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Sunday, 30 April 2017

DIFCI reports 4% growth in gross operational profit in 2016 | GulfNews.com

DIFCI reports 4% growth in gross operational profit in 2016 | GulfNews.com:

"DIFC Investments (DIFCI) on Sunday reported a 4 per cent increase in its operating profits to $149 million (Dh546.8 million) in 2016, compared to the previous year. Cash and cash equivalents increased to $345 million, an 11 per cent increase on 2015, and total assets increased to $3.08 billion, a 2 per cent increase on 2015. Fair market value of investment properties rose to $2.55 billion compared to the 2015 figure of $2.49 billion while rental income increased 5 per cent in 2016, to $147 million. “We continue to deliver stable revenue and growth thanks to our resilient business model and steady rental cash flows in a challenging macroeconomic climate. DIFCI continued to create value and achieve profitable growth, delivering a solid operational and financial performance,” Essa Kazim, the Chairman of DIFC Investments LLC (DIFCI) and Governor of DIFC, said in a statement. "



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Iran self-sufficient in petrol production, aims to export | Reuters

Iran self-sufficient in petrol production, aims to export | Reuters:

"Iran said on Sunday it was now self-sufficient in petroleum production as President Hassan Rouhani opened a refinery in the southern city of Bandar Abbas. The Persian Gulf Star refinery has the capacity to produce 12 million litres of Euro IV petrol. Once fully operational, the refinery will produce 36 million litres of petrol. "By the opening of the first phase of this refinery an old dream came true ... We are self-sufficient in petrol production and in near future we will be able to export," Rouhani was quoted as saying by the oil ministry's news agency SHANA."



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UPDATE 1-UAE's Abu Dhabi Commercial Bank Q1 profit up 8 pct, beats forecasts | Reuters

UPDATE 1-UAE's Abu Dhabi Commercial Bank Q1 profit up 8 pct, beats forecasts | Reuters:

"Abu Dhabi Commercial Bank on Sunday posted an 8 percent rise in first-quarter profit, slightly above analysts' forecasts, helped by a double-digit percentage increase in non-interest income.

The emirate's second-largest bank by assets made a net profit attributable to shareholders of 1.11 billion dirhams ($302.2 million) in the three months to March 31, compared to 1.02 billion dirhams in the same period a year ago, according to its financial statement.

Three analysts polled by Reuters had on average forecast a net profit for the quarter of 995.4 million dirhams."



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Siemens, SAP sign cooperation deals with Saudi Arabia: officials | Reuters

Siemens, SAP sign cooperation deals with Saudi Arabia: officials | Reuters:

"Saudi Arabia wants German companies Siemens (SIEGn.DE) and SAP (SAPG.DE) to play an important role in furthering the kingdom's "digital transformation", company officials said on Sunday during German Chancellor Angela Merkel's visit to the country.

Top executives at the engineering conglomerate and the business software company who were traveling with Merkel signed declarations of intent to work with the Saudi authorities, the officials said.

Saudi Arabia is pushing a long-term economic transformation dubbed "Vision 2030" to reduce the country's reliance on oil, attract investment and improve the lives of its citizens.

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U.A.E.'s Adnoc Will Cut Oil Sales to Buyers by 10% in June - Bloomberg

U.A.E.'s Adnoc Will Cut Oil Sales to Buyers by 10% in June - Bloomberg:

"The United Arab Emirates is cutting back supplies to customers in June as part of its agreement with OPEC to curb production. Abu Dhabi National Oil Co. will reduce sales by 10 percent, a company spokesman said Saturday by phone. The state-owned producer, known as Adnoc, cut supplies for May by 7 percent. The most important market news of the day.

The U.A.E., the fourth-biggest producer in the Organization of Petroleum Exporting Countries, will exceed its commitment to OPEC’s production cuts, with maintenance scheduled on fields through May, Energy Minister Suhail Al Mazrouei said earlier in April. OPEC agreed to production limits for most of its members at a meeting in November, and brought 11 other nations on board in December. The U.A.E.’s average compliance with the agreement so far in 2017 is 51 percent, the International Energy Agency said in an April 13 report."



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MIDEAST STOCKS-Q1 earnings buoy Saudi petchems, rest of region subdued | Reuters

MIDEAST STOCKS-Q1 earnings buoy Saudi petchems, rest of region subdued | Reuters:

"Higher petrochemical share prices helped lift the Saudi Arabian bourse index on Sunday after strong first-quarter earnings in the sector, but other regional market indexes sagged in thin trade. The Saudi index rose 1.0 percent as Saudi Kayan Petrochemical hit its 10 percent daily price limit after the company reported a net profit of 265.5 million riyals ($70.8 million), having made a loss of 195 million riyals in the same period last year. Analysts at NCB Capital had forecast a profit of 121 million riyals, while Aljazira Capital had expected 69.5 million riyals. "



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