UAE markets 28 May 2008

UAE market news & discussions for 28 May 2008 The ADX continues to see high trading levels - turnover at 3 times the level at the DFM, with Arkan Building Materials turnover surging over the AED 1 billion level as it topped the list of gainers today. The ADX index overall fell slightly though, as the DFM rose. Methaq Insurance shares soared, and the National Corporation for Tourism & Hotels saw much greater than usual activity with a solid gain. On the DFM, Dubai Investments was the standout stock with a decent gain and heading the list by traded value. Union Properties also had a good day but otherwise there was little of note. At the DIFX, DP World was down $0.01 to $0.96, and Depa was unchanged at $1.56 as of 4pm UAE time. Other news... Agility Public Warehousing obtained a renewal of its prime vendor contract, worth $0.009 to $2.8 billion for supplying the US military in Kuwait and Iraq, according to a dislcosure on the DFM website. Arkan arranges a 1 billion dh loan, from Union National Bank, to build a new cement factory. With Arkan Return on Assets at only 3% for 2008 Q1, it's not clear how borrowing money makes sense for Arkan. The market obviously thinks it does - shares rose 3.4% yesterday on massive trading, and another 5.4% today on even greater turnover. Dubai Mercantile Exchange was reported to be considering a sale of 20% of itself - could this be a continuation of the IPO news from almost a year ago? Emaar MGF, the Indian associate of Emaar Properties, was reported to be investing AED 13.6 billion in Indian hotel development. Etisalat has had a busy week - a deal with Tata announced, a possible purchase of a stake in Spice Communications, and a report that Etisalat are looking at alliances with other telecom companies. National Bank of Abu Dhabi had a licence approved to open a representative office in Libya. National Bank of Abu Dhabi are also reported to be considering almost $1 billion worth of Malaysian bonds Thani Petroleum of Dubai was reported as considering a listing on the DIFX. Maybe. Or maybe not. And not for a few years. Perhaps... Agenda for Wednesday, 28 May 2008 (IFA) BOD meeting, agenda not supplied (NRE) EGM 30% share capital increase at KWD 0.100 par value and 0.150 premium per share (proposed) (NRE) AGM 20% cash & 10% share dividends proposed, unclear disclosure but confirmed in 07FY statements QTEL record date for rights issue eligibility Agenda for Thursday, 29 May 2008 TAQA BOD meeting to discuss convertible bond DubaiShareTalk latest updates

• 28 May 2008 ADX DFM DIFX disclosures & news
• ARKAN new cement factory AED 1 bn loan
• DIC - A Good buy? - analysis
• DME to sell 20% stake
• EMAAR MGF to invest AED 13.6 bn in Indian hotels
• EMAAR shares - time to buy?
• ETISALAT to buy Spice stake?
• ETISALAT considering more telecom alliances
• Insider trades May 2008
• NBAD Libya licence approved
• NBAD Malaysia bonds AED 3.4 bn
• TAQA convertible bond AED 4.15 bn
• Tethys Oil DIFX listing
• Thani Petroleum DIFX listing
• UPP 10% share dividend for 07FY after all? 23 Apr 08
• 27 May 2008 ADX DFM DIFX disclosures & news

More UAE stock market news and discussions...

best stock rises symbol price change ARKAN 6.07 +0.31 +5.4% METHAQ 3.86 +0.19 +5.2% NMDC 10.30 +0.47 +4.8% NCC 10.85 +0.45 +4.3% NCTH 13.50 +0.50 +3.8%

worst stock falls symbol price change UAB 6.21 -0.69 -10% GCEM 6.57 -0.26 -3.8% RAKCEC 4.03 -0.14 -3.4% DRIVE 8.36 -0.25 -2.9% AWNIC 6.70 -0.17 -2.5%

top volume symbol value (AED) price ARKAN 1,321,349,960 6.07 DIC 318,653,973 3.80 AGTHIA 171,798,219 2.84 METHAQ 157,729,904 3.86 RAKCC 134,856,037 3.03

Dubai Financial Market

Another quiet day on the DFM with turnover of only AED 833m while the index rose 0.34% to 5669. Dubai Investments (DIC) was the standout stock, overwhelmingly topping the traded value list with AED 319m (no other stock saw more than AED 100 m worth of deals), and a 3% rise to 3.80 at the top of the actively traded gainers list.

Union Properties (UPP) was another good gainer on reasonable turnover, rising 2.4% to 5.19. No other gains of more than 1% on significant trading levels. Emaar Properties (EMAAR) was up just 0.88% to 11.40. Eight stocks ended the day unchanged, including most of the usually active stocks.

None of the 7 losers fell by more than 1% today. The list was topped by DEYAAR falling 0.88% to 2.25.

Abu Dhabi Securities Market

The ADX continued to see heavy trading with turnover at AED 2.55 billion more than 3x the level in Dubai. The index fell slightly though, by 0.31% to 4999, despite a massive AED 1.3 billion worth of trading in ARKAN and a 5.4% gain to 6.22 topping the list of gainers, for still no apparent fundamental reason. The two heavyweight stocks, Etisalat (ETISALAT) (unchanged at 20.90) and National Bank of Abu Dhabi (NBAD) (down 0.94% to 21.00) probably keeping the index down.

Other solid gains for METHAQ up 5.2% to 3.89, NCTH with unusually large turnover, up 3.85% to 13.50, and AGTHIA up 2.5% to 2.83 also seeing robust trading levels.

RAK Poultry (RAPCO), falling 5.7% to 4.98, and Gulf Cement (GCEM) falling 3.8% to 6.49, were the worst of the losers trading more than AED 1 million. QCEM dropped by 2% to 3.00, Union National Bank (UNB) by 1.95% to 8.50, Dana Gas (DANA) by 1.9% to 2.07, and ADNH by 1.55% to 7.60. The remaining losers fell less than 1.5% or on thin trading.

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