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Sunday, 18 November 2012

Kuwait airline privatisation deal 'within a year' - Transport -

Plans to privatise Kuwait Airways Company (KAC) could be completed within a year and steps are being taken to make the airline more attractive to would-be investors, a senior official has said.
KAC's chairman Sami Al-Nusif said he was confident that the carrier would play "an integral role in transforming Kuwait" into a financial and commercial hub despite its recent troubles.
In comments published by KUNA, Al-Nusif said the privatisation of KAC "would transform the company into a leading force within the air travel domain".

MENA stock markets close - November 18, 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)

25,000 Abu Dhabi expats are jobless, statistics centre finds - The National

More than 40,000 people in the emirate were unemployed last year.

The Abu Dhabi Statistics Centre (Scad) revealed in its 2012 statistical yearbook that 15,600 - 11.9 per cent - of nationals in Abu Dhabi were unemployed in the middle of last year. The number that surprised many observers, however, was that 24,700 - 1.5 per cent - of expatriates were also out of work.

Although expatriates cannot live in the country without a work visa or sponsorship, recruitment agencies said many were here illegally. Some used visit visas while seeking employment.

Global seeks the consent of its shareholders to delist the company from the Kuwait Stock Exchange to avoid the mandatory offer and to ensure the implementation of the proposed restructuring plan - Zawya

Global Investment House (Global) is pleased to announce that it will hold an Extraordinary General Meeting on Sunday, December 2, 2012, to discuss three items on the agenda related to the proposed restructuring plan approved by the company's general assembly held on 2 September 2012. One of those three items is to authorize the Board of Directors to delist the company from Kuwait Stock Exchange (KSE) if the continuity of listing represents an obstacle to the implementation of the proposed restructuring plan.
Global has saved no efforts to implement the proposed restructuring plan while retaining its listing on KSE. However since it is unable to obtain an exemption from the Capital Markets Authority to rules of the mandatory offer, it is inevitable for the company to take measures such as the delisting from KSE in order to preserve the public interest of the company and safeguard the rights of its existing shareholders.

MIDEAST STOCKS-Regional mkts fall on intensifying political conflict - Yahoo! News Maktoob

Regional markets lost ground on Sunday as investors reduced risk across the board after Israel bombed Palestinian militant targets in the Gaza Strip for a fifth day.
Egypt's benchmark, amongst the world's best performing markets this year, tumbled 3.3 percent to its lowest
close since Nov 5.
Israel bombed Palestinian militant targets in the Gaza Strip from air and sea for a fifth straight day on Sunday, preparing for a possible ground invasion while also spelling out its conditions for a truce.

STOCKS NEWS MIDEAST-Saudi index drops to near 4-wk low; banks weigh - Yahoo! News Maktoob

Saudi Arabia's bourse drops to a near four-week low as banks extend losses and insurance stocks give back gains from earlier in the session.
Regional investors are reducing risk across the board after Israel bombed Palestinian militant targets in the Gaza strip for a fifth day.
Israel launched a massive air campaign on Wednesday with the declared goal of deterring Hamas from launching rockets that have plagued its southern communities for years.

STOCKS NEWS MIDEAST-UAE mkts fall; Doha in biggest drop since June - Yahoo! News Maktoob

UAE markets end lower and Qatar's measure makes its largest one-day drop in five months as investors cut
risk after Israel bombed Palestinian militant targets in the Gaza Strip for a fifth day.
Dubai's Drake & Scull drops 5.1 percent. The contracting firm reported a 93 percent plunge in third-quarter
profit, widely missing analysts' forecasts.
Dubai Islamic Bank slips 1 percent, while builder Arabtec and Dubai Financial Market each fall 2.5 percent.

Dubai plans to achieve 4.5% growth by 2015 |

Despite the economic and political situation worldwide, the Dubai government plans to achieve a 4.5- 5 per cent growth by 2015, Sami Al Qamzi, Director General of the Development of Economic Department in Dubai, talked to Gulf News on the sidelines of the Summit on the Global Agenda.
He said: “Conserving an average of 4.5 per cent in Dubai Gross Domestic Production is an achievable target by 2015 amid all the existing challenges.”
Moreover, Al Qamzi said that the discussions at the summit is an advantage for Dubai because of the exchange of ideas, best practices and experiences.

STOCKS NEWS MIDEAST-Saudi extends slide as banks weigh - Yahoo! News Maktoob

Saudi Arabia's bourse falls for a seventh session as bank stocks weigh.
The index eases 0.06 percent to 6,789 points, steadying after falling to a three-week intraday low on
Alinma Bank falls 1.2 percent and Samba Financial Group slips 0.4 percent.

Dubai developer Emaar's apartment sales jump in Q3 - Yahoo! News Maktoob

Emaar Properties', revenue from apartments sales more than tripled in the third quarter, helping Dubai's largest developer overcome a sharp decline in the sale of commercial units.
Revenue from sales of condominiums in the third-quarter more than tripled to 567 million dirhams ($154.4 million) from 183 million dirhams in the same period in 2011, a detailed earnings statement released on Sunday showed. However, revenue from sale of villas dropped slightly to 123 million dirhams from 126 million dirhams a year-ago.
Income from sale of commercial properties and plot sales took a major hit, generating only 109 million dirhams compared with 798.4 million dirhams in the prior-year period.
Emaar is one of the better performers among property companies in Dubai as the sector recovers from a roughly 60 percent drop in real estate prices from their peak in 2008. The builder of the world's tallest tower, reported a 4.7 percent drop in third-quarter revenue in October, missing analyst's forecasts.

Kuwait- Markaz inks contract with KIA - MENAFN

Kuwait Financial Centre "Markaz" (KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: MARKAZ: KK) announced obtaining final approval from Kuwait Investment Authority (KIA) to manage part of its National Real Estate Portfolio which invests in Kuwait's real estate market.

Markaz said that it signed a contract with KIA to establish and manage a portfolio of real estate investments with a maximum value of KD 250 million for the period of 10 years, representing 28.6% of Markaz AUM as of September 30, 2012. Fees impact on profits could not be estimated as they are decided based on the actual amount invested and the portfolio's actual returns which will be paid quarterly in the coming years.

Markaz real estate portfolio management activities includes value-added services and aims to achieve rewarding returns by increasing economic and operational efficiency of commercial and investment real estates. Markaz also manages investments for individuals, companies and public institutions and has an extensive experience in establishing and managing portfolios.

Dana Gas board discussing sukuk terms - Yahoo! News Maktoob

The board of Dana Gas is meeting on Sunday morning to discuss progress in restructuring the company's $920 million Islamic bond which matured last month, the company said in a stock exchange statement.
Natural gas producer Dana, headquartered in the emirate of Sharjah, said on Nov. 7 it had reached an agreement in principle with creditors on restructuring the sukuk, and would pay holders a mix of cash and two new bonds. The new bonds would be a sukuk and a convertible sukuk.
Detailed terms of the restructuring and the proposed new sukuk are yet to be made public.

BRIEF-Dubai Drake and Scull Q3 net profit 3.9 mln dirhams versus 57.5 mln dirhams a yr ago - Yahoo! News Maktoob

Drake and Scull International:
* Dubai Drake and Scull Q3 net profit 3.9 million dirhams versus 57.5 million dirhams a year ago - statement
* Drake and Scull Q3 contract revenue 622.8 million dirhams versus 846.7 million dirhams a year ago.