UAE shares predicted to rebound soon

Companies and Markets

• Gulf markets fall after pull-out

  4 September 2008,Gulf Arab stocks plunge as weaker oil prices and tensions with Iran compound broad selloff.

• Saudi developer Dar Al-Arkan eyes bonus share sukuk

  3 September 2008,Bonus share issue of $480mn will raise company's capital by a third.

• Negative day for Gulf exchanges

  2 September 2008,Falling oil prices plays part in disappointing day for the region's share traders.

• DIB set to buy majority stake in Jordan bank

  2 September 2008,UPDATE 1: Dubai Islamic Banks makes move through venture with DIC.

• Talaat Moustafa shares down 8% on Cairo bourse

  1 September 2008,Company whose chairman is subject of 'unspecified rumours' falls to year-low.

• Energy firm IPIC eyes takeover of Aabar

  1 September 2008,Abu Dhabi state-owned investment company seeks control via convertible bonds. 

Results

• UAE interior fitter Depa reports 75% rise in H1 profit

  20 August 2008,Company's contracts abroad behind sharp improvement as H1 net income hits $15mn.

• Logistics firm Agility's Q2 net profit down 9%

  16 August 2008,Dip in quarterly income 'in line" with expectations after expansion, says CFO.

• Dana Gas posts 17% rise in Q2 profits

  15 August 2008,Middle East's largest natural gas firm also announces 28 percent spike in revenues, expansion plans.

• DIB enjoys big jump in profits

  14 August 2008,Bank also deploys new software to help boost service.

• Bahrain bank posts 115% profits surge

  13 August 2008,Ithmaar Islamic Bank reports impressive H1 performance after strong earnings on investments.

• Egypt's Mobinil says Q2 net income down 18%

  10 August 2008,Better than forecast quarterly profit after company expands into lower income market.

IPO

• Dubai's Al Habtoor plans to sell 40% shares to public

  27 August 2008,IPO next year will guarantee the continuity of company, says chairman.

• Kuwait launches IPO for mobile firm No. 3

  24 August 2008,Half of Kuwait Telecom Company's capital of 500mn shares are up for grabs.

• Kuwaiti telco looking to raise $93mn in IPO

  19 August 2008,Gulf state's third mobile phone operator expects up to 700,000 Kuwaitis to buy shares.

• Palestinian stock market to sell stake by IPO by year-end

  18 August 2008,Bourse with market capitalisation of $3.1bn was top performer in 2008.

• Oman pre-qualifies eight firms for Omantel stake

  18 August 2008,Government to short-list four or five firms for 70 percent holding in telecom operator.

• Iran begins sale of state telecoms stake

  9 August 2008,Gov't puts 5% of Telecomminication Company up for sale at $340mn in 'symbolic act'.

Equity

• Saudi developer Dar Al-Arkan eyes bonus share sukuk

  3 September 2008,Bonus share issue of $480mn will raise company's capital by a third.

• BNP Paribas buys into Saudi investment firm

  25 August 2008,UPDATE 1: France's BNP Paribas buys 25% stake in SAIB affiliate, SAIB Asset Management.

• Saudi Almarai to take over Jordan beverage firm

  23 August 2008,Move follows recent acquisition of Egyptian firm Beeaty for reported $112mn.

• EFG-Hermes buys stake in Cameron 'family firm'

  18 August 2008,Egyptian investment bank takes 10% stake in UK stockbroker with a political link.

• Oman pre-qualifies eight firms for Omantel stake

  18 August 2008,Government to short-list four or five firms for 70 percent holding in telecom operator.

• Kuwait's Gulf Bank gets share buyback approval

  6 August 2008,Kuwait's fourh largest bank by market value to buy back 10% of stock.

Funds

• Abu Dhabi Islamic Bank to finance Sudan industrial project

  27 July 2008,Lebanon's Banque Audi also involved in $130mn cement plant.

• Dubai's DAE appoints banks to lead $1bn loan - banker

  23 July 2008,Money will be used to refinance existing debt and general corpoate purposes.

• Millennium to start sharia-compliant hedge fund

  16 July 2008,Dubai-based Millennium Finance Corporation to launch first Islamic law hedge fund.

• Islamic investors gain from bank stock ban

  14 July 2008,Lack of exposure to Western banks avoids losses for non-sharia equivilents, S&P says.

• Daman launches $54mn GCC equity fund

  30 June 2008,Fund to target opportunities in regional equity markets, UAE asset manager says.

• Dubai Islamic, Global fund eyes three deals by Q3

  30 June 2008,Fund to do deals with Turkish, Indian financial services firms and Gulf retailer.

Sukuk

• Saudi developer Dar Al-Arkan eyes bonus share sukuk

  3 September 2008,Bonus share issue of $480mn will raise company's capital by a third.

• Qatar Islamic says bonds among financing options

  27 August 2008,Need to refinance bridge-financing will still depend on market conditions.

• Damac's Kuwait unit considering $67mn bond issue

  27 August 2008,Company has said it is interested in buying stakes in other Middle East firms.

• Dubai's GMMOS in $46mn in sharia- compliant loan

  20 August 2008,Ship-finance loan jointly arranged by Standard Chartered and Noor Islamic Bank.

• Qatar's Doha Bank puts $1bn Islamic bond issue on hold

  26 July 2008,'Poor market conditions' blamed, first signs Islamic finance suffering from contagion.

• Sukuk issuance grows 17% to $17bn

  23 July 2008,Latest figures from London-based law firm dispels Gulf credit fears amid global economic slowdown.

Bonds

• Energy firm IPIC eyes takeover of Aabar

  1 September 2008,Abu Dhabi state-owned investment company seeks control via convertible bonds. 

• Dubai's Union Properties seeks $1bn for projects

  12 August 2008,Emirates NBD affiliate open to either conventional or Islamic financing, says CFO.

• Qatar's Doha Bank puts $1bn Islamic bond issue on hold

  26 July 2008,'Poor market conditions' blamed, first signs Islamic finance suffering from contagion.

• UAE's First Gulf says Mubadala among bondholders

  21 July 2008,Nearly $1bn of convertible bonds shared with four other state-owned bodies.

• NBAD okays employee bonds

  13 July 2008,Emirate's biggest bank by market value says approved plans to offer employees convertible bonds.

• Aabar to vote on $1.82bn bond issue

  9 July 2008,Aabar Investments shareholders to vote on plans to issue convertible bonds to strategic investor.

Regulatory

• Kuwait cabinet approves wider anti-inflation plan

  2 September 2008,19 rules include more subsidies, supporting local producers and consumer protection body.

• UAE personal loans jump 46% in year to June

  31 August 2008,Latest figures from central bank show extent of the rise in levels of personal debt.

• 'Thousands lose life savings' UAE fraud trial hears

  27 August 2008,Trial of Abid Al-Boom and eight others hears depositors owed $231 million.

• Saudi swaps to last maximum 4 years

  26 August 2008,Agreements allowing non-resident foreign investors indirect ownership in firms to last four years.

• Non-Saudis allowed to buy shares through locals

  20 August 2008,Licenced Saudi investors to act as trustees and legal owners.

• Saudi market regulator fines insurance firm

  18 August 2008,Saudi-Indian Company failed to disclose grant of licence for three days in July.