UAE markets 14 May 2008

UAE market news & discussions for 14 May 2008 The DFM continued it's slide today but on reduced turnover, while the ADX recovered yesterday's marginal loss to show a slight rise, with heavy limit up trading yet again for Methaq insurance, and limit up trading also for Asmak Fish Farming and RAK Poultry on higher than usual activity. Dominating the trading floor was Arkan Building Materials with turnover more than 4x the next highest stock, and a slight gain. ALDAR was "making waves" with another property announcement but "wipeout" might be a better term to use for their share price today. Air Arabia on the DFM was the most heavily traded by value, suffering a small drop, with little else of note on the Dubai trading floor. At the DIFX, both Depa and DP World are trading $0.01 below yesterday's close with activity at low levels. There was news of 2 new IPOs coming up from Burooj Property, and Tasweeq - a property marketing company. Tasweeq gave us a promising commentary on the UAE property market from an investment point of view, as you would expect of a property marketing company. The numbers didn't seem to add up very well but let's not worry about that too much. ADX & DFM calendar Wednesday, 14 May 2008 ACICO 5% bonus shares in shareholder accounts ACICO 08Q1 reviewed financial statements AEIBANK 08Q1 financial statements ARIG 08Q1 results released after BOD meeting ARIG dividend payment date GMPC share capital increase shares listed GPI dividend record date Nakheel AED 3.6 bn Sukuk listing date on DIFX NBF 08Q1 financial statements NMDC 08Q1 financial statements WARE BOD meeting at 12:30pm to discuss 08Q1 results (Kuwait time) Thursday, 15 May 2008 DRC 08Q1 results due GLOBAL OGM at 4:30pm to amend share premium for capital increase IIG BOD meeting to discuss 08Q1 results? Disclosure not clear. SHUAA BOD meeting, to discuss 07FY results? Disclosure not clear. DubaiShareTalk.com latest updates

• 14 May 2008 ADSM DFM DIFX disclosures & news
• UAE property supply demand gap - 12 May 08
• Aldar potential
• ASNIC 2007 FY profit AED 120m +923% 17 Feb 2008
• ASNIC capital increase
• Burooj IPO
• DIC rights issue phase 2
• DIFX minimum broker commission
• ETISALAT to buy Tata stake?
• IAIC 2007 FY profit AED 150m -15% Q4 49m +45% 14 Feb 2008
• Insider trades May 2008
• Marketwatch ADX DFM May 2008
• Methaq fair price?
• Mubasher E-trade license - first from ESCA?
• QTEL rights issue 2008
• Tasweeq IPO
• WARE Agility AGM & EGM - foreign ownership - 13 May 2008
• UAE banks - Fitch report
• 13 May 2008 ADSM DFM DIFX disclosures & news

More UAE stock market news and discussions...

best stock rises symbol price change TKFL 8.14 +0.74 +10% ADNIC 9.93 +0.90 +10% ASMAK 28.75 +2.60 +9.9% RAPCO 5.60 +0.49 +9.6% FBICO 5.20 +0.42 +8.8%

worst stock falls symbol price change ARIG 2.98 -0.25 -7.7% EIC 8.55 -0.55 -6% NCC 10.30 -0.50 -4.6% AKIC 3.36 -0.16 -4.5% ABNIC 10.50 -0.40 -3.7%

top volume symbol value (AED) price ARKAN 386,241,287 5.49 AIRARABIA 118,208,402 1.97 ALDAR 96,980,702 11.75 DFM 68,672,247 5.77 GULFNAV 57,862,373 1.79

Dubai Financial Market

The DFM index dropped another 0.6% to 5687 points from modest turnover of AED 641m with AIRARABIA at the top of the traded value chart with AED 118m worth of deals and a 1.5% fall to 1.97.

Four stocks gained between 4-5%, all of them on very light volumes. Du Telecom (DU) was the the only gainer on greater than AED 1 million, and crept up by just 0.5% to 6.04. You could say Union Properties (UPP), DIB, and Aramex (ARMX) had a relatively good day as they closed unchanged from yesterday.

All the other actively traded stocks fell between 0-2% with Tamweel (TAMWEEL) the worst at 1.95%, closing at 7.53. Amlak Finance (AMLAK) was down 1.65%, DFM 1.5%, and the remainder less than 1.5%. Emaar Properties (EMAAR) had a 0.4% slip to 11.55.

Abu Dhabi Securities Market

The ADX saw greater turnover than in Dubai with AED 767m worth of trading and a marginal 0.08% rise to 5026. About half the total was due to ARKAN with AED 386m worth and a 1.9% rise to 5.50.

A fourth day in a row of limit up trading for METHAQ, closing at 3.23 and yet again no sellers in queue at the end of the day. Increased volumes indicate there were more people ready to sell during the day though so the rally might slow down in the next few days. ASMAK, RAK Poultry (RAPCO), and FBICO all saw limit up trading, or close to it, with no sellers in the queue either. Respective close prices were 28.75, 5.62, 5.25 and volumes were greater than usual for all three. DRIVE had a good day with a 3% rise to 9.45, Commercial Bank International (CBI) was up 2.9% to 2.75, and Finance House (FH) was up 2.45% to 12.30.

Apart from Methaq and Arkan, none of the more usually active stocks saw gains of more than 1%. Abu Dhabi Commercial Bank (ADCB) was up 0.9%, Union National Bank (UNB) was up 0.6% and Etisalat (ETISALAT) was up just 0.23% to 21.45.

A couple of big drops on trading of just over AED 1 million for EIC down 6.0% to 8.26, ABNIC down 3.7% to 10.50. Aabar Petroleum (AABAR) was the worst of the more usually active stocks with a 2.2% fall to 3.55. Aldar Properties (ALDAR) suffered a 1.7% drop to 11.70, Abu Dhabi National Energy (TAQA) fell 1.65%, Sudan Telecom (SUDATEL) 1.5% still trading more heavily than usual, and the remaining losers down by less than 1.5% or on thin trading.

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