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Sunday, 4 October 2015

MIDEAST STOCKS-Markets move little but Qatar buoyed by rate pledge | Reuters

MIDEAST STOCKS-Markets move little but Qatar buoyed by rate pledge | Reuters:

"Middle East stock markets moved
little in modest trading volumes on Sunday as uncertainty over
oil prices and the global market environment kept many investors
away.

The Saudi stock index climbed 0.4 percent as real
estate developer Dar Al Arkan gained 1.5 percent after
news that the government planned to convert a state-owned
housing fund into a bank, which could boost provision of housing
finance in the kingdom.

Several insurance stocks were again among the top gainers
after a bullish report on the sector last week by Standard &
Poor's, which said gross insurance premiums in Saudi Arabia
could rise nearly 25 percent this year, mainly because of tariff
increases. "



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Non-oil sector set to help lift UAE economic growth above 3.5% this year | The National

Non-oil sector set to help lift UAE economic growth above 3.5% this year | The National:

"The UAE’s economic growth will top 3.5 per cent this year despite the oil price slump as the non-oil sector continues to expand, says Sultan Al Mansouri, the Minister of Economy.

National GDP will rise to Dh1.6 trillion this year from Dh1.5tn last year, according to a statement yesterday from the minister.

The UAE was able to maintain its economic growth because of its diversification policy and increased reliance on the non-oil sector, said Mr Al Mansouri."



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GCC stock investors urged to slowly dig their toes in market | GulfNews.com

GCC stock investors urged to slowly dig their toes in market | GulfNews.com:

"GCC equity market investors have been urged to focus on companies with healthy cash flows, along with good balance sheets and that has the ability to maintain their dividend payout with a longer term focus, local fund managers said.

The Dubai Financial Market General Index, which shed more than 4 per cent so far in the year, witnessed stellar performance in 2013 and 2014, but analysts wonder if that can be repeated again.

"



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DIB to raise its stake in Indonesian lender to 40% | GulfNews.com

DIB to raise its stake in Indonesian lender to 40% | GulfNews.com:

"Dubai Islamic Bank PJSC (DIB) on Saturday said it has received formal approval from the Financial Services Authority, Indonesia (OJK) to hike its stake in PT Bank Panin Syariah Tbk (Bank Panin Syariah) to 40 per cent.

DIB had acquired around 25 per cent shares of Bank Panin Syariah, a listed commercial bank in Indonesia, in May last year. In the first phase of acquisition, DIB bought shares of Bank Panin Syariah from the market.

In the second phase of its acquisition strategy, DIB recently received a formal regulatory approval to obtain ‘Controlling Shareholder Status’ from the Financial Services Authority. DIB is now in a position to initiate and complete phase 2 of its share purchase plan, which seeks to increase its shareholding to 40 per cent."



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Dubai Holding records 24% increase in net profit of Dh2.6b | GulfNews.com

Dubai Holding records 24% increase in net profit of Dh2.6b | GulfNews.com:

"Mohammad Abdullah Al Gergawi, Chairman of Dubai Holding announced on Saturday the financial results of its business group, Dubai Holding Commercial Operations Group (“DHCOG”), for the first half of this year ending June 30, 2015. According to a statement from Dubai Holding, DHCOG continued to see good operational progress with all businesses performing well and contributing to the Group’s profitability. Net profit increased to around Dh2.6 billion up 24 per cent from Dh2.1 billion in the equivalent period last year, and it is expected to exceed Dh5.5 billion for the financial year 2015.

DHCOG consists of four operating units, which include Jumeirah Group, TECOM Investments, Dubai Properties Group, and Emirates International Telecommunications (EIT), manages telecom assets such as du and Axiom.

Ahmad Bin Byat, vice-chairman and managing director of Dubai Holding, said: “As Dubai gears up to become the most productive and innovative hub in the world, we have embarked on several initiatives to continue to develop strategic sectors vital to Dubai’s economy. Dubai Holding will continue to reinforce its successful strategy of investing in innovation, knowledge, technology, content and business clusters to support Dubai’s efforts in setting up advanced infrastructure, which in turn will attract top global talent.”"



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