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Sunday, 4 November 2012

Dubai Islamic Bank Q3 net profit flat - statement | Reuters

Dubai Islamic Bank (DIB), the emirate's largest sharia-compliant lender, reported a flat third-quarter net profit on Sunday, beating analysts' forecasts.

The bank made 298.5 million dirhams ($81.3 million) in the three months to September 30, it said in a filing to the Dubai bourse. This compares with a profit of 298 million dirhams in the corresponding period last year.

Two analysts polled by Reuters forecast DIB would make a quarterly net profit of between 229 million and 296 million dirhams.

UAE foreign trade at Dh499b in first half | GulfNews.com

The total value of UAE’s foreign trade in the first half of 2012 touched Dh499 billion compared to Dh451.6 billion for the same period in 2011, recording an increase by Dh47.4 billion, up by 10.5 per cent , the National Bureau of Statistics (NBS) showed on Sunday.
The NBS said that the imports have also increased in H1 of 2012 to Dh321.4 billion compared to Dh286.3 billion for the same period of 2011, up by 12.3 per cent.
NBS figures showed that the national exports amounted to Dh77 billion in the first half of 2012 compared to Dh55.1 billion for the same period of 2011, up by 39.7 per cent and the re-exported commodities have increased to Dh100.5 billion during H1 of 2012 compared to Dh110.2 billion for the same period 2011, down by 8.8 per cent.

BBC News - 'Healthy profits' for Dubai hotels

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French Business Group Dubai & Northern Emirates launches new membership drive - bi-me.com

The French Business Council Dubai & Northern Emirates (FBC) has launched its latest membership drive, starting at the group’s first ‘French Tuesday’ monthly meeting for members and guests, held in Dubai recently and sponsored by Emirates NBD.

The FBC currently has over 500 members and is looking to build its membership base of businesswomen, especially, alongside plans to extend its reach to non French business people and companies, including Emirati organisations, who share an interest in building UAE-French business relations.

The FBC’s membership campaign is taking place against a background of increasing French business presence and impact. The number of registered French nationals in the UAE is 14,500 and the total community is estimated at 20,000.

Dubai’s businesses confidence is on the rise | GulfNews.com

The composite Business Confidence Index in Dubai rose to more than 122 points during the third quarter of the year, an increase of over 15 per cent on the previous quarter and 6.5 per cent on the same quarter of 2011, according to the latest quarterly business survey conducted by the Department of Economic Development (DED) in July-September 2012
The overall assessment for the fourth quarter of 2012 is that business will get better, with 95 per cent expecting either improvement or stability, the survey said.
While the level of optimistic expectations were highest among manufacturing, services and trading firms, the survey showed that almost 68 per cent of the businesses see stronger result during the final quarter of 2012 while 22 per cent expect stable outcomes.

MIDEAST STOCKS-Kuwait hits new 8-yr low; most Gulf mkts lower - Yahoo! News Maktoob

Gulf bourses were mostly lower on Sunday with political tension weighing on Kuwait, while Saudi Arabia's measure gained in thin trade.
Kuwait's index slumped to a new eight-year closing low ahead of a major demonstration planned by the opposition later in the day. The market finished 0.1 percent lower.
The opposition said it would would press ahead with the march to protest against new voting rules, while the government warned it would not tolerate unsanctioned demonstrations. Some protests in recent weeks have seen clashes between police and demonstrators.

STOCKS NEWS MIDEAST-Egypt dips to 9-week low on security jitters - Yahoo! News Maktoob

Egypt's benchmark index slides to a nine-week low after an attack in Sinai on Saturday left three policemen dead leads to worries about security, traders say.
Domestic political tensions over the drafting the country's new constitution and attempts to cancel contracts awarded during Hosni Mubarak's rule also depress the market, traders add.
The index declines 2.2 percent to 5,449 points, its lowest since Sept. 2. It has lost 7.5 percent over the last four
sessions.

MENA stock markets close - November 4, 2012

 ExchangeStatus IndexChange  
 
 TASI (Saudi Stock Market)
 
6813.620.19%  
 
 DFM (Dubai Financial Market)
 
1618.56-0.29%  
 
 ADX (Abudhabi Securities Exchange)
 
2669.5-0.15%  
 
 KSE (Kuwait Stock Exchange)
 
5650.02-0.10%  
 
 BSE (Bahrain Stock Exchange)
 
1052.740.14%  
 
 MSM (Muscat Securities Market)
 
5702.630.25%  
 
 QE (Qatar Exchange)
 
8564.84-0.45%  
 
 LSE (Beirut Stock Exchange)
 
1111.71-0.20%  
 
 EGX 30 (Egypt Exchange)
 
5449.37-2.24%  
 
 ASE (Amman Stock Exchange)
 
1928.13-0.37%  
 
 TUNINDEX (Tunisia Stock Exchange)
 
4908.96-0.32%  
 
 CB (Casablanca Stock Exchange)
 
9539.030.63%  
 
 PSE (Palestine Securities Exchange)
 
457.2-0.17%  


STOCKS NEWS MIDEAST-Industries Qatar weighs on Doha index; Abu Dhabi halts gain - Yahoo! News Maktoob

Qatar's bourses slip from its six-week high as investors book recent gains with Industries Qatar the main drag, while Abu Dhabi's measure eases away from a 15-month high.
Shares in Industries Qatar fall 2.4 percent, down from Thursday's four-year high.
"IQ's price is on the upper end but they are also getting into a lot of projects so the bar will be raised," says Yassir Mckee, wealth manager at Al Rayan Financial Brokerage. "They have the potential to break the 52-week high but trading is a little bit speculative-- materialisation of the projects will take some time."

Troubled Saudi al-Mojil Group extends losses Asharq Alawsat

Saudi construction company Mohammed al-Mojil Group, due to hold an emergency meeting on Monday to discuss breaking up, on Saturday reported a third quarter loss of 33.8 million riyals ($9 million) as project revenue faltered.
The contractor said in September its liabilities exceeded its assets and shareholders were left with a deficit of 279.8 million riyals after it ran into problems on some large contracts.
Accumulated losses in September also exceeded 75 percent of MMG's capital, forcing it to call an emergency meeting to discuss whether the company should be dissolved. Trading in MMG stock was suspended earlier this year.

Dubai Islamic Bank Q3 net profit flat - statement - Yahoo! News Maktoob

Dubai Islamic Bank (DIB), the emirate's largest sharia-compliant lender, reported a flat third-quarter net profit on Sunday, beating analysts' forecasts.
The bank made 298.5 million dirhams ($81.3 million) in the three months to September 30, it said in a filing to the Dubai bourse. This compares with a profit of 298 million dirhams in the corresponding period last year.
Two analysts polled by Reuters forecast DIB would make a quarterly net profit of between 229 million and 296 million dirhams.

Investcorp completes US$250 million five-year bond issue - bi-me.com

Investcorp Bank, a global provider and manager of alternative investment products, announced today that its wholly owned subsidiary, Investcorp S.A. has successfully completed a US$250 million bond issuance.

The bonds, which mature in November 2017, are guaranteed by Investcorp Bank.

The offering was well received from a wide array of over 95 global investors, resulting in an oversubscribed order book that included private banks subscribing for 60% and institutional investors subscribing for 40% of the offering. The distribution of bond investors was geographically well-diversified with 46% of investors from Europe (including the UK), 27% from the Middle East, 15% from Asia and 12% from the United States.

Drydocks World plans to enter Saudi Arabia | A1SaudiArabia.com

DRYDOCKS World has plans to enter the Saudi Arabian market as part of its expansion plans, Khamis Juma Bu Amim, the company’s chairman, told reporters Saturday.
The firm is “in serious talks to operate and manage dry dock facilities in Saudi Arabia’s Dhahran and Jeddah ports. We expect to see this agreement through by first quarter of 2013,” Bu Amim said.
This is expected to add 17-18 percent to Drydocks’ existing capacity, which currently sees the handling of 35 vessels at each dock, he noted.

STOCKS NEWS MIDEAST-Kuwait slumps to new 8-yr low; Qatar down - Yahoo! News Maktoob

Kuwait's slumps to a new eight-year low ahead of a planned protest on Sunday, but volumes are thin as nervous
investors stay away.
The index slips 0.5 percent to 5,631 points, slumping to its lowest level since July 2004.
Kuwait said it had not issued a permit to allow a planned protest on Sunday against new voting rules and the prime minister warned police would use force if the nation was under threat.

Construction contracts swell 25% to $41bn this year in Saudi Arabia, Qatar and the UAE « ArabianMoney

Egyptian investments are running at their lowest level in two decades in the aftermath of the revolution last year. But MEED contract award data shows Saudi Arabia, Qatar and the UAE have witnessed a big upturn in construction and infrastructure contract awards so far in 2012 which are up 25 per cent to a total of $41 billion.

The latest BofA Merrill Lynch Global Research report says: ‘In the UAE, the past four months saw large contracts being awarded in the oil and gas and petrochemical sectors worth $9 billion while construction and infrastructure awards increased by $3 billion over the same period… growing 32 per cent year-on-year to stand at $7.9 billion while total awards grew by a whopping 85 per cent to $17.4 billion in the year-to-September.

UAE banks head out of provisioning maze | GulfNews.com

Loan growth in the UAE is set to expand in the months ahead as there’s an improved liquidity in the financial system and fiscal third quarter results suggest provisioning for bad loans are beginning to weigh less on banks’ profitability. However, experts say the growth would be stuck in the lower gear, at least in the foreseeable future, since the central bank rules restrict lending to the government and puts limits on personal and retail credit.
“The UAE registered a very rapid credit growth prior to 2008. The current period represents a consolidation period and is expected to persist in 2013,” Giyas Gokkent, chief economist at the National Bank of Abu Dhabi (NBAD) told Gulf News.
He added: “A number of banks have yet to report third quarter results. For those that have reported, we estimate assets were up 11 per cent year-on-year (+3.8 per cent quarter-on-quarter) driven in particular by the largest bank in Abu Dhabi (NBAD). Most of the reporting banks saw an improvement in quarterly profit, but the biggest recovery occurred at Emirates NBD, which registered a bounce from poor 2011 third quarter results.”

Qatar plans $30bn tenders in 2013-14

Qatar will see an upsurge in project tenders and awards in the next two years, as the country enters the next crucial phase of its preparations for the FIFA World Cup 2022 and its bid for the Summer Olympics in 2020.
The wave of new projects to be awarded will be comprehensively discussed at the Qatar Projects 2013 conference organised by MEED Events and supported by the Ministry of Business and Trade. Highlights of the premiere gathering of projects industry stakeholders from across the region include announcements of new tenders, bidding and awards, which are expected to reach $30bn a year from 2013- 2014; as well as a comprehensive discussion of the solutions to the massive challenges currently faced by project owners, developers and contractors in Doha.
The last two years, for most players, was a time of preparation; setting up new partners and securing financing. This year, as the Qatar Projects conference celebrates 10 years, it will set the industry abuzz with new project announcements.

Gulf banks go overseas to satisfy new funding rules - The National

Gulf banks are poised to raise billions of dirhams of fresh funds in an effort to comply with impending funding rules, with bond issuances and stock market listings on the cards.

Topic Central Bank of the UAE United Arab Bank Emirates NBD Abu Dhabi Islamic Bank NBAD Finance
A year-end deadline nearing for the first set of new Central Bank liquidity regulations in the UAE is forcing some lenders to tap capital markets.

But rather than reaching for local stock markets to call upon abundant liquidity available locally through rights issues, banks are heading overseas.

Doing business in GCC | GulfNews.com

Regrettably, of the six-nation grouping of Gulf Cooperation Council (GCC) countries, only the UAE and Oman have succeeded in improving their rankings in a key global publication dealing with ease of doing business. The reference is the recently published Doing Business 2013, produced jointly by the World Bank and the International Finance Corporation.
The report offers quantitative comparisons on business regulation and the protection of property rights in 185 economies with regards to small and medium enterprises. The SMEs are widely regarded internationally as major sources of new employment opportunities in many parts of the world, with GCC region being no exception.
Reviewed economies, which fairly represent the global economy, are ranked on results achieved in relation to 10 different areas, in deemed essential. These variables comprise of starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

Drydocks World expects 10% growth in profit | GulfNews.com

Drydocks World expects a 10 per cent growth in profit this year, and is looking at options to enter the Saudi Arabian market as part of its expansion plans, according to the company’s top executive.
“We expect a 10 per cent growth in our net profits for 2012, and we are doing well. We don’t need any financial aid from the government,” Khamis Juma Bu Amim, the company’s chairman, told reporters on the sidelines of an event here.
Drydocks made a net profit of $134 million in 2011, according to the company.

UAE banks won't be affected by Western lay-off wave: CEO - Home » Other Sections » Breaking News

Whilst an increasing number of European and U.S. banks announce lay-offs in a massive style, banks in the United Arab Emirates (UAE) are quite immune against the fallout from the West, said Sailesh Dash, CEO of Al Masah Capital Limited in Dubai.

"Unlike Western banks, local lenders in the UAE have not inflated investment banking in the last 10 years, thus they are not in a positions to cut it back," said Dash in an exclusive interview with Xinhua. "Investment banking is still in its early stages here in the Gulf Arab region. Fears that massive job losses in the local financial sector in Dubai and Abu Dhabi could happen like in Zurich, New York or Paris are therefore baseless."

Dubai banks are hiring, said Dash. According to the UAE central bank, there are 23 local banks operating in the country. In 2011, UAE banks' net profits increased 18.2 percent year-on-year. " Recent results for the third quarter indicate that the positive trend will continue and I am also optimistic for 2013," said Dash.

The Times of Oman: 'Development of a vibrant sukuk market crucial for Islamic banks'

Oman's market regulators should develop a vibrant sukuk market for helping the proposed Islamic banks to invest their funds and the government to raise debt funds for infrastructure projects, said an Islamic banking expert here.

When the Islamic banks start operations, the deposit growth (or growth on the liability side) will be much higher than the anticipated growth in asset side and the Sharia-compliant banks will find it extremely difficult to invest their deposits, if there is a lack of Islamic debt instruments like sukuks in the financial system.

"In the initial years, the deposit growth will be phenomenal and a lot of money will come to Islamic banks, and they will be burdened with the challenge as to where to invest that fund. The availability of products where the banks will be able to invest immediately is rather limited.

Saudi Gazette - Saudi Arabia’s money supply climbs 11.4%

Saudi Arabia’s M3 money supply grew 11.4 percent on year in September, according to data released Saturday by the Kingdom’s central bank.

M3, the broadest measure of money supply and an indicator of future inflation, rose to SR1.31 trillion ($344 billion) in September, up from SR1.18 trillion a year earlier, and up from SR1.29 trillion in August, according to data posted on the website of the Saudi Arabian Monetary Agency.

The central bank’s net foreign assets reached SR2.4 trillion in September, the central bank said.