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Mon 30 Jul 2007 09:36 AM

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Stocks to watch - July 30

Tamweel posts its second-biggest profit ever in Q2; Aabar Petroleum Investments to sell its oil-rig unit.

Dubai Financial Market

Shuaa Capital, the largest UAE investment bank by market value, said profit recovered in the first quarter from a stock market crash that had hurt its brokerage and asset management business.

Islamic mortgage lender Tamweel posted its second-biggest profit ever in the second quarter, beating analysts' forecasts as its home loan business more than doubled.

Abu Dhabi Securities Market

Abu Dhabi-based Aabar Petroleum Investments Company said on Sunday it agreed to sell its oil-rigs unit for $446 million to focus on petroleum exploration and production.

Sorouh Real Estate, the UAE's third-largest property developer by market value, made a first-half profit of 557 million dirhams ($151.7 million), a company official said.

Saudi Stock Exchange

Shares of Prince Alwaleed's Kingdom Holding closed 19.5% above their initial public offering price on their first day of trading on Sunday.

“Kingdom Holding shares will likely be stable, and remain between 12 and 14 riyals for some period. Given that Kingdom Holding's assets are largely in global stock markets, the stock will likely move based on the shares in its portfolio,” said Hesham Abou Jamee, head of asset management at Bakheet Financial Advisors.

Kuwait Stock Exchange

Shares of Ahli United Bank, Bahrain's largest lender, had their biggest daily gain in at least two years on Sunday in Bahrain after a shareholder asked the bank to open its books to a $6.1 billion takeover offer from Qatar. Ahli United Bank is also listed on the Kuwaiti exchange.

Doha Securities Market

Qatar Gas Transport Company (Nakilat), a shipper of liquefied natural gas, posted record profit in the second quarter on returns from funds it plans to use to expand its fleet and meet growing demand for fuel.

Doha Bank, Qatar's fourth-largest lender by market value, said it opened its first branch in the United Arab Emirates to tap growing trade and investment business between the two countries.

Bahrain Stock Exchange

Shares of Ahli United Bank had their biggest daily gain in at least two years on Sunday after a shareholder asked Bahrain's largest lender to open its books to a $6.1 billion takeover offer from Qatar.

“The Ahli United takeover may continue to be a driver for the shares. We have seen an uptrend in the market and indicators are that it will continue, although maybe at a slower pace. There is a lot of foreign liquidity going into the market,” said Fadhel Makhlooq, head of brokerage at Sico Investment Bank.