FINANCIAL MARKETS

Gulf to escape 30% real estate slump

Companies and Markets

• Egypt's Ezz Steel Q1 profit up 56%

  3 July 2008,Egypt's largest steel company beats analyst's forecast, posts record first-quarter net profit.

• Abu Dhabi's Aabar eyes bond issue

  3 July 2008,UPDATE 1: Energy firm says considering proposal from strategic investor to buy convertible bonds.

• Mashreq still keen on Banque du Caire purchase

  3 July 2008,Dubai bank interested in Egyptian lender despite rejection of initial offer, cancelled sale.

• New indexes to boost Gulf investment

  2 July 2008,Launch of three equity indexes by leading benchmark providers will attract foreign capital - analysts.

• Dar denies talks to sell stake in property arm

  2 July 2008,Kuwait's Investment Dar says not negotiations to sell stake in Oqyana.

• Wataniya to list shares in Doha

  2 July 2008,Parent firm Qtel decides to list Kuwaiti telecom in Qatar after winning approval last week, report says.

Results

• Loans spur Gulf bank profits, inflation weighs

  1 July 2008,Many lenders to post double-digit Q2 profit as low interest rates spur credit demand - survey.

• Kuwait's NBK expects 20% profit surge in H1

  8 June 2008,Net income of country's biggest lender boosted by Middle East expansion, CEO says.

• Tamweel and Amlak's income soars as Fed cuts kick in

  29 May 2008,Islamic home finance companies Amlak Finance and Tamweel reported bumper net income in the first-quarter of 2008 as they tapped cheaper funds.

• Jazeera predicts revenues of $200mn in '08

  19 May 2008,WEFME: Kuwaiti budget carrier eyeing revenue growth of at least 50%, chief says.

• EFG-Hermes profit jumps 39%

  19 May 2008,Egypt's largest listed investment bank posts Q1 earnings of $65mn, in line with analysts' expectations.

• UAE consumer loans climb 47%

  4 May 2008,Lending touches $13.18bn in three months to March 31 as Gulf state mirrors US rates cuts.

IPO

• Gulf's largest mining IPO kicks off

  5 July 2008,Saudi-owned Maaden launches public offering to raise $2.47bn, valuing company at close to $5bn.

• Drake seeks acquisitions after IPO

  3 July 2008,Dubai-based contractor to list about 55% of company on DFM, aims to raise $325mn.

• Dubai's Damas prices IPO shares at $1

  2 July 2008,Dubai jewellery group says priced shares in IPO at bottom of the range, raised about $270mn.

• Drake and Scull waits for $272mn IPO approval

  1 July 2008,Dubai-based contracting firm still waiting for the regulator's green light for listing.

• Vodafone Qatar plans September IPO

  30 June 2008,Qatar's second biggest mobile operator Vodafone intends 40% shares sale, local media reports.

• Samba to lead Mideast's biggest mining IPO

  29 June 2008,Saudi's Maaden appoints Samba subsidiary to oversee $2.47bn share sale.

Equity

• Zain to raise up to $5bn in Europe listing

  19 May 2008,WEFME: Kuwait-based telecom may sell a part of the whole company or international unit.

• Gulf markets follow global equity rally

  2 April 2008,Benchmark indexes across region pile on gains as markets in the US, Asia and Europe all rise.

• Investment Dar eyes stake sale

  2 April 2008,Aston Martin owner may sell minority stake after being approached by international banks last year.

• CBK eyes 70% stake in Yemeni bank

  6 March 2008,Commercial Bank of Kuwait is seeking to buy 70% of Yemen Gulf Bank, daily Al-Qabas says.

• Batelco to buy outstanding shares in Batelco Jordan

  19 February 2008,Batelco Group announces plan to take remaining 20% of Batelco Jordan under its control

• Islamic equity funds see rapid growth

  18 February 2008,Market has tripled to US$20 billion in past five years, research shows.

Funds

• 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.

• Study launched to plug skills gap

  30 June 2008,Bahrain's Labour Fund teams with Australian consultants to assess state of kingdom's labour market.

• Investcorp eyes $1bn equity fund

  30 June 2008,Bahrain-based bank looking to invest in small, medium-sized firms in Gulf region, MD says.

• Islamic fund eyes private buyouts

  30 June 2008, Global, Millennium and DIB to launch a US $500mn buyout fund.

• $500mn Islamic buyout fund set up

  25 June 2008,Dubai Islamic and Kuwait's Global Investment House establish sharia compliant fund.

Sukuk

• Saudi Electricity eyes sukuk

  29 June 2008,Gulf's largest utility by market value says it needs to spend $6.93bn on 4 power plants to meet demand.

• UK still committed to sukuk programme

  3 June 2008,Barriers remain, but GBP2 bn sovereign ijara issuance is achievable, says minister.

• Credit crunch hits Gulf Islamic bond sales

  26 May 2008,Sales to be subdued this year compared with past expectations as crunch bites - poll.

• Aldar to sell debut Islamic bonds

  22 May 2008,Abu Dhabi developer Aldar Properties could raise up to $1.5bn in Islamic bond sale - bankers.

• Dewa returns to market with benchmark sukuk

  21 May 2008,State utility to price five-year sale of floating rate Islamic bonds in dirhams, bank says.

• RAK plans $2bn Islamic bond sale

  4 May 2008,UAE emirate plans five-year sukuk sale, proceeds to be used to fund infrastructure projects, source says.

Bonds

• Abu Dhabi's Aabar eyes bond issue

  3 July 2008,UPDATE 1: Energy firm says considering proposal from strategic investor to buy convertible bonds.

• ADCB to issue $1.2bn of bonds in Asia

  25 June 2008,Abu Dhabi lender looking to tap into growing opportunities in Malaysia, Singapore, sources say.

• UAE's Taqa to sell $1.13bn in bonds

  10 June 2008,UPDATE 1: Abu Dhabi energy firm's board approves plan to sell bonds, primarily to shareholders.

• Emirates NBD eyes $2bn foreign currency bonds

  14 May 2008,Dubai lender to use fund to finance regional and international expansion plans.

• Sorouh plans $1bn securitisation

  13 May 2008,CITYSCAPE: Abu Dhabi-controlled developer to use cash for general funding purposes, CEO says.

• Mawared looking to raise $100mn

  13 May 2008,CITYSCAPE: Jordanian developer to use proceeds to fund construction in kingdom, chairman says.

Regulatory

• DIFX eyes derivatives trading launch

  2 July 2008,DIFX could become first Gulf exchange to offer futures and options trading.

• Drake and Scull waits for $272mn IPO approval

  1 July 2008,Dubai-based contracting firm still waiting for the regulator's green light for listing.

• Bahrain bourse threatens to suspend firms' shares

  29 June 2008,Six firms in danger of having shares temporarily suspended for not agreeing results.

• NYSE Euronext takes 25% stake in Doha bourse

  24 June 2008,Transatlantic stock market operator's largest-ever investment in foreign exchange.

• First independent British Takaful company approved

  4 June 2008, Principle Insurance to begin operations later this year, following FSA authorization.

• Saudi regulator slaps wrists of eight firms

  22 May 2008,Emaar Economic City fined in Saudi regulators' crackdown on late 2007 financial statements.