Al Mal sees Etisalat revenue falling 9.9% on UAE population decline

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Etisalat, the UAE's biggest telecommunication company, may see revenue drop 9.9% in the third quarter after the country's population declined, reported Bloomberg, citing an Al Mal Capital note.

Revenue at Etisalat is forecasted to fall to AED6.87 billion (US$1.87 billion), Al Mal said in a note today.

Revenue in the previous quarter was AED7.62 billion, acoording to Bloomberg data. The number of mobile subscribers probably declined 0.7% during the quarter, Al Mal said.

“The top line will also be impacted by the seasonal effects of summer (lower tourism), Ramadan and less business travel due to the current economic climate,” Dubai-based Irfan Ellam wrote.

Dubai’s population is forecast to shrink 8% this year, UBS AG said.END

Architect major sees cash shortfall from developers

Global architect firm RMJM, which designed Dubai’s iconic Emirates Towers, has admitted it may never see all the money that it is owed by UAE developers.

In an interview with Arabian Business, RMJM director of global emerging markets Nick Haston, said the company would recoup some of its debt - but stopped short of criticising developers, saying it was part of "risk in business".

“I think we will get money back, I’m not sure we will get everything back,” he said, declining to say how much was owed to RMJM and by whom.

Fujairah Bank sees $25.4 mln Saudi exposure , UAE Banks, Banking & Investment - Maktoob Business

Fujairah Bank sees $25.4 mln Saudi exposure , UAE Banks, Banking & Investment - Maktoob Business

Sharjah Islamic claims $15 mln Saudi exposure, UAE Banks, Banking & Investment - Maktoob Business

Sharjah Islamic claims $15 mln Saudi exposure, UAE Banks, Banking & Investment - Maktoob Business

Abu Dhabi Investment Forum :: Home (Copy e-mail)

Institutional Investor is pleased to invite you as our complimentary guest to the 2nd Annual Abu Dhabi Investment Forum on October 19, 2009 at the London Hilton on Park Lane, London.

The Forum will be held in partnership with the Abu Dhabi Department of Economic Development. It will bring together international investors with Abu Dhabi’s key industry leaders, financial intermediaries and top-level policy makers.

Through interactive panel discussions and sponsor hosted presentations, the Forum will debate and bring to light the impressive range of investment opportunities now available in Abu Dhabi.

H.E. Nasser Ahmed Alsowaidi, Chairman, Department of Economic Development has confirmed to open the Forum and lead the delegation of Abu Dhabi policy makers and business leaders.

Confirmed speakers include:
H.E. Nasser Ahmed Alsowaidi, Chairman, Abu Dhabi Department of Economic Development
H.E. Dr. Sultan Ahmed Al Jaber, Chief Executive Officer, Abu Dhabi Future Energy – Masdar
H.E. Falah Mohammed Al Ahbabi, General Manager, Abu Dhabi Urban Planning Council
H.E. Abdulla Saif Al Nuaimi, Director of Privatization, Abu Dhabi Water and Electricity Authority
Mohamed Al Azdi, Chief Executive Officer, CHEMAWEYAAT
Nazem Fawwaz Al Kudsi, Chief Executive Officer, Invest AD
Khalid Hashim, Executive Director for Land Transport, Abu Dhabi Department of Transport
Tom Healy, Chief Executive, Abu Dhabi Securities Exchange
Matthew Hurn, Executive Director, Group Treasury, Mubadala
Orhan Osmansoy, Chief Executive Officer, The National Investor
Michael Tomalin, Chief Executive, National Bank of Abu Dhabi
Padraic Fallon, Chairman, Euromoney Institutional Investor PLC


Topics include:
Economic Outlook for Abu Dhabi
Debt Markets: Funding Abu Dhabi’s Future?
Outlook for the Equity Markets and Financial Sector
Infrastructure Development and Transportation
Vision 2030: Abu Dhabi Capital City District
Becoming a Global Leader in Industry and Healthcare

Sponsors Include:
Lead Sponsors – Standard Chartered, National Bank of Abu Dhabi and Invest AD
Co Sponsors – Abu Dhabi Securities Exchange and The National Investor
Airline Partner – Etihad Airways
Supported By – UK Trade and Investment

For a provisional agenda, click here.

Participation in this event is by invitation-only for qualified executives. If you wish to apply for a complimentary invitation, please complete the online response form. Guests of Institutional Investor are responsible only for their travel and hotel accommodation.

For further information, please visit www.ADIFLondon.com or contact Meriem Achoura at +44 (0)207 303 1741 or via email at machoura@iilondon.com.

Yours sincerely,

Charlie Floyd
Head of Middle East
Institutional Investor
Abu Dhabi Investment Forum :: Home

ADX seeks Saudi exposure details, warns of suspension

Abu Dhabi Securities Market (ADX) yesterday warned listed banks that it will suspend trading in their shares with immediate effect unless they furnish details regarding actions taken on their exposures to the two troubled Saudi groups or give a date for doing so, before trading commences today.

A few banks such as RakBank and United Arab Bank (UAB) yesterday responded by stating that they do not have any exposure to Saad and Algosaibi groups.

ADX sent out two letters to banks yesterday. The first, dated September 29, 2009, and signed by Khalid Khalfan Al Suwaidi, head of Listed Companies Department at ADX, was a tougher one and demanded details of exposures and provisions before trading commences today.

Report clears fraud charges

A report on transactions involving a former CEO and a businessmen, who are together accused of causing a real estate company to lose Dh22 million, found there was nothing wrong with their dealings, a court heard yesterday.

The report was prepared by Adel Sawan, an auditor appointed by the defence. It covered accounts related to the case as well as deals between the company, Mizin, and the businessman, JH, from Lebanon.

Sawan told Dubai Criminal Court that he had found no evidence of any violations. The co-accused is SH, Mizin's former CEO.

SAAD unit withdraws DFSA licence

The Dubai Financial Services Authority (DFSA), regulator of the Dubai International Financial Centre (DIFC), said on Tuesday that SAAD Financial Advisory Services Limited, a financial services company belonging to troubled Saudi conglomerate Saad group, has withdrawn its licence to operate in the DIFC.

LA Investments Ltd (LAIL), the parent company of SAAD Financial Advisory Services, a firm operating in the DIFC, was placed under liquidation in the UK on September 21, DFSA said in an e-mailed statement on Tuesday.

LAIL is the parent company of SAAD Financial Advisory Services Limited (SAAD), a DFSA regulated firm. LAIL was put into a members' voluntary solvent liquidation on September 21, with Stephen John Akers and Gareth Rutt Morris of Grant Thornton UK LLP acting as the liquidators.

Also read:http://rupertbumfrey.blogspot.com/2009/09/2nd-update-dfsa-says-saad-grp-unit.html

Dubai to open doors to funds

Dubai’s financial services watchdog is expected to liberalise the rules governing its funds industry to attract more of the investment vehicles to the emirate.

A 10-member panel reviewing the fund regime of the Dubai International Financial Centre (DIFC) will be finishing “within a couple of days”, according to Bryan Stirewalt, the director of supervision at the Dubai Financial Services Authority (DFSA). It is then expected to publish that report.

“We have been comparing our jurisdiction to the rest of the world and looked where we can change our regime for new funds to move here,” said Mr Stirewalt.

Row risks UAE firm’s plant bid

The planned rescue of a mothballed German tyre factory in France by a UAE industrial group could stall because of a row over technology transfer.

The fate of the Continental factory on the outskirts of Paris has become a cause celebre for French trade unions and politicians after the tyre giant announced its planned closure in March.

Continental has given the Sharjah-based Moafaq Al Gaddah (MAG) until the end of today to make clear its intentions regarding the planned rescue.

Investor relations a crucial concept for Gulf shareholders

When you next have a spare 10 minutes at your laptop, go to emaar.com, click on the section that deals with share price information, and reset the start date to the beginning of 2005.

There you will see in full detail the story of the rise and fall of the Middle East’s leading property company. In a silhouette uncannily like that of the Burj Dubai, the shares peak at an incredible Dh38.61 in June of 2005, before falling to Dh17 later that summer, and then bumping downwards for the rest of the time towards the all-time low of Dh1.87 hit earlier this year. Yesterday, they closed just around Dh4.

Slide your curser along the Emaar graph and you get a daily record of the share price and volume of shares traded on any given day. As you might expect, the big price moves, whether up or down, were accompanied by large trading volumes. Manoeuvre further around the website and you can see the events – results, deals, corporate announcements – that caused these price movements.

Gulf banks warned ‘no more bailouts’

Gulf finance leaders have warned the region’s banks not to expect any more government bailouts in the event of future financial catastrophes created by defaulting borrowers.

Lenders must learn lessons from the continuing fallout of the troubled Saad and Al Gosaibi groups by bearing the risks from loans extended to customers who may default, said Hamood Sangour al Zadjali, the executive president of the Oman central bank.

Mr al Zadjali made the comments following the annual meeting of GCC central bank governors in Abu Dhabi yesterday.