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Wednesday, 10 February 2016

Emaar Properties 2015 net profit up 11% | GulfNews.com

Emaar Properties 2015 net profit up 11% | GulfNews.com:

"Emaar Properties said on Wednesday its net profit for 2015 rose 11 per cent driven by revenues even as the company expects to build on growth in 2016.

Net profit for 2015 rose to Dh4.08 billion from Dh3.66 billion, and revenues rose to Dh13.66 billion from Dh10.3 billion. For the fourth quarter, net profit was almost flat at Dh1.03 billion.

Mohammad Al Abbar, Chairman of Emaar Properties, said in a statement that the positive growth is underpinned by Emaar’s strategy of creating long-term value for its stakeholders by developing premium real estate assets and strengthening its shopping malls & hospitality businesses which provide a recurring revenue stream that supports the company’s sustainable growth plan."



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UAE's food firm Agthia aims to double revenue to $1 bln by 2020 - CEO | Reuters

UAE's food firm Agthia aims to double revenue to $1 bln by 2020 - CEO | Reuters:

"Abu Dhabi-listed food and drinks firm Agthia Group is aiming to double revenues by 2020 through organic growth and acquisitions, its chief executive said on Wednesday.

Agthia reported on Tuesday it made a net profit of 231 million dirhams ($63 million) last year on a 13 percent rise in revenue to 1.87 billion dirhams ($509 million), boosted by new products and exports.

"Our action plan is to grow our revenues to over $1 billion by 2020 by growing our businesses organically as well as through mergers and acquisitions," Iqbal Hamzah told Reuters."



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MIDEAST STOCKS-Most Gulf markets fall as oil drops; foreigners buy in Egypt | Reuters

MIDEAST STOCKS-Most Gulf markets fall as oil drops; foreigners buy in Egypt | Reuters:

"Shares fell on most Gulf stock markets on Wednesday after oil prices dropped overnight, but Egyptian stocks rose, with foreigners the net buyers by a considerable margin.

Saudi Arabia's index dropped 0.7 percent to 5,833 points, testing minor technical support at the early February low of 5,834 points. Another close below that support would confirm a break, triggering a minor double top formed by the end-January and February highs and targeting about 5,600 points.

Most petrochemical shares held up relatively well, with Saudi Basic Industries climbing 0.4 percent, but many second- and third-tier stocks were sold by local investors.

"



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New risk management, governance rules for UAE banks by year-end | Reuters

New risk management, governance rules for UAE banks by year-end | Reuters:

"The United Arab Emirates plans to release new risk management and corporate governance rules for banks by the end of this year, a senior central bank official said on Wednesday, as a looming economic slowdown threatens to pressure credit quality.

"We are changing the UAE regulatory framework that will be consistent and transparent as per international standards," James O'Brien, head of regulatory development at the central bank, told a conference of regional regulators.

"There will be a clear emphasis on board and management responsibility and accountability," he said, adding that financial institutions would have prior notice and time to implement the new regulations."



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Turning tides | Authers' Note - YouTube

Turning tides | Authers' Note - YouTube: ""



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Q&A: Dubai aviation president talks Open Skies Agreement, the future of Emirates and low-cost flights | The National

Q&A: Dubai aviation president talks Open Skies Agreement, the future of Emirates and low-cost flights | The National:

"At the World Government Summit, Sheikh Ahmed bin Saeed, president of the Dubai Civil Aviation Authority, chairman and chief executive of Emirates airline and chairman of Dubai Airports, fielded questions from Richard Quest of CNN

Q: In relation to the Open Skies Agreement and talks of the US reopening the bilateral with the UAE and Qatar, do you think that the US’s three [major domestic airlines, American, Delta and United] will succeed?

A: The case is with the American government and we have not heard anything yet. We have had many people, companies and allies who supported our case and I think the US insisted on an open sky policy at the time. Maybe they were thinking we are too small and they would be able to win in this battle but here, today, we proved to the world that we are a well-recognised airline."



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UAE looks to bond market to raise funds | The National

UAE looks to bond market to raise funds | The National:

"The UAE yesterday brought forward plans to issue federal debt on international markets.

The UAE plans to raise between Dh80 billion and Dh100bn via a bond issue, pending the passage of a national law permitting federal debt issuance, Younis Al Khouri, the undersecretary at the Ministry of Finance, told Al Arabiya yesterday.

The UAE has not yet raised federal debt, although Abu Dhabi and Dubai have both tapped international bond markets."



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Flydubai profit falls nearly 60% to Dh100.7m | GulfNews.com

Flydubai profit falls nearly 60% to Dh100.7m | GulfNews.com:

"Flydubai reported on Wednesday a 59.7 per cent drop in full-year profit for 2015, blaming a strong dollar and a challenging trading environment across its network.

The airline made Dh100.7 million ($27.4 million) in the 12 months to December 31, 2015 down from a Dh250 million profit in the previous year. Revenue increased 11 per cent to Dh4.9 billion ($1.33 billion), up from Dh4.47 billion in 2014.

Flydubai said its yield was put under pressure by “the strong dollar; the challenging trading environment across the network; disruption resulting from the suspension of flights on some established routes and a large number of recently launched routes with a lead time required to reach maturity.”"



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MIDEAST STOCKS-Saudi edges down after oil price slide, Egypt moves little | Reuters

MIDEAST STOCKS-Saudi edges down after oil price slide, Egypt moves little | Reuters:

"Saudi Arabia's stock index edged lower in early trade on Wednesday in response to a fresh slide of oil prices, while Egypt's market moved little.

The Saudi stock index lost 0.6 percent to 5,852 points in the first half-hour of trade; it has minor technical support at the early February low of 5,834 points. Any break would trigger a minor double top formed by the end-January and February highs and pointing down to about 5,600 points.

Petrochemical shares held up, with Saudi Basic Industries climbing 0.4 percent, but decliners outnumbered advancers 111 to 31 overall as many second- and third-tier stocks were sold by local investors.

"



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MIDEAST STOCKS-Gulf markets edge down on weak oil prices | Reuters

MIDEAST STOCKS-Gulf markets edge down on weak oil prices | Reuters:

"Stock markets in the Gulf weakened in early trade on Wednesday after oil prices plunged 8 percent overnight, prompting some local investors to take short-term profits in equities.

Dubai's index dropped 0.7 percent in the first hour of trade as Emaar Properties sank 2.2 percent. Some smaller real estate firms rose, however, with DAMAC Properties edging up 0.4 percent.

Bahrain's Al Salam Bank rose 2.5 percent after it recommended a cash dividend of 5 fils per share for 2015, unchanged from the previous year despite a 33 percent drop in annual net profit."



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