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Wednesday, 24 October 2012

New Issue - Investcorp sells $250 mln in notes - Yahoo! News Maktoob

Investcorp SA on Wednesday sold $250 million of notes in the 144a private placement market, said IFR, a Thomson Reuters service.
Bank of America Merrill Lynch, Citigroup, Credit Suisse, ING, J.P. Morgan and RBS were the joint bookrunning managers for the sale.
BORROWER: INVESTCORP
AMT $250 MLN COUPON 8.25 PCT MATURITY 11/01/2017
TYPE NTS ISS PRICE 100 FIRST PAY 05/01/2013
MOODY'S Ba2 YIELD 8.25 PCT SETTLEMENT 11/01/2012
S&P N/A SPREAD N/A PAY FREQ SEMI-ANNUAL
FITCH DOUBLE-B NON-CALLABLE N/A

WAM | Statement by Chairman of the Sharjah Court of First Instance

Judge Abdul Rahman Sultan bin Taliah, Chairman of the Sharjah Court of First Instance, has said in a statement that the report published by Reuters News Agency on Oct. 22nd, 2012, regarding the case filed by FAL Oil against "the Government of Sharjah - Sharjah Electricity and Water Authority (SEWA)|, is preliminary and subject to comment by both parties, and should not be discussed publicly before the verdict in accordance to the court discretion.

He added that the case should not be published before issuance of ruling by the court, indicating that the publishing is a violation to the articles 263 and 264 of the federal penal code No (3) of year 1987 and its amendments.

The court is still considering the matter and has not yet made any decision, Taliah said, adding that even after the Court of First Instance made a decision, the verdict would remain open to appeal in accordance with the UAE legal system.

INTERVIEW-Egypt paying Dana Gas for all current supplies - Yahoo! News Maktoob

Egypt is paying Dana Gas for all fuel it is receiving from its operations in the north African country and the UAE-based company is optimistic outstanding payments will be settled, a Dana Gas board member told Reuters on Wednesday.
Economic turmoil after a popular uprising unseated Hosni Mubarak in early 2011 has stretched Egypt's finances and it fell behind in its payments to several fuel suppliers.
Dana Gas was still owed 729 million dirhams ($198.5 million) for unpaid fuel bills by Egypt as at June 30, 2012, but Cairo has been keeping up payments for current supplies.

Kuwait's KFH Q3 net rises 33 pct, beats estimates | Reuters

Kuwait Finance House (KFH) , the country's biggest Islamic lender, reported a 33 percent increase in third-quarter net profit on Wednesday, beating analyst estimates.

Net profit rose to 33.7 million Kuwaiti dinars ($119.9 million) from 25.3 million dinars in the same period a year ago, according to a statement carried by state news agency KUNA.

Four analysts in a Reuters survey had predicted a 19.7 million dinar profit on average for the quarter.

Mideast private equity firms to sell assets as mkts strengthen - Yahoo! News Maktoob

Private equity firms in the Middle East are preparing to exit a range of investments, a sign that asset markets in the region are recovering from the twin blows of Arab Spring uprisings and the global financial crisis.
Firms including Abraaj Capital, Egypt's Citadel Capital, Abu Dhabi-based Gulf Capital and the private equity
arm of Standard Chartered aim to conduct at least three initial public offers of shares and a dozen portfolio asset
sales in coming months, conversations with industry executives suggest.
"In the Middle East, and unlike previous years, we're expecting a wave of exits. This means more money channeled back to investors," said Steve Murphy, managing director at Citadel.

Cost cuts drive Dubai developer Deyaar's Q3 profit surge | Reuters

Property firm Deyaar on Wednesday posted a surge in third-quarter net profit as it halved costs to make up for a drop in revenue.

The emirate's second largest developer by market value made a third-quarter net profit of 5.1 million dirhams ($1.4 million), compared with 0.7 million dirhams made during the same period in 2011, it said in a statement on the Dubai bourse.

However, revenue for the quarter fell to 137.4 million dirhams from 184.4 million dirhams in the prior-year period. The company halved its direct costs in the quarter to 92.1 million dirhams from 180.6 million dirhams a year earlier.

UPDATE 1-Dubai's Mashreq bank Q3 profit jumps 86 pct - Yahoo! News Maktoob

Mashreq, Dubai's second-biggest bank by stock market value, on Wednesday posted an 86 percent
year-on-year jump in net profit for the third quarter of this year, citing a decline in bad loan provisions.
Net profit climbed to 379 million dirhams ($103 million) in the quarter from 204 million dirhams a year earlier, according to Reuters calculations based on the bank's nine-month earnings statement.
For the first nine months of the year, profit rose 28 percent to 970 million dirhams, Mashreq said.

MIDEAST STOCKS-Saudi rebounds before holiday; Emaar falls on Q3 - Yahoo! News Maktoob

Saudi Arabia's bourse rebounded on Wednesday from a nine-day low as bargain hunters picked up battered stocks, while Dubai's Emaar Properties declined after quarterly earnings missed estimates.
Most sectors in Saudi Arabia rallied, with large-caps Saudi Basic Industries Corp and Al Rajhi Bank gaining 0.9 percent and 1.1 percent respectively.
Dar Al Arkan rose 1.2 percent, accounting for a quarter of all shares traded on the index.
"The market did not react (over the last two weeks) to the positive earnings growth we saw in the third quarter - we expected to see it recover a bit," said Hesham Tuffaha, head of asset management at Bakheet Investment Group.

MENA stock markets close - October 24, 2012

 ExchangeStatus IndexChange  
 
 TASI (Saudi Stock Market)
 
6791.040.91%  
 
 DFM (Dubai Financial Market)
 
1641.34-0.54%  
 
 ADX (Abudhabi Securities Exchange)
 
2657.720.16%  
 
 KSE (Kuwait Stock Exchange)
 
5770.340.45%  
 
 BSE (Bahrain Stock Exchange)
 
1060.09-0.22%  
 
 MSM (Muscat Securities Market)
 
5654.01-0.12%  
 
 QE (Qatar Exchange)
 
8516.310.05%  
 
 LSE (Beirut Stock Exchange)
 
11130.78%  
 
 EGX 30 (Egypt Exchange)
 
5793.151.63%  
 
 ASE (Amman Stock Exchange)
 
1905.070.10%  
 
 TUNINDEX (Tunisia Stock Exchange)
 
4863.090.38%  
 
 CB (Casablanca Stock Exchange)
 
9425.480.43%  
 
 PSE (Palestine Securities Exchange)
 
456.16-0.21%  


STOCKS NEWS MIDEAST-Emaar drags Dubai to 9-day low; Abu Dhabi up - Yahoo! News Maktoob

Dubai's Emaar Properties drags the emirate's bourse to a nine-day closing low after the developer's quarterly profit missed estimates, while Abu Dhabi's measure edges up to a 14-month high.
Shares in Emaar slip 1.8 percent. It posted a 4.7 percent drop in third-quarter net profit of 387 million dirhams,
significantly below the average forecast of five analysts of 516.2 million dirhams.
The index falls 0.5 percent to 1,641 points, its lowest finish since Oct. 15.

Qatar considers buying major stakes in 7 European banks

Qatar considers acquiring major stakes in investment banks in Europe, sources told Al Arabiya, noting that the negotiations are currently underway with seven banks suffering from accumulated financial crises caused by the economic recession in Europe.

Qatari delegations are leading broad negotiations to widen their investment portfolio in Luxembourg, in order to diversify their income generating investments, the sources added.

Basheer al-Kahlout, an economist, told Al Arabiya that widening the investments of Qatar’s investment authority in foreign markets is part of Qatar’s strategy to diversify the sources of income, away from gas and fuel sectors, which contribute 55% of Gross Domestic Product (GDP).

Three out of ten SMEs in UAE owned by women - bi-me.com

More than 30 per cent of firms in the UAE’s SME sector are owned by women, according to UAE-based learning consultant, Carol Talbot.

She cited a recent study by the UAE’s Ministry of Economy that suggests Small and Medium Enterprises (SMEs) accounted for 60 per cent to the nation’s GDP in 2011. “Given that a third of SME’s are owned by women, then by default women in business contribute significant amount to the national purse,” said Talbot.

Looking further afield, Talbot also noted that the UAE statistics mirror global figures that show more than 30 per cent of registered businesses worldwide are female-owned entities. Indeed, by 2018, forecasts suggest that more than half of the 9.72 million jobs available in the SME sector in USA will be created by businesses owned by women.

Mashreq’s Al Ghurair Fears U.A.E. Banks Becoming Over-Regulated - Businessweek

Banks in the United Arab Emirates risk becoming over-regulated amid tightening central bank rules that may hurt economic growth, said Abdul Aziz Al Ghurair, chief executive officer of Mashreqbank PSC. (MASQ)

Lenders in the country plan to introduce a code of conduct next year to help banks regulate themselves and “to avoid over- regulation,” Al Ghurair, who is also the chairman of the Dubai International Financial Authority and head of the Emirates Banks Association, said in an interview yesterday.

“Banks are concerned the central bank is imposing too many regulations,” he said. “If the trend continues, we’ll swing to heavy regulation. We need to have balanced regulation to encourage the economy.”

Russia scraps bond sale after investors demand higher yields | beyondbrics

Russia on Wednesday scrapped a bond auction for the first time since May as investors pulled in their horns following the recent weakening in oil prices and bad economic data from Germany and the eurozone.

Some fund managers may also have decided that this year’s rush into emerging market bonds, which has compressed yield spreads around the globe, may have gone a bit too far – although it’s early to make that call.

Russia’s finance ministry said in a statement that the sale had been dropped after investors demanded higher yields than the government offered. Officials had planned to auction Rbs30bn ($956m) of 2019 rouble paper at a yield of 7.12 per cent to 7.17 per cent.

STOCKS NEWS MIDEAST-Emaar falls after Q3; drags down Dubai - Yahoo! News Maktoob

Shares in Emaar Properties dip in early trade but selling pressure is light after the developer reported a drop in quarterly earnings and missed estimates, weighing on Dubai's market.
Emaar shares are down 2.4 percent at 3.66 dirhams, recovering from an early-session dip to 3.65, a technical
support level.
Weak market sentiment spurs selling in other sectors as well. Air Arabia and Dubai Financial Market fall 1.7 and 1.9 percent respectively.

UAE anger at Britain hits business - FT.com

Tensions between the UK and the United Arab Emirates are threatening to undermine business dealings between the two countries, with BP’s unexpected exclusion from bidding for an onshore oil concession an indication of a new volatility in the relationship.
While the UAE has declined to say why it has not yet invited BP to tender, many observers in Abu Dhabi see the company as a casualty of government anger at claims it is being repressive in its treatment of an alleged Islamist extremist cell.

UPDATE 1-HSBC Bank Oman 9-mth profit drops 4.2 pct on provisions | Reuters

HSBC Bank Oman, formed earlier this year by a merger of HSBC's Oman unit and Oman International Bank, posted a 4.2-percent fall in net profit for the first nine months of 2012 as higher impairments impacted earnings growth.

The lender, now Oman's second-largest by market capitalisation, made a nine-month net profit of 10.57 million rials ($27.45 million), compared with 11.03 million rials in the same period of 2011, a bourse statement said on Wednesday.

Third-quarter net profit stood at 3.4 million rials, according to Reuters calculations based on the bank's half-year financial statements.

Giant Taj Mahal Can’t Hide Weakness of Dubai’s Property Market - Bloomberg

Dubai proclaimed its real estate comeback in the only style it knows: grandiose.
A replica of the Taj Mahal about four times bigger than the original, a skyscraper with nine swimming pools and a mile-long canal winding its way around office buildings are among the high-profile projects unveiled in the past few weeks. The plans had been on hold since the financial crisis brought the emirate’s property boom to a halt in 2008.