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Earnings lift Abu Dhabi; Dubai slips DUBAI: Positive third-quarter earnings supported Abu Dhabi's bourse in early trade on Thursday while Dubai pulled back after posting strong gains earlier in the week. Abu Dhabi's index climbed 0.1 percent.Waha Capital dominated trading volumes and jumped 2.9 percent.The company said on Sunday its third-quarter profit more than doubled, and the stock's strong performance afterwards has attracted an increasing number of buyers.Shares in Aldar Properties, the emirate's largest listed developer, rose 0.6 percent after it reported a 41 percent rise in third-quarter profit to 584 million dirhams ($159 million), well ahead of analysts' estimates. SICO Bahrain and HSBC had expected the firm to make a quarterly profit of 382.6 million dirhams and 441.9 million dirhams respectively. Dubai's bourse edged down 0.3 percent as Arabtec , the most traded stock, lost 0.9 percent on continued profit-taking. In a move long expected by investors, Abu Dhabi state fund Aabar Investments raised its ...

Biggest Saudi bank set to surge on listing DUBAI: Saudi Arabia's largest lender, National Commercial Bank (NCB), is set to surge by its daily 10 percent limit when listing on Wednesday after a heavily oversubscribed $6 billion initial public offer, the world's second-largest this year. The bank completed the share sale last week and said its $3.6 billion retail portion was 23 times oversubscribed.Demand for the IPO was huge partly because Saudi authorities tend to price initial public offers of equity cheaply, using ...
Mobily weighs on Saudi; EFG Hermes lifts Egypt DUBAI: Telecommunications operator Mobily weighed on Saudi Arabia's bourse in early trade on Tuesday, while strong third-quarter results posted by investment bank EFG Hermes lifted Egypt's index.The main Saudi index was nearly flat as Mobily dropped 2.9 percent, offsetting gains made by other stocksOn Monday last week, the firm cut its profits for 2013 and the first half of 2014 by a combined 1.43 billion riyals ($381.2 million), citing accounting errors, and also reported a ...
Mobily weighs on Saudi; EFG Hermes lifts Egypt DUBAI: Telecommunications operator Mobily weighed on Saudi Arabia's bourse in early trade on Tuesday, while strong third-quarter results posted by investment bank EFG Hermes lifted Egypt's index. The main Saudi index was nearly flat as Mobily dropped 2.9 percent, offsetting gains made by other stocks.On Monday last week, the firm cut its profits for 2013 and the first half of 2014 by a combined 1.43 billion riyals ($381.2 million), citing accounting errors, and also reported ...
Banks lift Saudi, Egypt bourses DUBAI: Banking stocks lifted markets in Saudi Arabia and Egypt in early trade on Monday as new mortgage regulations took effect in the Gulf kingdom and Cairo's largest listed lender prepared to publish third-quarter results.Saudi Arabia's main index edged up 0.2 percent shortly after opening. Al Rajhi Bank, the country's largest listed lender, rose 0.4 percent and Samba Financial Group, the third-largest bank by assets, added 2.4 percent.Saudi Arabia's central bank announced this week that ...
Ugandan bourse sees listings, higher trade volume in 2015 KAMPALA: The Uganda Securities Exchange expects three equity, two corporate bond listings and a doubling of the annual trading volume in 2015, spurred by institutional investors, the bourse said on Monday.Foreign investor interest in Uganda has risen in recent years as the east African nation prepares to begin crude oil production in 2018. The International Monetary Fund expects economic growth to hit 6.1 percent in the 2014/15 fiscal year, which begins in July.Innocent Dankaine, the ...
Saudi Mobily shares plunge for 3rd day since earnings shock DUBAI: Shares in Saudi Arabia's Mobily tumbled for a third day on Thursday as more investors dumped the stock after the telecommunications firm revised 18 months of prior profits and announced a shock third-quarter profit drop.Before trading started, Abu Dhabi-listed Etisalat, which owns 27.5 percent of Mobily, said it was confident its affiliate would return to growth soon.But Etisalat's statement appears to have done little to bolster investor sentiment, with Mobily's shares down the maximum ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln