MIDEAST STOCKS-Gulf mixed, Egypt rebounds; UAE's Etisalat tumbles | Reuters:
"Gulf stock markets diverged on Wednesday, reflecting a mixed global backdrop and contrasting corporate earnings, while Egypt's bourse jumped after a string of positive news.
Chinese stock indexes, which had tumbled earlier this week, rebounded, easing the jitters of investors globally. But Brent crude oil prices, to which the Gulf oil exporting states are sensitive, were down 0.5 percent at $53.06 per barrel.
Saudi Arabia's main stock index edged up 0.2 percent, supported by lenders such as Saudi British Bank , which jumped 2.5 percent, and Al Rajhi Bank , which rose 0.5 percent."
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Wednesday, 29 July 2015
Dubai property transactions tumble 69 per cent | The National
Dubai property transactions tumble 69 per cent | The National:
"The stand-off between sellers and buyers of residential property in Dubai has led to the number of deals completed falling by more than two-thirds, according to JLL.
In its Dubai Q2 Market Report issued today, the firm’s Mena head of research Craig Plumb said Dubai Land Department figures show a 69 per cent drop in residential transactions during the first half of 2015, with 7,400 deals completed, compared to 23,800 in the same period last year.
The aggregate value of sales also dropped by 66 per cent to Dh12.7 billion."
'via Blog this'
"The stand-off between sellers and buyers of residential property in Dubai has led to the number of deals completed falling by more than two-thirds, according to JLL.
In its Dubai Q2 Market Report issued today, the firm’s Mena head of research Craig Plumb said Dubai Land Department figures show a 69 per cent drop in residential transactions during the first half of 2015, with 7,400 deals completed, compared to 23,800 in the same period last year.
The aggregate value of sales also dropped by 66 per cent to Dh12.7 billion."
'via Blog this'
Etisalat profit tumbles 40% on Mobily fixes | GulfNews.com
Etisalat profit tumbles 40% on Mobily fixes | GulfNews.com:
"Etisalat said its second-quarter net profit tumbled by 40 per cent to Dh1.5 billion compared to Dh2.5 billion a year earlier due to its affiliate’s Etihad Etisalat (Mobily) accounting errors and forex losses.
Mobily’s fortunes started to unravel last November when it began disclosing accounting errors and restated 18 months of its earnings due to excessive booking of revenue from wholesale broadband leases and mobile promotional campaigns.
Etisalat, which owns 27.45 per cent of Mobily, said last month that the Saudi telecom operator’s revisions and provisions will negatively impact its consolidated net profit by around Dh204 million this year."
'via Blog this'
"Etisalat said its second-quarter net profit tumbled by 40 per cent to Dh1.5 billion compared to Dh2.5 billion a year earlier due to its affiliate’s Etihad Etisalat (Mobily) accounting errors and forex losses.
Mobily’s fortunes started to unravel last November when it began disclosing accounting errors and restated 18 months of its earnings due to excessive booking of revenue from wholesale broadband leases and mobile promotional campaigns.
Etisalat, which owns 27.45 per cent of Mobily, said last month that the Saudi telecom operator’s revisions and provisions will negatively impact its consolidated net profit by around Dh204 million this year."
'via Blog this'
MIDEAST STOCKS-Gulf indexes edge up but UAE's Etisalat falls on poor Q2 | Reuters
MIDEAST STOCKS-Gulf indexes edge up but UAE's Etisalat falls on poor Q2 | Reuters:
"Gulf stock indexes crept up in early trade on Wednesday after global equities firmed and the oil price retreat slowed.
Chinese stock indexes, which had tumbled earlier this week, rebounded, with the CSI300 index of the largest listed companies in Shanghai and Shenzhen up 2.4 percent and the Shanghai Composite up 2.6 percent.
Brent crude oil was down 0.3 percent at $53.13 per barrel compared with Tuesday's intra-day low of $52.28."
'via Blog this'
"Gulf stock indexes crept up in early trade on Wednesday after global equities firmed and the oil price retreat slowed.
Chinese stock indexes, which had tumbled earlier this week, rebounded, with the CSI300 index of the largest listed companies in Shanghai and Shenzhen up 2.4 percent and the Shanghai Composite up 2.6 percent.
Brent crude oil was down 0.3 percent at $53.13 per barrel compared with Tuesday's intra-day low of $52.28."
'via Blog this'
Emaar IPO Flop Pops Red Flag for Egypt Bet on Property Boom - Bloomberg Business
Emaar IPO Flop Pops Red Flag for Egypt Bet on Property Boom - Bloomberg Business:
"The Emaar Properties banners adorning the facade of the Cairo Stock Exchange radiated confidence as shares started trading in Egypt’s biggest initial public offering since the 2011 Arab Spring. Three weeks and a 7.4 percent decline later, investors are lining up to get out.
Egypt needed the IPO of Emaar Properties PJSC’s local unit to be a winner to rebuild investor confidence in its property market after mega-projects feted by President Abdel-Fattah El-Sisi stalled. About a month before the company’s stock-market debut on July 5, the exchange changed its rules to allow newly listed companies like the luxury-home builder to join its benchmark index.
In the event, Emaar Misr for Development SAE fell more in the first week of trading than any Egyptian debut stock since 2008. Some investors balked at a valuation that didn’t reflect the dim outlook for high-end home demand, or the government’s growing preference for creating partnerships with developers, making it harder for companies to buy land and finance development projects."
'via Blog this'
"The Emaar Properties banners adorning the facade of the Cairo Stock Exchange radiated confidence as shares started trading in Egypt’s biggest initial public offering since the 2011 Arab Spring. Three weeks and a 7.4 percent decline later, investors are lining up to get out.
Egypt needed the IPO of Emaar Properties PJSC’s local unit to be a winner to rebuild investor confidence in its property market after mega-projects feted by President Abdel-Fattah El-Sisi stalled. About a month before the company’s stock-market debut on July 5, the exchange changed its rules to allow newly listed companies like the luxury-home builder to join its benchmark index.
In the event, Emaar Misr for Development SAE fell more in the first week of trading than any Egyptian debut stock since 2008. Some investors balked at a valuation that didn’t reflect the dim outlook for high-end home demand, or the government’s growing preference for creating partnerships with developers, making it harder for companies to buy land and finance development projects."
'via Blog this'
KKR, Majid Al Futtaim Said to Weigh Bids for Abu Dhabi’s Dunia - Bloomberg Business
KKR, Majid Al Futtaim Said to Weigh Bids for Abu Dhabi’s Dunia - Bloomberg Business:
"KKR & Co. and Dubai’s Majid Al Futtaim Holding are among companies weighing a bid for Abu Dhabi consumer finance firm Dunia Finance LLC, according to three people with knowledge of the matter.
Dunia’s shareholders, which include sovereign wealth fund Mubadala Development Co. and Temasek Holdings Pte unit Fullerton Financial, are seeking about four to five times book value for the company, two of the people said, asking not to be identified as the information is private. That may value Dunia at about $800 million to $1 billion, they said. Bids for the business are due this week, the people said.
Majid Al Futtaim, also known as MAF, is working with Citigroup Inc. on its planned bid, two of the people said. International investors are seeking to team up with local parties to adhere to local regulations, which allow foreign firms to own a maximum of 40 percent of a consumer finance company in the United Arab Emirates, they said. Other regional banks and private-equity firms are also weighing bids, the people said."
'via Blog this'
"KKR & Co. and Dubai’s Majid Al Futtaim Holding are among companies weighing a bid for Abu Dhabi consumer finance firm Dunia Finance LLC, according to three people with knowledge of the matter.
Dunia’s shareholders, which include sovereign wealth fund Mubadala Development Co. and Temasek Holdings Pte unit Fullerton Financial, are seeking about four to five times book value for the company, two of the people said, asking not to be identified as the information is private. That may value Dunia at about $800 million to $1 billion, they said. Bids for the business are due this week, the people said.
Majid Al Futtaim, also known as MAF, is working with Citigroup Inc. on its planned bid, two of the people said. International investors are seeking to team up with local parties to adhere to local regulations, which allow foreign firms to own a maximum of 40 percent of a consumer finance company in the United Arab Emirates, they said. Other regional banks and private-equity firms are also weighing bids, the people said."
'via Blog this'