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Thursday, 1 November 2012

Dana Gas in Cairo talks over delayed payments - The National

The Egyptian government and Dana Gas are holding meetings to speed a backlog of late payments after the gas company missed a US$920 million (Dh3.37 billion) debt deadline.

The company, based in Sharjah, crossed its sukuk repayment deadline at midnight on Wednesday.

With the company said to be locked in "intense" negotiations with bondholders to avoid default, Dana released earnings yesterday, two weeks ahead of schedule.

MENA stock markets close - November 1, 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-Kuwait sinks to 8-yr low on political upheaval; most Gulf mkts up | Reuters

Intensifying political turmoil in Kuwait, where police used teargas to disperse protesters a day earlier, triggered another sell-off on the country's main index on Thursday, dragging it down to its lowest level since August 2004.

Most other Gulf bourses ended higher ahead of the weekend.

Kuwait's benchmark fell 1.9 percent to 5,658 points, falling below the previous eight-year low hit in August this year.

Oman's Al Izz Islamic Bank $104 mln IPO 1.15-times covered - source | Reuters

Oman's Al Izz Islamic Bank, the sultanate's second Islamic bank, attracted bids worth 46 million rials ($119.5 million) for its initial public share offer, 1.15 times the sum which it was raising, a source close to the offering said on Thursday.

The bank, which counts Abu Dhabi state-fund Aabar Investments as a founding shareholder, will be listed on the Muscat Securities Market on December 3, the source said.

Al Izz looked to raise 40 million rials ($104 million) by selling 40 percent of its capital through a month-long initial public offering, which ended on October 21 and was managed by Bank Muscat.

MIDEAST DEBT-Money market curbs to challenge Islamic banks in Oman - Yahoo! News Maktoob

As Oman prepares to introduce Islamic finance, a restriction on the money market instruments which banks can use may curb their ability to manage funds in the market, hurting profitability.
Authorities are expected to release Islamic banking rules by year-end, making Oman the last country in the six-nation Gulf Cooperation Council to accommodate sharia-compliant banks.
But the draft rules, seen by bankers before their publication, exclude an instrument which is widely used in some
other countries: commodity murabaha or tawarruq, several banking sources in Oman told Reuters. They declined to be named because of the sensitivity of the issue.

BRIEF-Abu Dhabi Commercial Bank posts lower Q3 profit, miss estimates - Yahoo! News Maktoob

Abu Dhabi Commercial Bank PJSC:
* Commercial bank Q3 net profit 595 million dirhams versus 613 million dirhams q3/11
* ADCB Q3 net impairment allowances 529 million dirhams versus 514 million dirhams q3/11
* Six analysts forecast average profit of 746.77 mln dirhams in Q3, in a Reuters poll

BRIEF-DP World wins contract to build, operate terminal in Mumbai - Yahoo! News Maktoob

DP World Limited :
* Wins contract to build, operate terminal in Mumbai, to invest $200 million - statement
* DP World says container terminal at Jawarharlal Nehru Port
* The new quay awarded for a 17-year concession period

Dana Gas misses Islamic bond repayment -

Dana Gas on Thursday confirmed it had missed a $920m Islamic bond repayment and creditors said they would begin to claim against assets of the United Arab Emirates-based company.
However, the situation was a confusing one as Dana, listed in Abu Dhabi, said talks were continuing amid a standstill agreement, under which creditors have agreed not to enforce their rights in the event of non-payment.
“Dana Gas remains committed to finding a consensual solution that is fair and equitable to all stakeholders and will make further announcements in line with the progress of discussions,” the company said in a statement.

STOCKS NEWS MIDEAST-Kuwait index slumps to 8-year low on political turmoil - Yahoo! News Maktoob

Intensifying political turmoil in Kuwait and violent protests trigger another sell-off, dragging the index to its lowest level since August 2004.
The benchmark falls 1.9 percent to 5,658 points, breaking below the previous eight-year low hit in August this year.
"The political instability is directly impacting the short-term and long-term outlook for Kuwait," says Fouad Darwish, head of brokerage services at Global Investment House.

Bahrain's Ithmaar converts Faisal Private Bank into family office | Reuters

Faisal Private Bank, a Swiss-based bank which has struggled since the collapse of property schemes in the Gulf and beyond, will be converted into a family office, its parent company said in a statement on Thursday.

A family office manages investments for a single family, with the capital of the firm based upon that family's own cash. It did not identify the family in a statement to the Bahrain bourse.

The conversion will protect clients' and shareholders' interests and allow parent firm Ithmaar Bank to focus on its core retail and commercial business, Ithmaar's Chief Executive Mohammed Bucheerei said in the statement.

UAE's Dana Gas says missed $1 bln sukuk deadline | Reuters

Dana Gas, the Sharjah-based natural gas company, on Thursday said it failed to pay the outstanding $920 million on an Islamic convertible bond that matured on Wednesday.

The UAE's largest listed natural gas firm, hit by payment delays from Egypt and Iraq's Kurdistan region, said it had also missed a $18.75 million accrued profit payment due on October 30.

"Dana Gas is in ongoing discussions with an ad-hoc committee of sukuk holders over terms to amend and extend the sukuk," it said in a statement.

Qatari firms disappoint investors

Qatari listed companies have failed to impress investors with their net profits that add up to QR28.5bn ($7.80bn) year-on-year in the first three quarters of this year, up a meagre 1.88 percent over the same period in 2011.
Qatar Exchange (QE) announced on its website yesterday that 41 of the 42 listed entities had all reported their financials for the three quarters except Vodafone Qatar whose financial year is from April to March.
Calculations made by this newspaper suggest that just three of the 42 entities—large cap Industries Qatar (IQ), Qatar National Bank (QNB), the country’s largest lender, and Qatar Telecom (Qtel)—have a lion’s share of over 53 percent (QR15.2bn or $4.16bn) in the profit volume.