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Tuesday, 17 February 2015

Credit losses and low lending to hit UAE banks’ profits this year | The National

Credit losses and low lending to hit UAE banks’ profits this year | The National:



"Profit growth at five of the UAE’s banks is expected to slow this year because of lower lending and an increase in credit losses, according to Standard & Poor’s.



Net profit growth will fall to about 5 or 6 per cent from 21.3 per cent last year, S&P said in a report yesterday.



Among the UAE’s lenders, S&P rates National Bank of Abu Dhabi, Mashreq, National Bank of Fujairah, Abu Dhabi Commercial Bank and Sharjah Islamic Bank."



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NMC Health prepares $825 million for international expansion and refinance of debt | The National

NMC Health prepares $825 million for international expansion and refinance of debt | The National:



"NMC Health is raising a US$825 million war chest to help fund the international expansion of the Abu Dhabi-based hospital operator.



It comes as UAE-based healthcare groups gear up to spend billions of dollars on developing new hospitals, clinics and laboratories.



The London-listed NMC has secured commitments from banks for the facility, which includes a $475m chunk to fund acquisitions, with the remaining $350m to be spent on refinancing debt."



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UPDATE 2-MIDEAST STOCKS-Saudi Arabia gains as oil firms; Egypt slips | Reuters

UPDATE 2-MIDEAST STOCKS-Saudi Arabia gains as oil firms; Egypt slips | Reuters:



"Saudi Arabia's stock market rose in early trade on Tuesday as oil prices resumed their rally, while Egypt edged down after major industrial player Ezz Steel reported disappointing earnings.



Brent crude traded near $62 per barrel on Tuesday as the International Energy Agency warned of supply risks in the Middle East, although some analysts said that prices had risen too far from six-year lows hit in January.



The main Saudi stock index rose 0.9 percent, partly because of petrochemical companies, which are set to benefit from oil's rebound. Saudi Basic Industries, the biggest player in the sector, edged up 0.6 percent."



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OCI eyes dual listing for construction arm split - FT.com

OCI eyes dual listing for construction arm split - FT.com:



"Orascom Construction Industries — the Egyptian conglomerate that attracted a $1bn investment from Bill Gates and a group of US investors — is to spin off its construction and engineering arm through a dual listing in Egypt and Dubai, in an attempt to capitalise on improving domestic growth prospects.



OCI — which moved its listing from Cairo to the Netherlands in 2013 after a tax dispute with the former Egyptian government following the 2011 revolution — revealed on Monday plans for a demerger of the construction unit from its other fertiliser and chemicals business.



A new listed entity, Orascom Construction, will offer about 15.8m new shares representing 15 per cent of the company to public retail investors and institutional investors in a private placement. OCI’s fertiliser arm will continue to be listed on Euronext Amsterdam as OCI NV."



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