Emirates, the biggest airline by international traffic, said it has no plan to acquire a stake in AMR Corp., denying speculation of a linkup with the parent of American Airlines.
“We certainly wouldn’t be doing that,” Emirates President Tim Clark said in a telephone interview today. “Us buying a stake in AMR? It wouldn’t make sense.”
AMR, owner of the second-largest U.S. airline, rose as much as 6.8 percent in New York trading after Theflyonthewall.com reported today that Dubai-based Emirates is in talks with the Justice Department to acquire a 49 percent stake. The shares of Fort Worth, Texas-based AMR climbed 20 cents, or 3.3 percent, to $6.24 at 11:32 a.m. local time. The company has a market value of $2.1 billion.
Monday, 30 August 2010
Citadel of Egypt May Sell Investment, List Taqa Shares as Market Improves - Bloomberg
Citadel Capital Corp. may sell at least one investment by year-end and list one of its oldest energy units by June, the chief financial officer of Egypt’s largest publicly traded private equity firm said.
Citadel, which invests in energy, mining, cement, agriculture, transportation and retail businesses across the Middle East and East Africa, posted a second-quarter loss of 95 million Egyptian pounds ($16.7 million), the second consecutive quarterly loss since the company listed on the Egyptian exchange in December. Profit for the three months was 300,000 pounds on a standalone basis, which excludes early-phase investments.
“We aren’t going to exit just to make the numbers look good,” Chief Financial Officer Ahmed El Shamy said in an Aug. 25 interview in Cairo. “But we are considering making these exits when we feel we can maximize value for our shareholders.”
Citadel, which invests in energy, mining, cement, agriculture, transportation and retail businesses across the Middle East and East Africa, posted a second-quarter loss of 95 million Egyptian pounds ($16.7 million), the second consecutive quarterly loss since the company listed on the Egyptian exchange in December. Profit for the three months was 300,000 pounds on a standalone basis, which excludes early-phase investments.
“We aren’t going to exit just to make the numbers look good,” Chief Financial Officer Ahmed El Shamy said in an Aug. 25 interview in Cairo. “But we are considering making these exits when we feel we can maximize value for our shareholders.”
Dubai Shares Lead Gulf Lower on Concern Recent Gains Overdone; Qatar Rises - Bloomberg
Dubai shares declined, leading a drop in Persian Gulf markets, on speculation recent gains are overdone given growth prospects in the emirate and before the Muslim Eid holidays next week. Qatar shares rose.
The DFM General Index lost 0.4 percent, the most since Aug. 25, to 1,490.52 at the 2 p.m. close in Dubai. The index has advanced 1.1 percent the past two weeks. Emaar Properties PJSC, builder of the world’s tallest tower, led the drop, falling the most since Aug. 25. Dubai Financial Market PJSC, the only stock market on the Arabian Peninsula to sell shares to the public, retreated the most in more than a month. Qatar’s QE Index gained 0.3 percent.
“Low volumes are a continued testament to the lack of interest in local markets,” said Hassan El Salah, deputy head of institutional equities at Al Ramz Securities LLC, an Abu Dhabi-based brokerage. “We should see a pick up post-Ramadan.”
The DFM General Index lost 0.4 percent, the most since Aug. 25, to 1,490.52 at the 2 p.m. close in Dubai. The index has advanced 1.1 percent the past two weeks. Emaar Properties PJSC, builder of the world’s tallest tower, led the drop, falling the most since Aug. 25. Dubai Financial Market PJSC, the only stock market on the Arabian Peninsula to sell shares to the public, retreated the most in more than a month. Qatar’s QE Index gained 0.3 percent.
“Low volumes are a continued testament to the lack of interest in local markets,” said Hassan El Salah, deputy head of institutional equities at Al Ramz Securities LLC, an Abu Dhabi-based brokerage. “We should see a pick up post-Ramadan.”
Kuwait Records Budget Surplus of $22.3 Billion in Fiscal Year 2009-2010 - Bloomberg
Kuwait recorded a budget surplus 6.44 billion dinars ($22.3 billion) in the fiscal year that ended March 31, according to data posted on the Finance Ministry website today.
Government income was 17.69 billion dinars, while spending was 11.25 billion dinars, the data showed.
Government income was 17.69 billion dinars, while spending was 11.25 billion dinars, the data showed.
Nakheel to Pay $408 Million to Creditors Next Month, Chairman Tells Bayan - Bloomberg
Nakheel PJSC, the Dubai World-owned property developer, plans to pay 1.5 billion dirhams ($408 million) of bills it owes to trade creditors next month, Chairman Ali Lootah was cited as saying by Al Bayan.
Nakheel plans to sell bonds by the end of the year to cover 60 percent of its total outstanding debt, the newspaper said. Some companies requested more time to study the settlement deals and Nakheel expects to receive approval from 95 percent of the firms by the end of the year, the newspaper said.
Nakheel PJSC, which is building palm tree-shaped islands off Dubai’s coast, said on July 14 a group of creditors unanimously supported a plan on altering the terms on $10.5 billion of loans and unpaid bills. The company expects to pay 40 percent of the money owed to trade creditors in cash and 60 percent through a tradeable sukuk, Nakheel said.
Nakheel plans to sell bonds by the end of the year to cover 60 percent of its total outstanding debt, the newspaper said. Some companies requested more time to study the settlement deals and Nakheel expects to receive approval from 95 percent of the firms by the end of the year, the newspaper said.
Nakheel PJSC, which is building palm tree-shaped islands off Dubai’s coast, said on July 14 a group of creditors unanimously supported a plan on altering the terms on $10.5 billion of loans and unpaid bills. The company expects to pay 40 percent of the money owed to trade creditors in cash and 60 percent through a tradeable sukuk, Nakheel said.
Iranian investment in UAE to surge: police chief
Lieutenant General Dahi Khalfan Tamim, Dubai Police Chief and Head of the Government’s Budget Committee, says he expects a surge in Iranian investment into the UAE as a result of the international economic sanctions imposed on Iran.
Lt Gen Dahi said he was also confident that Dubai had the means to ensure Iranian investors would operate within the parameters set down by the United Nations Security Council. The Dubai Police chief dismissed fears that Iran might take advantage of the opportunity to do business in the UAE, as a means to escape the UN’s economic sanctions.
He told Gulf News that Dubai was confident – from a security point of view – that Iranian investments in the UAE would not be used as a way to escape the sanctions. Instead the investments would help Iranian people overcome difficulties associated with sanctions on banks and trading with Iran, he said.
Lt Gen Dahi said he was also confident that Dubai had the means to ensure Iranian investors would operate within the parameters set down by the United Nations Security Council. The Dubai Police chief dismissed fears that Iran might take advantage of the opportunity to do business in the UAE, as a means to escape the UN’s economic sanctions.
He told Gulf News that Dubai was confident – from a security point of view – that Iranian investments in the UAE would not be used as a way to escape the sanctions. Instead the investments would help Iranian people overcome difficulties associated with sanctions on banks and trading with Iran, he said.
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