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Sun 29 Jul 2007 09:48 AM

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Stocks to watch - July 29

Dubai Islamic Bank posts a near tripling of Q2 profits; Shares of Kingdom Holding start trading today.

Dubai Financial Market

Dubai Islamic Bank posted a near tripling of second-quarter profit as it booked gains from a property unit that went public during the period.

National Central Cooling Company said its first-half profit rose 4.6% after it won more contracts in the UAE and overseas, including one in Abu Dhabi.

Abu Dhabi Securities Market

EFG-Hermes kept its short-term "neutral" and long-term "accumulate" ratings on the Abu Dhabi-based First Gulf Bank based on "positive" second quarter results and volume growth.

Dana Gas has postponed pricing its $1 billion convertible Islamic bond until September due to global credit market weakness, the company said in a statement on Friday.

Standard & Poor's Ratings Services said on Friday it assigned its 'AA' senior unsecured debt rating to the Emirate of Abu Dhabi's (AA/Stable/A-1+) inaugural $1 billion bond maturing in August 2012.

Saudi Stock Exchange

Shares of Kingdom Holding, controlled by billionaire Prince Alwaleed bin Talal, will start trading on Saudi Arabia's bourse on Sunday, the Capital Markets Authority said on Wednesday.

Kuwait Stock Exchange

The second-largest shareholder in Bahrain's Ahli United Bank has asked it to open its books to International Bank of Qatar, which made a takeover bid worth around $6.1 billion, the Bahraini bank said.

An investor from Saudi Arabia would likely take a stake of at least 10% in Kuwait's Mobile Telecommunications Company (MTC) in September, a Kuwaiti newspaper reported on Saturday.

Kuwait's annual consumer price inflation rose to 5.37% in April from 5.15% in March, driven by higher prices for food, clothing, housing and transport, government data showed on Saturday.

Kuwait's Global Investment House posted a record quarterly profit of 24.2 million dinars ($85.69 million) in the second quarter.

Bahrain Stock Exchange

The second-largest shareholder in Bahrain's Ahli United Bank has asked it to open its books to International Bank of Qatar, which made a takeover bid worth around $6.1 billion, the Bahraini bank said.

Muscat Securities Market

Bank Dhofar, Oman's third-largest lender by market value, posted its second-biggest quarterly profit ever in the second quarter as lending grew and the bank set less money aside to provision for bad debt.

Oman International Bank, the country's fourth-largest lender by market value, said second quarter profit rose 14.9% to 7.86 million rials ($20.42 million) compared with 6.84 million rials a year earlier.

Moody's Investors Service upgraded the long- and short-term foreign currency deposit ratings (FCDR) of BankMuscat and Oman Arab Bank (OAB) to A2/Prime-1 from A3/Prime 2.

Doha Securities Market

Moody's Investors Service said on Friday it maintained the ratings of banks in Qatar.

Moody's Investors Services upgraded Nakilat's long-term ratings on senior secured bonds from Aa3 to Aa2, Nakilat said on the Qatar bourse Web site on Thursday. Moody's also upgraded Nakilat's long-term rating on subordinated secured amortized bonds issued by Nakilat from A1 to Aa3.