MIDEAST STOCKS-Gulf weak as DXBE drags down Dubai; banks boost Egypt | Reuters:
"Major Gulf stock markets weakened on Wednesday, with amusement park operator DXB Entertainments (DXBE) continuing to drag down Dubai while banking shares lifted Egypt in the wake of Sunday's interest rate hike.
DXB Entertainments slid by 3.1 percent to 0.782 dirhams, its lowest level since early 2015. The stock has tumbled 40 percent this year on low attendance figures at its parks, a wider net loss in the first quarter and a warning that attendance numbers could suffer further during the hot summer months.
Emaar Malls fell 1.9 percent after the retail arm of Emaar Properties said it would spend $151 million to buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group, a start-up established by Rocket Internet."
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Wednesday, 24 May 2017
Mediclinic beats profit forecasts but warns Middle East improvement will take years
Mediclinic beats profit forecasts but warns Middle East improvement will take years:
"FTSE 100 hospital operator Mediclinic reported better than expected profits for the year to March 31, but it warned that stabilising its troubled new business in Abu Dhabi is likely to take a number of years. Revenues rose by 30 per cent to £2.7bn thanks to the £1.4bn purchase of the Abu Dhabi business, in line with analyst expectations. Profit before tax increased 25 per cent to £307m, roughly in line with expectations, but the the company’s preferred performance measure – underlying earnings before interest, tax, depreciation and amortisation – came in ahead of consensus forecasts. Underlying ebitda rose 17 per cent compared to the previous year to £501m, compared to forecasts of £484m."
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"FTSE 100 hospital operator Mediclinic reported better than expected profits for the year to March 31, but it warned that stabilising its troubled new business in Abu Dhabi is likely to take a number of years. Revenues rose by 30 per cent to £2.7bn thanks to the £1.4bn purchase of the Abu Dhabi business, in line with analyst expectations. Profit before tax increased 25 per cent to £307m, roughly in line with expectations, but the the company’s preferred performance measure – underlying earnings before interest, tax, depreciation and amortisation – came in ahead of consensus forecasts. Underlying ebitda rose 17 per cent compared to the previous year to £501m, compared to forecasts of £484m."
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Abu Dhabi economy shows signs of recovery | The National
Abu Dhabi economy shows signs of recovery | The National:
"Abu Dhabi’s economy is showing signs of recovery amid government spending on projects, says a senior economic official in the emirate.
"We are in the downturn of the economic cycle but we see some signs of recovery," said Khalifa bin Salem Al Mansouri, the Undersecretary at the Department of Economic Development. "The government is now spending. Those are signs of early recovery. We expect to see more signs of recovery this year and at the beginning of next year."
Mr Al Mansouri said the projects include a Dh7 billion spending plan announced by Abu Dhabi Municipality as well as tourism projects announced by the Government on Yas and Saadiyat islands."
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"Abu Dhabi’s economy is showing signs of recovery amid government spending on projects, says a senior economic official in the emirate.
"We are in the downturn of the economic cycle but we see some signs of recovery," said Khalifa bin Salem Al Mansouri, the Undersecretary at the Department of Economic Development. "The government is now spending. Those are signs of early recovery. We expect to see more signs of recovery this year and at the beginning of next year."
Mr Al Mansouri said the projects include a Dh7 billion spending plan announced by Abu Dhabi Municipality as well as tourism projects announced by the Government on Yas and Saadiyat islands."
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NBAD's Yasin Sees GCC Markets Going Sideways - Bloomberg
NBAD's Yasin Sees GCC Markets Going Sideways - Bloomberg:
"NBAD Securities Managing Director Mohammed Ali Yasin discusses the deals signed between the U.S. and Saudi Arabia and talks about his investment strategies. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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"NBAD Securities Managing Director Mohammed Ali Yasin discusses the deals signed between the U.S. and Saudi Arabia and talks about his investment strategies. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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Dubai's Emaar buys Namshi stake after Amazon buys Souq.com | Reuters
Dubai's Emaar buys Namshi stake after Amazon buys Souq.com | Reuters:
"Dubai's Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group (GFG), a start-up set up by Rocket Internet, for $151 million as competition for technology deals heats up in the Middle East. Coming two months after Amazon agreed to buy Souq.com, the transaction is expected to provide much-needed support for Emaar Properties founder and chairman Dubai billionaire Mohamed Alabbar's new technology vehicle Noon.com, a venture with Saudi Arabia's Public Investment Fund. The venture has seen a shake-up in recent weeks with the departure of Noon's chief executive and chief technology officer along with several staff. Alabbar said last week its venture still on track to start operations before end-2017."
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"Dubai's Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group (GFG), a start-up set up by Rocket Internet, for $151 million as competition for technology deals heats up in the Middle East. Coming two months after Amazon agreed to buy Souq.com, the transaction is expected to provide much-needed support for Emaar Properties founder and chairman Dubai billionaire Mohamed Alabbar's new technology vehicle Noon.com, a venture with Saudi Arabia's Public Investment Fund. The venture has seen a shake-up in recent weeks with the departure of Noon's chief executive and chief technology officer along with several staff. Alabbar said last week its venture still on track to start operations before end-2017."
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Singapore Convicts Fifth Person Involved in 1MDB-Related Cases - Bloomberg
Singapore Convicts Fifth Person Involved in 1MDB-Related Cases - Bloomberg:
"Kelvin Ang Wee Keng was fined S$9,000 ($6,477) after he admitted that he made a corrupt payment to an analyst in a Singapore case related to 1Malaysia Development Bhd investigations. Ang, 35, was a broker with Kim Eng Securities Pte until 2015 and made about S$100,000 annually in commissions, prosecutor Vincent Ong said in a Singapore State Court on Wednesday. He was charged a year ago for what authorities said was corruptly giving S$3,000 to a research analyst to speed up the preparation of a favorable valuation report. While the charge sheet at that time didn’t give further details, the city’s Attorney-General’s Chambers said he was “implicated in a number of illicit transactions” with former BSI SA wealth planner Yeo Jiawei. Yeo is appealing his conviction and 30-month jail term for obstructing justice in another case relating to the 1MDB probe. Ang, who is now unemployed, was Yeo’s friend, Ong said in court."
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"Kelvin Ang Wee Keng was fined S$9,000 ($6,477) after he admitted that he made a corrupt payment to an analyst in a Singapore case related to 1Malaysia Development Bhd investigations. Ang, 35, was a broker with Kim Eng Securities Pte until 2015 and made about S$100,000 annually in commissions, prosecutor Vincent Ong said in a Singapore State Court on Wednesday. He was charged a year ago for what authorities said was corruptly giving S$3,000 to a research analyst to speed up the preparation of a favorable valuation report. While the charge sheet at that time didn’t give further details, the city’s Attorney-General’s Chambers said he was “implicated in a number of illicit transactions” with former BSI SA wealth planner Yeo Jiawei. Yeo is appealing his conviction and 30-month jail term for obstructing justice in another case relating to the 1MDB probe. Ang, who is now unemployed, was Yeo’s friend, Ong said in court."
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MIDEAST STOCKS-DXBE, Emaar Malls underperform otherwise quiet region | Reuters
MIDEAST STOCKS-DXBE, Emaar Malls underperform otherwise quiet region | Reuters:
"Shares in companies linked to tourism underperformed in Dubai in an otherwise flat regional market in early trade on Wednesday. Dubai's theme park operator, and constituent of the MSCI emerging market benchmark, DXB Entertainments, lost 2.2 percent to 0.789 dirham, its lowest price since January 2015. Its shares been hit hard over the last few sessions, as investors expect Ramadan and hot summer weather may reduce footfall at its Dubai hotels and theme parks."
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"Shares in companies linked to tourism underperformed in Dubai in an otherwise flat regional market in early trade on Wednesday. Dubai's theme park operator, and constituent of the MSCI emerging market benchmark, DXB Entertainments, lost 2.2 percent to 0.789 dirham, its lowest price since January 2015. Its shares been hit hard over the last few sessions, as investors expect Ramadan and hot summer weather may reduce footfall at its Dubai hotels and theme parks."
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