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Saturday, 28 April 2012
Saudi Stock Market close - April 28, 2012
Brian Whitaker's blog, April 2012: Libya: a scandal at the oil refinery?
Libya's largest oil refinery, in Ras Lanuf, has been closed since the uprising against Colonel Gaddafi and will remain closed for at least another month while the company that operates it is restructured,
the Tripoli Post reports.
Behind this rather bland announcement is a controversy that has been rumbling ever since the refinery was put into the hands of the Libyan Emirati Refining Company (Lerco) in 2009. Lerco is jointly owned by the Libyan state's National Oil Corporation (NOC) and the Dubai-based Al Ghurair group.
Opening up the refinery to private investment by Al Ghurair was "one of the most controversial business decisions at the time," the Tripoli Post's report says.
the Tripoli Post reports.
Behind this rather bland announcement is a controversy that has been rumbling ever since the refinery was put into the hands of the Libyan Emirati Refining Company (Lerco) in 2009. Lerco is jointly owned by the Libyan state's National Oil Corporation (NOC) and the Dubai-based Al Ghurair group.
Opening up the refinery to private investment by Al Ghurair was "one of the most controversial business decisions at the time," the Tripoli Post's report says.
Saudi Non-Oil Business Optimism Index Slides in Second Quarter - Bloomberg
Saudi Arabia’s Business Optimism Index for non-hydrocarbon industries decreased to 52 points in the second quarter from 54 in the previous quarter, according to National Commercial Bank and Dun & Bradstreet Corp. (DNB)
The second-quarter reading for hydrocarbon industries was 43, three points more than the last quarter, the companies said in an e-mailed statement today. The construction sector index dropped to 57 from 59 over the same period, according to the statement.
The second-quarter reading for hydrocarbon industries was 43, three points more than the last quarter, the companies said in an e-mailed statement today. The construction sector index dropped to 57 from 59 over the same period, according to the statement.
Saudi Shares Advance Most in Week on Fed Outlook; Sabic Gains - Bloomberg
Saudi Arabian shares gained the most in a week, led by petrochemical companies and banks, after U.S. Federal Reserve Chairman Ben S. Bernanke said he is prepared to do more to stimulate U.S. growth.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, climbed the most in a week. Almarai Co., the kingdom’s biggest food producer, jumped 4.7 percent after saying a new infant formula plant will start production in May. Samba Financial Group (SAMBA) advanced the most in more than a month. The Tadawul All Share Index rose 0.7 percent, the most since April 21, to 7,594.57 in Riyadh at 12:48 p.m. The 152-member index has increased 18 percent this year.
The forecasts by the U.S. Federal Reserve “for growth and unemployment may have a positive impact on the Saudi market, particularly the petrochemical sector,” Turki Fadaak, head of research at Riyadh-based Albilad Investment Co., said.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, climbed the most in a week. Almarai Co., the kingdom’s biggest food producer, jumped 4.7 percent after saying a new infant formula plant will start production in May. Samba Financial Group (SAMBA) advanced the most in more than a month. The Tadawul All Share Index rose 0.7 percent, the most since April 21, to 7,594.57 in Riyadh at 12:48 p.m. The 152-member index has increased 18 percent this year.
The forecasts by the U.S. Federal Reserve “for growth and unemployment may have a positive impact on the Saudi market, particularly the petrochemical sector,” Turki Fadaak, head of research at Riyadh-based Albilad Investment Co., said.
UAE'S Emaar Properties Q1 profit up 44 pct | Reuters
Dubai's Emaar Properties , builder of the world's tallest tower, reported a 44 percent rise in first-quarter net operating profit on Saturday on increased property sales in Dubai and strong revenue from shopping malls business.
The United Arab Emirates' largest developer by market value made a net operating profit of 606 million UAE dirhams ($165 million), compared to 421 million dirhams during the same period last year, it said in an emailed statement.
Analysts polled by Reuters on average forecast Emaar would make a quarterly profit of 496.75 million dirhams.
The United Arab Emirates' largest developer by market value made a net operating profit of 606 million UAE dirhams ($165 million), compared to 421 million dirhams during the same period last year, it said in an emailed statement.
Analysts polled by Reuters on average forecast Emaar would make a quarterly profit of 496.75 million dirhams.
The Associated Press: Dubai spends $250M to get full control of Atlantis
Dubai says it now has full control of the Atlantis resort hotel perched atop its palm-shaped island.
State-run investment firm Istithmar World said late Friday it paid $250 million to buy out business partner Kerzner International Holdings Ltd., which had held a 50 percent stake in the coral-colored hotel. Istithmar already owned half of the property.
Kerzner will continue to operate the resort, which includes a waterpark and 18 restaurants, Istithmar said.
State-run investment firm Istithmar World said late Friday it paid $250 million to buy out business partner Kerzner International Holdings Ltd., which had held a 50 percent stake in the coral-colored hotel. Istithmar already owned half of the property.
Kerzner will continue to operate the resort, which includes a waterpark and 18 restaurants, Istithmar said.
UAE's Aldar Properties Q1 profit 478.2 mln dirhams - Yahoo! News UK
Abu Dhabi's Aldar Properties posted a first-quarter net profit of 478.2 million dirhams ($130.2 million), compared to 189.1 million dirhams in the same period a year ago, the company said in a statement on Saturday.
Revenue for the quarter was 3.58 billion dirhams compared to 784.7 million dirhams in the same quarter in 2011.
Revenue for the quarter was 3.58 billion dirhams compared to 784.7 million dirhams in the same quarter in 2011.
gulfnews : Etihad pitches Asian links to European airlines
Etihad Airways is pitching improved Asian links to major European carriers as it seeks tie-ups in the region, chief executive officer James Hogan said in an interview.
"European airlines are retreating from the Middle East, they're retreating from Southeast Asia, so we will also give them outstanding connectivity over our hub to the east and to the Indian subcontinent," Hogan told Bloomberg Television.
France is particularly attractive and a "key market of Europe," though any accord with Air France-KLM Group would be restricted to code-sharing, in which carriers sell tickets on each other's services, the CEO said.
"European airlines are retreating from the Middle East, they're retreating from Southeast Asia, so we will also give them outstanding connectivity over our hub to the east and to the Indian subcontinent," Hogan told Bloomberg Television.
France is particularly attractive and a "key market of Europe," though any accord with Air France-KLM Group would be restricted to code-sharing, in which carriers sell tickets on each other's services, the CEO said.
Primark case has an effect on brand UAE - The National
China has a reputation as a global knock-off capital for everything under the sun. So too does the Philippines. And in Nepal, backstreets are filled with tiny shops and hidden stalls selling "Southface" parkas and "Rollex" watches.
Dubai is supposed to offer a different experience. Luxury brands and experiences draw shoppers from around the world. Authenticity should never be in doubt.
This week's revelations that a well-known European brand of clothing stores, Primark, is being ripped off in the emirate should be a call to action. There are a host of legal and practical reasons for stern enforcement, not the least of which is the need to protect the emirate's reputation as a place for retail quality.
Dubai is supposed to offer a different experience. Luxury brands and experiences draw shoppers from around the world. Authenticity should never be in doubt.
This week's revelations that a well-known European brand of clothing stores, Primark, is being ripped off in the emirate should be a call to action. There are a host of legal and practical reasons for stern enforcement, not the least of which is the need to protect the emirate's reputation as a place for retail quality.
Gulf Times – Qatar-based Al Rayan GCC Fund is ‘top performer’
Masraf Al Rayan has said its flagship investment fund ‘Al Rayan GCC Fund’ has been offering “consistently strong” returns with investors enjoying 10% appreciation in the last four months, making it the best performing fund based in Qatar.
Al Rayan GCC Fund -- which is focused on delivering medium-to-long term capital appreciation by investing in Shariah-compliant GCC listed equities and sukuks -- has Q-Fund, denominated in riyals and is only for Qatari investors (individual and institutional); while the F-Fund is denominated in dollars and open to all investors.
Although 2011 was an “extremely difficult” year for the GCC markets as they fell in excess of 9%; the fund manager, Al Rayan Investment, said since the start of 2011, Al Rayan GCC Fund (Q) and (F) are up 6.6% and 5.5% respectively.
Al Rayan GCC Fund -- which is focused on delivering medium-to-long term capital appreciation by investing in Shariah-compliant GCC listed equities and sukuks -- has Q-Fund, denominated in riyals and is only for Qatari investors (individual and institutional); while the F-Fund is denominated in dollars and open to all investors.
Although 2011 was an “extremely difficult” year for the GCC markets as they fell in excess of 9%; the fund manager, Al Rayan Investment, said since the start of 2011, Al Rayan GCC Fund (Q) and (F) are up 6.6% and 5.5% respectively.
gulfnews : Rising markets lift funds
On the back of increased risk appetite that led to a strong stock market rally in the first three months of 2012, Gulf equity funds, led by Saudi Arabia and the UAE, performed notably well during the period, according to Lipper, a Thomson Reuters unit.
The positive feeling about the market in the first quarter, however, did not fully compensate the negative sentiment in the first quarter of 2011. Overall, according to the latest data obtained by Gulf News, funds flows in the first quarter totalled $877.3 million (Dh3.22 billion), only half of the outflows of $1,685.9 million during the same period last year.
This year's relatively strong start can be seen in the average performance gain of 11.02 per cent against a negative return of 1.72 per cent in the first quarter of 2011. Equity funds, in particular, averaged a gain of 11.64 per cent, in stark contrast to a decline of 1.85 per cent, during the same period in 2011. All categories experienced double-digit performances, except for Equity Kuwait funds.
The positive feeling about the market in the first quarter, however, did not fully compensate the negative sentiment in the first quarter of 2011. Overall, according to the latest data obtained by Gulf News, funds flows in the first quarter totalled $877.3 million (Dh3.22 billion), only half of the outflows of $1,685.9 million during the same period last year.
This year's relatively strong start can be seen in the average performance gain of 11.02 per cent against a negative return of 1.72 per cent in the first quarter of 2011. Equity funds, in particular, averaged a gain of 11.64 per cent, in stark contrast to a decline of 1.85 per cent, during the same period in 2011. All categories experienced double-digit performances, except for Equity Kuwait funds.
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