IPO activity expected to pick up in the UAE and Saudi Arabia after slow start | The National:
"Upcoming initial public offerings in Saudi Arabia and the UAE are expected to make up for a disappointing first quarter in the region.
“The outlook for the remainder of the year is expected to improve with set IPOs and several announcements by issuers mainly on the Saudi and the UAE stock exchanges,” said Steve Drake, the head of the consultancy PwC’s capital markets and accounting advisory team in the Middle East.
“UAE regulators have initiated significant developments recently, with Nasdaq Dubai’s collaboration agreement with EGX [the Egyptian Exchange] and the new UAE Commercial Companies Law expected to further encourage listings.”"
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Thursday, 21 May 2015
Topaz first-quarter profit plunges 88% | The National
Topaz first-quarter profit plunges 88% | The National:
"The Dubai-based oilfield services company Topaz Energy and Marine said its net profit fell 88 per cent in the first quarter as its clients cut spending because of a drop in oil prices and rising costs.
The company’s net profit came in at US$1.1 million compared with $9.2m in the same period a year ago. Revenue for the period was $85.2m, down 4.7 per cent from $89.4m in the same period last year.
On a geographic basis, revenue from the Mena region fell 12.4 per cent, and 10.6 per cent in Africa. It did, however, rise 3.9 per cent in the Caspian region."
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"The Dubai-based oilfield services company Topaz Energy and Marine said its net profit fell 88 per cent in the first quarter as its clients cut spending because of a drop in oil prices and rising costs.
The company’s net profit came in at US$1.1 million compared with $9.2m in the same period a year ago. Revenue for the period was $85.2m, down 4.7 per cent from $89.4m in the same period last year.
On a geographic basis, revenue from the Mena region fell 12.4 per cent, and 10.6 per cent in Africa. It did, however, rise 3.9 per cent in the Caspian region."
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Saudi regulator cancels Arabian Contracting float | GulfNews.com
Saudi regulator cancels Arabian Contracting float | GulfNews.com:
"Saudi Arabia’s stock market regulator said on Wednesday it had cancelled approval for a flotation by Arabian Contracting Services Co at the advertising firm’s request.
The Capital Market Authority said the company had discovered “new material information” which was not disclosed in its draft prospectus, and which needed to be assessed for its impact on operations and financial performance. It did not elaborate.
Last week, approval was issued for the sale of a 30 per cent stake in Arabian Contracting, with the offer set to run between June 10 and 16."
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"Saudi Arabia’s stock market regulator said on Wednesday it had cancelled approval for a flotation by Arabian Contracting Services Co at the advertising firm’s request.
The Capital Market Authority said the company had discovered “new material information” which was not disclosed in its draft prospectus, and which needed to be assessed for its impact on operations and financial performance. It did not elaborate.
Last week, approval was issued for the sale of a 30 per cent stake in Arabian Contracting, with the offer set to run between June 10 and 16."
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UPDATE 1-MIDEAST STOCKS-Dubai's Emaar rises as unit Amlak says to resume trade | News by Country | Reuters
UPDATE 1-MIDEAST STOCKS-Dubai's Emaar rises as unit Amlak says to resume trade | News by Country | Reuters:
"Dubai's Emaar Properties lifted the emirate's bourse in early trade on Thursday after Amlak Finance, in which it has a large stake, said trading in its shares would resume next month. Other Gulf markets also edged up.
Dubai's index added 0.5 percent as Emaar rose 0.7 percent after Islamic mortgage provider Amlak, whose shares have been suspended since November 2008, said it would resume trading on Dubai's main bourse on June 2.
Emaar has a 45 percent stake in Amlak, according to Thomson Reuters data."
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"Dubai's Emaar Properties lifted the emirate's bourse in early trade on Thursday after Amlak Finance, in which it has a large stake, said trading in its shares would resume next month. Other Gulf markets also edged up.
Dubai's index added 0.5 percent as Emaar rose 0.7 percent after Islamic mortgage provider Amlak, whose shares have been suspended since November 2008, said it would resume trading on Dubai's main bourse on June 2.
Emaar has a 45 percent stake in Amlak, according to Thomson Reuters data."
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Bond Drought Is Not a Problem as Dubai Islamic Returns to Market - Bloomberg Business
Bond Drought Is Not a Problem as Dubai Islamic Returns to Market - Bloomberg Business:
"The worst start to a year since 2011 for Gulf sukuk sales isn’t deterring the United Arab Emirates’ oldest Shariah-compliant bank from tapping the market for the second time in four months.
Dubai Islamic Bank PJSC’s $1 billion perpetual notes sold in January are the Gulf Cooperation Council’s best performing Shariah-compliant bonds in 2015, returning investors triple the average gain through May 20. A fresh issue from the lender, which starts meeting investors on Thursday, would cement its status as the top borrower in the region after sales plunged 63 percent from a year ago.
“Dubai Islamic has been ahead of the field in terms of raising capital at a competitive funding cost,” Sanyalaksna Manibhandu, the head of research at NBAD Securities LLC, the brokerage of the country’s biggest bank, said by phone from Abu Dhabi on Wednesday. The bank expanded faster “than other lenders in the U.A.E. in 2014 and will likely do so again in 2015. All of that requires capital,” he said."
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"The worst start to a year since 2011 for Gulf sukuk sales isn’t deterring the United Arab Emirates’ oldest Shariah-compliant bank from tapping the market for the second time in four months.
Dubai Islamic Bank PJSC’s $1 billion perpetual notes sold in January are the Gulf Cooperation Council’s best performing Shariah-compliant bonds in 2015, returning investors triple the average gain through May 20. A fresh issue from the lender, which starts meeting investors on Thursday, would cement its status as the top borrower in the region after sales plunged 63 percent from a year ago.
“Dubai Islamic has been ahead of the field in terms of raising capital at a competitive funding cost,” Sanyalaksna Manibhandu, the head of research at NBAD Securities LLC, the brokerage of the country’s biggest bank, said by phone from Abu Dhabi on Wednesday. The bank expanded faster “than other lenders in the U.A.E. in 2014 and will likely do so again in 2015. All of that requires capital,” he said."
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