate since 2004 and more than double the pace of the previous year, thanks to stronger activity in both oil and non-oil sectors, government data showed on Sunday.

"Growth in GDP at constant prices during 2011 surpassed all the forecasts and estimates made by local and international parties," the Statistics Centre Abu Dhabi said.

The real gross domestic product of Abu Dhabi, one of seven United Arab Emirates, rose 3.0 percent in 2010.

Abu Dhabi Shares Drop Most in Month on Saudi Decline, Earnings - Bloomberg

Abu Dhabi’s shares were set for the biggest drop in a month after earnings in Saudi Arabia (SABIC), the Persian Gulf’s biggest economy, disappointed and oil declined.
Dana Gas (DANA), the fuel producer with $1 billion in debt maturing this month, lost 2.1 percent. Arkan Building Materials Co. (ARKAN), the owner of companies involved in the construction industry, fell for the first time in four days. The ADX General Index (ADSMI) slipped 0.4 percent, snapping a four-day advance and poised for the biggest decrease since Sept. 18, to 2,642.77 at 11:36 a.m. in Abu Dhabi. Qatar’s QE Index rose 0.1 percent.
Shares in Saudi Arabia, the Gulf Cooperation Council’s biggest bourse, yesterday tumbled 1.7 percent, the most in more than four months after local lenders including Saudi British Bank (SABB) missed earnings estimates. The benchmark extended declines today, falling 0.2 percent. Oil fell on Oct. 12 after the International Energy Agency cut its forecast for global demand, saying slower economic growth may limit fuel consumption.

Industries Qatar Q3 net profit jumps 23.7 percent | Reuters

Petrochemicals and metals company Industries Qatar IQCD.QA (IQ) posted a 23.7-percent jump in third-quarter net profit on Sunday, Reuters calculations show, beating average analysts' forecasts.

The Gulf's second-largest chemical producer by market value behind Saudi Basic Industries 2010.SE (SABIC) made a net profit of 2.56 billion riyals ($703.2 million) for the third-quarter, according to Reuters calculations, compared with 2.07 billion riyals a year earlier.

Analysts polled by Reuters on average expected the company to post quarterly profit of 2.2 billion riyals.

Islamic Development Bank places $500 mln sukuk - Yahoo! News Maktoob

Saudi-based Islamic Development Bank (IDB) issued a $500 million five-year Islamic bond, or sukuk, earlier this month, in a rare example of a privately-placed transaction from the supranational institution.
The deal was priced at 30 basis points (bps) over the three-month London interbank offered rate (Libor), according to market data, and was issued as part of the bank's $6.5 billion sukuk programme.
The sukuk was placed with a small group of investors following an initial reverse enquiry - where an investor
approaches the issuer with a request to buy some of its debt - according to a source familiar with the deal.

Dubai's Limitless to repay lenders by 2016 in debt deal - Yahoo! News Maktoob

Dubai property firm Limitless, which reached a restructuring agreement with creditors on a $1.2 billion loan last week, will repay debt due to bank creditors by 2016, the indebted firm's chairman said on Sunday.
Limitless, which was hit hard by the emirate's 2009 property market crisis, will fully repay trade creditors in 2015 without offering any interest on their loans due, Ali Rashid Lootah told reporters.
The developer concluded a deal on restructuring the $1.2 billion loan last week, bringing to an end talks that had lasted over two years.

Emirates Islamic Bank highlights ongoing integration of Dubai Bank Operations and Branches | Al Bawaba

Emirates Islamic Bank, the Islamic banking arm of Emirates NBD Group, highlighted today its ongoing integration of Dubai Bank‘s branches and operations, leading to the creation of stronger, more resilient proposition for customers, including access to a significantly expanded network of branches, ATMs and CDMs.

The migration of the portfolio from Dubai Bank to Emirates Islamic Bank follows the takeover of Dubai Bank by Emirates NBD Group in October 2011. The migration process is being led by a unified management team and joint Executive Committee, both of which were established earlier. The rebranding of Dubai Bank facilities under the Emirates Islamic Bank umbrella will commence in November of this year.  Following the completion of the transition, Emirates Islamic Bank will become the third largest Islamic Bank in the country.

According to Jamal Bin Ghalaita, Chief Executive Officer, Emirates Islamic Bank and Dubai Bank, this ongoing alignment process will provide customers with a wider range of innovative products and services, as well as access to an expanded network of over 45 branches and 100 ATMs and CDMs across the UAE.

İstanbul Forum: From troubled region to Arab Awakening

As İstanbul becomes a hub for international forums, seminars, workshops and conferences, a fairly new non-governmental organization has been determined to steal the stage in autumn since 2009, and the issue on which it concentrates, the Middle East, has been ever changing since the Arab protests started.
“It seems like there are at least three meetings every week in İstanbul, so there is competition. But we don’t organize just a show in which the prime minister comes to do the opening and then there is not much substance. In our forum, every participant is a potential speaker,” said Suat Kınıklıoğlu, director of the Ankara-based Center for Strategic Communication (STRATİM), established in 2008 and which organizes the İstanbul Forum.
The forum, conducted in the years 2009, 2011 and recently on Oct. 8-10, has been focusing on developments in the Middle East, rather unintentionally, Kınıklıoğlu told Sunday’s Zaman:

STOCKS NEWS MIDEAST-Gulf mkts downbeat on Saudi drop - Yahoo! News Maktoob

A slump in Saudi Arabia's benchmark and a bearish sentiment among global investors set the tone for further declines in the Gulf markets on Sunday.
Saudi shares closed 1.7 percent lower to an 11-week low on Saturday as the market reacted to lacklustre quarterly results, weak global stocks and a dip in energy prices.
Saudi Arabian Fertilizer Co (Safco) reported a 5.1 percent fall in third-quarter net profits, while Samba Financial
Group posted a quarterly net profit rise of 2.3 percent.

Is the Dubai real estate recovery happening just a bit too fast? « ArabianMoney

Headlines focusing on the biggest shifts in Dubai real estate prices and rental costs may be distorting the perception of the market recovery suggesting the boom times are back. The reality is a more subdued recovery for most locations.

The Prime Global Rental Index published by property broker Knight Frank showed just a two per cent rise in average prime rental costs between June and March, and a 3.3 per cent rise over the year to end of June. Admittedly rises are accelerating but this is hardly a runaway boom.

Mubadala: evolution from Dolphin in a decade - The National

As Mubadala Development celebrates 10 years of operations, Khaldoon Al Mubarak, the chief executive and managing director, reflects on the company’s first decade and gives his thoughts on the future.

How has Mubadala changed in 10 years?

As with all posts, you need to click headline to go to original article, generally only the opening three paragraphs are shown on here.

Mubadala plans thousands of new jobs for Abu Dhabi - The National

In its first decade of operations, Mubadala has created 10,000 jobs in Abu Dhabi, and plans to add another 8,000 by 2020, across its portfolio of aerospace, aluminium, energy, communications technology and semiconductors, according to the company.

Mudabala describes itself as a "catalyst" for the economic diversification of Abu Dhabi. Its strategy is built on the creation of partnerships and long-term investments that deliver strong financial returns and tangible social benefits for the emirate.

Health care, property and infrastructure and other services are the focus of its social infrastructure activities in the emirate, designed to deliver "clear socio-economic benefits".

Aabar drives a big profit on Daimler - The National

Aabar Investments, the Abu Dhabi fund, has sold its remaining shares in the German car maker Daimler for more than €1 billion (Dh4.75bn), almost doubling its investment in three years.

Aabar, a subsidiary of the Abu Dhabi-owned International Petroleum Investment Company (Ipic), sold its remaining 3.07 per cent of Daimler for €1.25bn.

Daimler's share price stood at €38.15 when the sale went through on Thursday, about 85 per cent higher than the €20.27 a share Aabar paid in March 2009, which represented a 5 per cent discount to the market price at the time.

High stakes in Iraqi oil dispute - The National

When ExxonMobil, the world's largest international oil company, signed a deal for oil rights with the Kurdish regional government (KRG) last November, the simmering tensions between Erbil and Baghdad were again exposed.

Until the American major entered the scene, the struggle over the control of the region's natural resources had ceased to attract much interest from outside observers. It was Iraq's potential to become the next oil-producing superpower that was given most of the attention.

Exxon, however, was soon followed into Iraqi Kurdistan by France's Total and Chevron of the United States. An angry Baghdad threatened to expel the oil majors from elsewhere in Iraq, and refused to send oil payments to the KRG, which responded by stopping all its exports via the official Iraqi export infrastructure. A resolution to the stand-off seemed far-fetched at this stage.

Mubadala eyes Asia for future of growth - The National

Mubadala Development, the strategic investment company owned by the Abu Dhabi Government, plans a new round of expansion aimed at Asian growth markets, including the two biggest: China and India.

"On a global platform, we have to get into India and China," Khaldoon Al Mubarak, Mubadala's chief executive and managing director, told The National. "Today the story is all about getting into areas where there is growth, and those countries, along with Korea and Singapore for example, are where the growth is going to be."

This month, Mubadala celebrates a decade as a corporate entity: "The template driving the next 10 years will remain the same," said Mr Al Mubarak. "We have to focus on assets and how to derive maximum value from them. The next sector will be the one that fits the same criteria as the past ones. We have to have continuity."

Dubai strategy developed to reduce carbon emissions |

The Dubai Supreme Council of Energy and Dubai Carbon Centre of Excellence (DCCE) is developing a strategy to reduce carbon dioxide emissions.
Saeed Al Tayer, Vice-Chairman of the Dubai Supreme Council of Energy (DSCE), said: “Dubai plans to step up its efforts to slash its carbon emissions, currently set at 1.5 million tonnes per year, by adopt strict quotas for reducing carbon emissions on different project and across different entities.”
The state-owned companies such as Dewa, Dubal and Enoc, and Dubai’s airports and ports will also be expected to play a role, he said.

Qatar calls for better IMF, WB role in region

Qatar, on behalf of other Arab countries, has called on the World Bank Group and the International Monetary Fund (IMF) to play a better role in promoting and deepening the reform efforts in the Arab region.
Addressing the IMF and the World Bank 2012 annual meeting in Tokyo H E Yousef Hussein Kamal, Minister of Economy and Finance, who is also the Governor of the Fund and the Bank for Qatar, underscored the need for getting fair representation for the region in the Bretton Woods Institutions (BWIs).
Speaking on behalf of the Arab Governors of IMF and the World Bank Group, Yousef Hussain said: “An important aspect of reforming governance at the IMF is the ongoing review of the quota formula to ensure it results in fair and equitable representation of all members of the Fund, taking into consideration the multiple roles of quotas. The current formula is deficient in many ways and is the result of compromises that may have been justified by pragmatism but lack fairness. GDP should be retained in the formula, although its weight should be reduced, or its impact attenuated through appropriate compression, to help lower the concentration of voting power.”.