UAE markets 07 Feb 2008

UAE market news & discussions for 07 February 2008 Both the DFM and ADSM rose today, the DFM on low turnover while ADSM was surprisingly almost on a par with the Dubai market in terms of value traded - partly due to substantial activity in Etisalat shares, which had a solid rise today. DP World announced yesterday that it had seen an impressive sounding 19% gain in container throughput. Not impressive enough for shareholders apparently. DPW shares tanked by another 6.5% to $0.86 today. At this rate, it won't be long before their shares actually look cheap enough to consider buying. It's another bleak day on the stockmarkets for the rest of the world. Asian stocks fell today, European stocks are falling, and it looks like US stocks will be in the red today. Other news Finance House approved the resolution allowing bondholders to become shareholders. Gulf Navigation board recommended allowing share ownership to be open to foreigners. Could be one to consider at current prices. Ajman Islamic Bank, or Ajman Bank (a new bank) announced they'd be making an announcement next week. Something about an IPO, but don't tell anyone in case they want to surprise us. The Emaar MGF IPO in India was extended again, and the price reduced. Speaking of IPOs, there was one report that NanoDynamics shares would be available for trading on the DIFX this month. The IPO is apparently restricted to institutional investors only. And while we're on the subject of IPOs, Gulf Capital Group said in a report that they expect to see 83 IPOs in the next three years in the Gulf region, worth close to AED 40 billion. Hopefully some of them will perform better for investors than the disappointing DP World IPO. 2007 FY results and dividends Bank of Sharjah proposed 25% cash dividend Gulf Navigation (results released 07 Feb 2008) profits up 121% to AED 116 million, their shares not looking cheap based on 2007 earnings with a PE of about 22, however they took delivery of new boat and leased it out for 3 years, probably accounting for the much improved 4th quarter earnings. Cash dividend of 7% was proposed, which gives an attractive looking dividend yield of about 4.5%. Gulf Navigation shares rose 4.6% today on increased trading, to AED 1.61. National Bank of Umm Al Quwain - full financial statements released today. Sharjah Insurance Company proposed a 20% cash dividend (not confirmed) Shuaa Capital 2007 Q3 profit AED 210m +330%, M9 340m +121% (preliminary results released yesterday) - good results on the back of DP World IPO income, current PEs make their shares look attractive, and one would expect Shuaa to continue to receive fee income from a variety of sources. Hopefully their investments won't let them down in months to come, as they did in that disastrous quarter last year. Nine month profits are already ahead of a full year forecast of AED 300m made by Shuaa themselves in Sep 2007. Union National Bank BOD recommended a 20% share dividend and a 20% cash dividend. AGM date to be decided later. Results and meetings coming up next week Arab Insurance Group BOD meeting 14 February 2008 Du Telecom results expected Friday 15 February 2008 (they said - seems an odd date, EFG Hermes estimated 14 February) Emirates NBD BOD meeting 12 February 2008 Emirates NBD results expected 13 February 2008 (EFG Hermes estimate) Fujairah Building Industries BOD meeting 12 February 2008 National Bank of Fujairah board meeting Sunday 10 February 2008 Palestine Telecoms BOD meeting 12 February 2008 Salam Investments board meeting Sunday 10 February 2008 Sharjah Cement Company BOD meeting 13 February 2008 Sharjah Islamic Bank (NBS) AGM mid-February (date unknown) Important dates announced today Bank of Sharjah AGM 05 March 2008 (not confirmed) Gulf Navigation AGM 30 March 2008 Sharjah Insurance Company AGM 10 March 2008 (not confirmed) DubaiShareTalk new or updated discussions

• 07 February 2008 financial and business news for the UAE
• Ajman Bank IPO
• Ban on all valuations by brokers
• EMAAR MGF IPO
• Gulf Navigation shares trading - foreign ownership?
• GULFNAV 2007 FY profit AED 120m +121% 07 Feb 2008
• Insider trades February 2008
• NanoDynamics valuation
• SHUAA 2007 Q3 profit up to AED 213m - R 06 Feb 08
• UAE economy report February 2008 HC Securities
• UPP 2007 FY profit AED 680m +11% Q4 210m -30% 23 Jan 2008
• 06 February 2008 financial and business news for the UAE

More UAE stock market news and discussions...

best stock rises symbol price change GRAND 5.15 +0.65 +14.4% GFH 16.65 +1.85 +12.5% MAZAYA 11.00 +1.00 +10% RAPCO 4.40 +0.27 +6.5% NBF 4.50 +0.26 +6.1%

worst stock falls symbol price change FBICO 2.60 -0.28 -9.7% DRIVE 5.12 -0.53 -9.4% NBQ 8.50 -0.73 -7.9% GMPC 7.50 -0.50 -6.3% ADAVIATION 3.61 -0.14 -3.7%

top volume symbol value (AED) price ETISALAT 244,307,750 24.85 SOROUH 195,369,121 9.20 DFM 188,964,234 5.78 EMAAR 185,768,908 12.15 GULFNAV 174,461,399 1.60

Dubai Financial Market

The DFMGI had a gain of just over 1% today to 5778 points but turnover down to a comparatively thin AED 1.2 billion. The top three gainers were rarely traded stocks that saw less than 0.5 million dhs of turnover between them. Top gainer of significance was GULFNAV, after positive looking results, and was also close to the top place on turnover with AED 174m worth of trading.

DFM and Emaar Properties (EMAAR) saw similar levels of turnover - up 1.4% to 5.78 from AED 189m and up 0.4% to 12.15 from AED 186m respectively. Du Telecom (DU) was the other big gainer today, rising 4.1% to 6.54. Dubai Islamic Bank (DIB) and Aramex (ARMX) both rose about 2.7%, Islamic Arab Insurance (IAIC) was up 2.2%, Union Properties (UPP) up 2.1% and the remainder rose less than 2%.

Shuaa Capital (SHUAA) fell 1.75% to 6.72 on thin enough turnover that it doesn't deserve to be on the actively traded stocks list. Tamweel (TAMWEEL) fell just 0.6% and NGI was the only other stock to fall - down by 0.6% from a single trade.

Abu Dhabi Securities Market

The ADSM rose 1.85% to 4778 mostly due to significant activity in Etisalat (ETISALAT) which was up 4.6% to 25.00 dhs, topping the turnover chart and actively traded gainers list.

Good days also for First Gulf Bank (FGB) up 3.3%, Sorouh Real Estate (SOROUH) up 2.8%, and National Bank of Abu Dhabi (NBAD) up 2.3%. Most of the remaining stocks rose less than 2% with a handful of losers. Union National Bank (UNB) the only one to trade more than AED 1m worth and falling 1%.

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