Banks push Abu Dhabi to higher close

Companies and Markets

• Emaar stocks drop for second day

  29 June 2009,UPDATE 8: Merger plan worries investors in UAE markets as shares fall 2%, down 12% in two days.

• Qatar seeks to support its financial markets

  29 June 2009,Qatar's central bank governor says new measures could be introduced amid downturn.

• Emaar shares slump 10% on merger plan

  28 June 2009,UPDATE 8: Dubai index sees biggest one-day drop for 7 months, Qatar, Kuwait and Saudi also down.

• Banks lead Saudi index to lower close

  27 June 2009,Banks concerned about their exposure to troubled family-owned businesses.

• Dubai, Abu Dhabi end lower as banks fall

  25 June 2009,UPDATE 5: Qatar's index advances while shares in Kuwait, Bahrain decline on Thursday.

• Emaar shares surge to lift Dubai to higher close

  24 June 2009,UPDATE 6: Kuwait see largest one-month gain this month, Saudi, Qatar finish higher.

Results

• Kuwait's Global posts Q1 loss of $240m

  15 May 2009,Investment house sees relative improvement after a major Q4 dive last year.

• Dubai's Shuaa Capital posts $54m Q1 net loss

  8 May 2009,Investment bank posts AED197.9m net loss as it books losses on investments.

• Dubai Islamic Bank's Q1 profits plunge 33%

  28 April 2009,UAE’s biggest bank complying with Islamic financial law says profits low on provisions for bad loans.

• UAE's Rakbank reports 13% growth in Q1 profits

  27 April 2009,National Bank of Ras Al Khaimah reports a net profit of AED160.37m ($44m) in Q1.

• National Bank of Abu Dhabi Q1 net profit down 12%

  27 April 2009,UAE money lender beats market forecasts; earns $209.7m net profits in Q1.

• Abu Dhabi's Aabar quadruples Q1 profit

  27 April 2009,Stakeholder in German carmaker Daimler earns $48.19m in Q1; gains on derivatives, currency fluctuations.

IPO

• Insurance companies set to launch Saudi IPOs

  20 March 2009,Four firms win approval for offerings in April in bid to raise a total of $69m.

• Mideast IPO activity slumps at end of 2008

  4 January 2009,Ernst & Young says just three IPOs in Oct, Nov compared to 10 in same period in 2007.

• Nakheel in talks with bankers over IPO - report

  4 January 2009,UK media report suggests developer could look at dual listing in Dubai and London.

• Saudi Atheeb telco plans $80mn IPO in January

  29 December 2008,The Batelco-affliliated company will be the Kingdom's first initial offering since August.

• Drake & Scull eyes listing 'before end of 2008'

  18 December 2008,EXCLUSIVE: Contracting giant's long-awaited IPO close to completion.

• UAE developer to delay IPO

  16 November 2008,Al-Benaa also reviewing projects due to market conditions, 'we need to look at all aspects', CEO says.

Equity

• Egypt's Olympic Group announces share buyback

  15 December 2008,Domestic appliance maker's board approves acquisition of 5% of company's stock.

• Mubadala increases stake in chip maker AMD, joint venture

  9 December 2008,Abu Dhabi fund renegotiates deal following sharp drop in company's share price.

• Travco chairman El-Chiaty eyes increase in TUI stake

  1 December 2008,Egyptian businessman looks to reinvest in German tour operator after share slump.

• Bahrain's Ithmaar Bank to up BBK stake via Shamil swap

  1 December 2008,Share-swap to act as merger between the two banks after shareholder approval.

• Qtel to pay original price for PT Indosat shares

  29 November 2008,Raising its stake to 65% from 40.8% will cost Qatari operator $802mn.

• Kuwait's Gulf Bank in $1.4bn capital hike after shock loss

  17 November 2008,Entire board resigns as state fund agrees to mop up any shares left unsubscribed.

Funds

• Trading confidence

  8 May 2009,The global credit crisis has wreaked havoc with regional stock exchanges. Claire Ferris-Lay talks to Malcolm Wall Morris, CEO of the Dubai Gold & Commodities Exchange about how he is trying to boost investor confidence across the Gulf.

• ME share of global hedge fund to rise by 30%, 2013

  20 April 2009,ME investors will own 7.5% of total global hedge fund assets end-2013 - survey.     

• Hedge funds see $155 billion of withdrawals

  21 January 2009,Investors pulled $155 billion out of hedge funds last year, according to new data.

• Daman Securities invests for the future

  10 January 2009,Daman Securities has struck a deal with research firm Morningstar to begin coverage of UAE stocks.

• Mubadala increases stake in chip maker AMD, joint venture

  9 December 2008,Abu Dhabi fund renegotiates deal following sharp drop in company's share price.

• Kuwait fund in merger talks, cbank in support

  5 November 2008,Islamic asset manager's sees consolidation as regulator offers sector help.

Sukuk

• Shuaa Capital seeks to enter sukuk market

  15 June 2009,Dubai-based investment bank plans to sell the Islamic bonds issued by Saudi firm.

• Sukuk pricing distorted by thin secondary market

  10 April 2009,Companies keen to tap the Islamic debt markets are staying on the sidelines, amid fears the illiquidity of the sukuk market could distort the pricing of new issues.

• Saudi Hollandi completes $207mn sukuk sale

  30 December 2008,Islamic bond issue has ten-year maturity, priced at 200bps above Saudi interbank rate. 

• Global sukuk market seen dormant until mid '09

  24 November 2008,Local banks supportive but 'don't have the balance sheet', says senior banker.

• Islamic bond market 'wrecked' by critical remarks

  28 October 2008,New issues fall to $14bn this year from $50bn after Bahrain-based sheilkh's ruling.

• Saudi developer Al-Oula to raise $800mn via sukuk

  19 October 2008,Two-year timetable to obtain credit rating and finance expansion plans.

Bonds

• IEA says OPEC's decision "sensible"

  16 March 2009,Head of International Energy Agency says OPEC has taken into account state of global economy.

• UP seeks $681mn bond sale

  22 December 2008,UPDATE 1: Dubai developer seeking regulatory approval to issue convertible bonds to strategic investors.

• Dubai Holding repays $653mn in bonds, loans

  26 November 2008,News comes after another Dubai Inc fund seeks better terms for debt refinance.

• Iran mulls $1bn international bond issue

  19 November 2008,Islamic Republic tries to raise money in difficult financial climate against sanctions backdrop.

• Kuwaits's Global Investment House cancels $410mn loan

  17 November 2008,Decides not to proceed with acquisition of 20% stake in National Bank of Umm Al-Quwain. 

• Dubai Holding unit to take 32% stake in troubled Shuaa

  28 September 2008,Dubai Banking Group to convert $408mn worth of bonds on Oct. 31, as planned. 

Regulatory

• Qatar seeks to support its financial markets

  29 June 2009,Qatar's central bank governor says new measures could be introduced amid downturn.

• US moves to seize US assets of Iranian bank's 'front'

  17 December 2008,New-York based unit owns 40% in 36-storey tower on Fifth Avenue, says Justice Dept.

• India unveils $4bn economic stimulus package

  7 December 2008,Export incentive schemes, value-added tax cuts follow interest rate reductions. 

• UAE allows ministers to be company directors

  2 December 2008,Constitution change by Federal National Council legalises already existing situation.

• Islamic finance sector needs more sharia scholars

  1 December 2008,Fewer than 100 scholars worldwide qualified to sit on sharia compliance boards, says expert.

• Al Salam and HSH Nordbank in Islamic finance venture

  30 November 2008,UAE-based ASI and German bank set to register with DIFC next year.