Dubai's Emaar Properties, Emaar Development see surge in 9-month net profits
Dubai-based Emaar Properties PJSC posted a nine-month 2023 net profit of 8.24 billion dirhams ($2.2 billion), up 42% compared to the same period last year on rising retail sales and higher real estate demand.
Revenue for the period came in at AED18.4 billion, the Dubai Financial Market-listed firm said in a regulatory disclosure on Thursday.
With a 16% year-over-year growth, Emaar, the builder of Burj Khalifa, achieved group property sales of AED31.1 billion for the nine-month period.
The company's revenue backlog from property sales reached AED69.5 billion as of September 30, 2023, "indicating robust outlook for revenue recognition in the forthcoming years," it said.
Mohamed Alabbar, founder of Emaar, said: "With the continued surge in tourism, the launch of attractions like the Dubai Mall Chinatown, and the positive trajectory in property sales, we are honouring our commitment to both our loyal and new customers."
Thursday 9 November 2023
#AbuDhabi's ADNOC makes new bid for stake in Brazil's Braskem; shares soar | Reuters
Abu Dhabi's ADNOC makes new bid for stake in Brazil's Braskem; shares soar | Reuters
Brazilian petrochemical producer Braskem (BRKM5.SA) on Thursday said Abu Dhabi oil company ADNOC (ADNOC.UL) has presented a new non-binding offer to buy conglomerate Novonor's stake in the firm.
Novonor, formerly known as Odebrecht, is Braskem's main shareholder alongside state-run oil firm Petrobras (PETR4.SA), but has been long looking to sell its controlling stake as part of a broader restructuring.
According to Braskem, ADNOC's bid implies the price of 37.29 reais per share of the company, with an equity value of 10.5 billion reais ($2.14 billion) for Novonor's 38.3% stake in the petrochemical firm.
That represents a premium of more than 100% over Braskem's Wednesday closing price, and Sao Paulo-traded shares of the company soared as much as 23% following the news, making it the top gainer on Brazil's benchmark stock index Bovespa (.BVSP).
Brazilian petrochemical producer Braskem (BRKM5.SA) on Thursday said Abu Dhabi oil company ADNOC (ADNOC.UL) has presented a new non-binding offer to buy conglomerate Novonor's stake in the firm.
Novonor, formerly known as Odebrecht, is Braskem's main shareholder alongside state-run oil firm Petrobras (PETR4.SA), but has been long looking to sell its controlling stake as part of a broader restructuring.
According to Braskem, ADNOC's bid implies the price of 37.29 reais per share of the company, with an equity value of 10.5 billion reais ($2.14 billion) for Novonor's 38.3% stake in the petrochemical firm.
That represents a premium of more than 100% over Braskem's Wednesday closing price, and Sao Paulo-traded shares of the company soared as much as 23% following the news, making it the top gainer on Brazil's benchmark stock index Bovespa (.BVSP).
Most Gulf markets in red as investors assess Fed rate comments | Reuters
Most Gulf markets in red as investors assess Fed rate comments | Reuters
Most stock markets in the Gulf ended lower on Thursday as investors awaited U.S. Federal Reserve Chair Jerome Powell's speech for further clues on the interest rate path.
Markets perceived Powell's tone to be less hawkish following the Fed's decision to keep interest rates steady last week, but he did not comment on monetary policy or economic outlook of the U.S. in a speech on Wednesday.
Powell is due to speak again on Thursday.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 1.8%, weighed down by a 1.8% fall in Etihad Atheeb Telecommunication (7040.SE) and a 1.8% decrease in Elm Co (7203.SE).
Elsewhere, Maharah for Human Resources Company (1831.SE) plunged 9.9%, its biggest intraday fall in over 1-1/2 years, after reporting a sharp decline in quarterly profit.
The Saudi stock market returned to the downside after trading sideways for a couple days, said George Khoury, Global Head of Education and Research at CFI.
"The market could continue to be affected by the mitigated company earnings and declining oil prices as well as changing monetary policy expectations."
Dubai's main share index (.DFMGI) declined 0.9%, hit by a 1.6% fall in toll operator Salik Co (SALIK.DU).
In Abu Dhabi index (.FTFADGI) eased 0.2%.
The Brent crude oil benchmark hovered around $80 a barrel on Thursday, with demand concerns and a waning war-risk premium having triggered a selloff over the past week.
The Qatari benchmark (.QSI) slipped 0.6%, as most of the stocks on the index were in negative territory including Qatar Islamic Bank (QISB.QA), which retreated 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.4%, closing at its highest, with Commercial International Bank (COMI.CA) rising 4.1%.
Most stock markets in the Gulf ended lower on Thursday as investors awaited U.S. Federal Reserve Chair Jerome Powell's speech for further clues on the interest rate path.
Markets perceived Powell's tone to be less hawkish following the Fed's decision to keep interest rates steady last week, but he did not comment on monetary policy or economic outlook of the U.S. in a speech on Wednesday.
Powell is due to speak again on Thursday.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 1.8%, weighed down by a 1.8% fall in Etihad Atheeb Telecommunication (7040.SE) and a 1.8% decrease in Elm Co (7203.SE).
Elsewhere, Maharah for Human Resources Company (1831.SE) plunged 9.9%, its biggest intraday fall in over 1-1/2 years, after reporting a sharp decline in quarterly profit.
The Saudi stock market returned to the downside after trading sideways for a couple days, said George Khoury, Global Head of Education and Research at CFI.
"The market could continue to be affected by the mitigated company earnings and declining oil prices as well as changing monetary policy expectations."
Dubai's main share index (.DFMGI) declined 0.9%, hit by a 1.6% fall in toll operator Salik Co (SALIK.DU).
In Abu Dhabi index (.FTFADGI) eased 0.2%.
The Brent crude oil benchmark hovered around $80 a barrel on Thursday, with demand concerns and a waning war-risk premium having triggered a selloff over the past week.
The Qatari benchmark (.QSI) slipped 0.6%, as most of the stocks on the index were in negative territory including Qatar Islamic Bank (QISB.QA), which retreated 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.4%, closing at its highest, with Commercial International Bank (COMI.CA) rising 4.1%.
#Dubai’s DP World in Talks for Hong Kong Tycoon’s Logistics Firm, Sources Say - Bloomberg
Dubai’s DP World in Talks for Hong Kong Tycoon’s Logistics Firm, Sources Say - Bloomberg
DP World is in talks to acquire Cargo Services Far East Ltd. from Hong Kong tycoon John Lau as the Dubai port operator seeks to expand in Asia, according to people familiar with the matter.
DP World is working with a financial adviser on a potential offer for Hong Kong-based Cargo Services Far East, the people said, asking not to be identified because the matter is private. A transaction could value the company at about $800 million, the people said.
Deliberations are ongoing and the talks could still fall part, the people said. Other bidders could also emerge, they added. Representatives for Cargo Services Far East and DP World declined to comment.
Founded in 1989 by Lau, Cargo Services Far East’s businesses include ocean and freight shipping, cold chain logistics and fashion distribution, according to its website. Lau’s empire includes a majority stake in Hong Kong-listed CN Logistics International Ltd., which he is also executive chairman of. Cargo Services Far East has offices in 35 cities in China, Singapore, Brisbane, Cape Town, Durban, Johannesburg and Los Angeles.
DP World is in talks to acquire Cargo Services Far East Ltd. from Hong Kong tycoon John Lau as the Dubai port operator seeks to expand in Asia, according to people familiar with the matter.
DP World is working with a financial adviser on a potential offer for Hong Kong-based Cargo Services Far East, the people said, asking not to be identified because the matter is private. A transaction could value the company at about $800 million, the people said.
Deliberations are ongoing and the talks could still fall part, the people said. Other bidders could also emerge, they added. Representatives for Cargo Services Far East and DP World declined to comment.
Founded in 1989 by Lau, Cargo Services Far East’s businesses include ocean and freight shipping, cold chain logistics and fashion distribution, according to its website. Lau’s empire includes a majority stake in Hong Kong-listed CN Logistics International Ltd., which he is also executive chairman of. Cargo Services Far East has offices in 35 cities in China, Singapore, Brisbane, Cape Town, Durban, Johannesburg and Los Angeles.
Strong demand drives surge in #Dubai's Emirates airline H1 profit | Reuters
Strong demand drives surge in Dubai's Emirates airline H1 profit | Reuters
Emirates airline, Dubai's flagship carrier, posted a significant jump in net profit for the first half of financial year 2023-24 on the back of strong demand, the company said on Thursday, while Group profit surged to a record high.
Emirates' profit soared 134% year-over-year to 9.4 billion dirhams ($2.56 billion) in the first six months of its financial year. Revenue rose 19% to 59.5 billion dirhams.
While overall direct operating costs rose 9% due to expanded operations, fuel costs, the airline's biggest payment, accounted for 34% of expenses, slightly lower than the year-ago period.
The airline said it filled an average of 81.5% of seats in the first half, compared with 78.5% last year.
Dubai, widely considered the Gulf's tourism and business hub, bounced back strongly after its services-dominated economy came to a near standstill during the COVID-19 pandemic. The rebound in travel and tourism was a key component of that recovery.
Emirates airline, Dubai's flagship carrier, posted a significant jump in net profit for the first half of financial year 2023-24 on the back of strong demand, the company said on Thursday, while Group profit surged to a record high.
Emirates' profit soared 134% year-over-year to 9.4 billion dirhams ($2.56 billion) in the first six months of its financial year. Revenue rose 19% to 59.5 billion dirhams.
While overall direct operating costs rose 9% due to expanded operations, fuel costs, the airline's biggest payment, accounted for 34% of expenses, slightly lower than the year-ago period.
The airline said it filled an average of 81.5% of seats in the first half, compared with 78.5% last year.
Dubai, widely considered the Gulf's tourism and business hub, bounced back strongly after its services-dominated economy came to a near standstill during the COVID-19 pandemic. The rebound in travel and tourism was a key component of that recovery.
Major Gulf markets in red as investors assess Fed rate comments | Reuters
Major Gulf markets in red as investors assess Fed rate comments | Reuters
Major stock markets in the Gulf fell in early trade on Thursday as investors looked for fresh cues from the U.S. Federal Reserve on its interest rate stance.
A slew of Fed officials on Wednesday maintained a balanced tone on the central bank's next decision, but noted they would focus on more economic data and the impact of higher long-term bond yields.
The dollar has rebounded from last week's sharp sell-off on rising confidence that the U.S. central bank is done with rate hikes. There is less agreement on whether a rate cut is on the horizon with inflation still above the Fed's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) fell 0.6%, hit by a 1.4% fall in Etihad Atheeb Telecommunication Co (7040.SE) and a 1.5% decrease in Elm Co (7203.SE).
Separately, the Saudi wealth fund has raised its stake in Aston Martin (AML.L) to 20.5%, a regulatory filing showed on Wednesday, a week after the British luxury carmaker's quarterly results and outlook disappointed investors.
Dubai's main share index (.DFMGI) lost 0.4%, with Mashreq Bank (MASB.DU) dropping 4%.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%.
The Fed, which last week kept the benchmark overnight interest rate in the current 5.25%-5.50% range, is due to meet again mid next month.
The Qatari benchmark (.QSI) slipped 0.5%, with Qatar Islamic Bank (QISB.QA) losing 1.2%.
Major stock markets in the Gulf fell in early trade on Thursday as investors looked for fresh cues from the U.S. Federal Reserve on its interest rate stance.
A slew of Fed officials on Wednesday maintained a balanced tone on the central bank's next decision, but noted they would focus on more economic data and the impact of higher long-term bond yields.
The dollar has rebounded from last week's sharp sell-off on rising confidence that the U.S. central bank is done with rate hikes. There is less agreement on whether a rate cut is on the horizon with inflation still above the Fed's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) fell 0.6%, hit by a 1.4% fall in Etihad Atheeb Telecommunication Co (7040.SE) and a 1.5% decrease in Elm Co (7203.SE).
Separately, the Saudi wealth fund has raised its stake in Aston Martin (AML.L) to 20.5%, a regulatory filing showed on Wednesday, a week after the British luxury carmaker's quarterly results and outlook disappointed investors.
Dubai's main share index (.DFMGI) lost 0.4%, with Mashreq Bank (MASB.DU) dropping 4%.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%.
The Fed, which last week kept the benchmark overnight interest rate in the current 5.25%-5.50% range, is due to meet again mid next month.
The Qatari benchmark (.QSI) slipped 0.5%, with Qatar Islamic Bank (QISB.QA) losing 1.2%.