ALDAR, AMLAK, EMAAR slump 22 Mar 2007

UAE markets Thursday 22 March 2007 Markets as usual confounding industry experts who, in this mornings Gulf News, were suggesting yesterday's small rise might have been the beginning of a recovery - perhaps yesterday's big fall on the Saudi markets had a knock-on effect. ESCA solves the problem of companies not filing results before their 30 day deadline by changing it to 3 months. How that benefits shareholders is yet to be clarified. NBD and EBI will select a financial adviser from a group of four to assist with the merger, and for the second time in a week we see talk of mergers for NBAD and ADCB. Sorouh Real Estate forecasts 2007 earnings of AED 1.1 billion which would give them a forward PE of 6.4 at current prices.

UAE market news & discussions for 22 March 2007

• Bank mergers in the UAE 2007
• ESCA extends FY results deadline to 3 months - GN 22 Mar 2007 - doing the opposite of the US regulator who reduced deadlines in recent years.
• How do you work out the dividends for UAE companies?
• Air Arabia IPO - UAE Ministry of Finance takes 5% of shares PR 22 Mar 2007
• Dana and Crescent problems with Iran - Mar 2006 to...
• DANA - Crescent Petroleum deal in Yemen next week - 22 Mar 2007
• EBI and NBD to appoint financial advisor - 22 Mar 2007
• FCI AGM 21 Mar 2007 approves 25% cash dividend - 22 Mar 2007, record date 28 Mar 2007
• GGICO audited financial statements released 22 Mar 2007
• MASQ - Mashreq Gold Center opened by Sheikh Maktoum - PR 21 Mar 2007
• MASQ looking at regional bank mergers and acquisitions - GN 22 Mar 2007
• MAZAYA 21 Mar 2007 AGM & EGM results - 22 Mar 2007
• QCEM audited financial results 2006 released - 22 Mar 2007
• QCEM AGM 21 Mar 2007 approves 10% cash dividend - 22 Mar 2007, record date 28 Mar 2007
• RAK Properties AGM reminder today at 5pm - 22 Mar 2007
• SOROUH 2007 FY profit estimate AED 1,100 m - SEB 22 Mar 2007
• Sudatel 2006 financial accounts will be released in April 2007 - 22 Mar 2007
• TAQA Energy B.V. aims to be a leader in European energy - PR 22 Mar 07
• TKFL AGM 21 Mar 2007 approves 5% cash dividend - 22 Mar 2007, record date 28 Mar 2007
• UNION Insurance 21 Mar 2007 AGM postponed to 28 Mar 2007

More UAE stock market news and discussions..

Dubai and Abu Dhabi stock market report 22 March 2007

best stock rises symbol price change CBI 2.55 +0.19 +8.1% FCI 4.49 +0.33 +7.9% ARIG 2.85 +0.13 +4.8% NMDC 3.74 +0.16 +4.5% NCC 11.80 +0.50 +4.4%

worst stock falls symbol price change NBF 4.61 -0.42 -8.3% RAKCEC 3.86 -0.31 -7.4% JULPHAR 1.77 -0.13 -6.8% AMLAK 3.24 -0.16 -4.7% EBI 10.30 -0.50 -4.6%

top volume symbol value (AED) price EMAAR 787,816,758 10.95 DFM 154,844,606 2.07 ALDAR 60,247,965 4.28 DIB 58,786,852 6.56 AMLAK 42,833,025 3.24

Dubai Financial Market

The DFMGI crashed 1.2% to 3779 points hitting a new low. Total volume was a scary 1.2 billion dhs, two-thirds of that in Emaar Properties PJSC (EMAAR) shares which fell 1.8% to 10.90 - the breaking through of the 11.00 level will be very unsettling to investors.

That wasn't the worst of it though. Amlak Finance Company (AMLAK) plummeted 4.8% to 3.18 dhs - a level at which they almost begin to look reasonably priced. AMAN was not too hot either, falling 4.2% to 16.00 dhs on low volume. Tamweel PJSC (TAMWEEL), GULFNAV, Islamic Arab Insurance Company PSC (IAIC), and DFM shares all fell 2-3%, and several others fell about 1% or less.

National Bank of Dubai (NBD) up 2.3% and Shuaa Capital PJSC (SHUAA) up 1.1% were the only rises of any significance. NCC deserves a mention, not because of the increase, but the size of the trade - just 27 shares for a total order value of 319 dhs.

Abu Dhabi Securities Market

ADSM today once again ending up below that 3000 point level with a 0.6% fall to 2994. Total volume a moderate 138m dhs worth, almost half of that from a 2.7% fall to 4.28 for Aldar Properties PJSC (ALDAR).

Very few rises worth noting, Aabar Petroleum Investments Company PJSC (AABAR) up by 0.9%, Abu Dhabi Islamic Bank (ADIB) up by just 0.2%, and Gulf Cement Company (GCEM) up by 1.7% to 4.92. Another 9 stocks rose but on low volumes.

Ras Al Khaimah Cement Company (RAKCC) took a nasty 4% to 1.93 from 4.1m dhs worth of trades. Other falls on reasonable trading volumes were Emirates Telecommunications Company (ETISALAT) down 0.6%, First Gulf Bank (FGB) down 1.7%, Abu Dhabi Commercial Bank (ADCB) down 0.5%, Abu Dhabi National Company for Building Materials (BILDCO) down 1.7%, Ras Al Khaimah Properties PJSC (RAKPROP) down 0.7%, Sorouh Real Estate (SOROUH) down 0.7%, Abu Dhabi National Energy Company (TAQA) down 1.5%, and Union National Bank (UNB) down 1.3% making for a bit of a glum finish to a week that looked more promising at the start.

• Discuss and read UAE company news at Dubai Share Talk

AGMs and EGMs (E&OE) this week

• ADCB AGM Sun 18 Mar 2007 - 30.25% dividend approved
• ASCANA AGM 20 Mar 2007 - postponed to 26 Mar 2007
• AWNIC AGM 20 Mar 2007 - 10% cash dividend approved, record date 27 Mar 2007?
• DNIR AGM 19 Mar 2007 - 30% cash dividend approved, Record Date 27 Mar 2007
• EIB AGM 20 Mar 2007 results - 15% share dividend, record date 27 Mar 2007 (not confirmed)
• FCI AGM 21 Mar 2007 - 25% cash dividend approved
• GGICO AGM 25 Mar 2007 - 30% share dividend proposed?
• JULPHAR Tue 20 Mar 2007 - 10% cash dividend approved, record date 29 Mar 2007?
• MAZAYA AGM Wed 21 Mar 2007 - 10% share & 50% cash dividends proposed. Perhaps.
• NBD Tue 20 Mar 2007 - 40% cash & 20% share dividend proposed
• PALTEL AGM 25 Mar 2007 - 20% cash dividend proposed
• QCEM AGM 21 Mar 2007 - 10% cash dividend approved
• RAKPROP Thu 22 Mar 2007 - 7.5% cash dividend proposed
• RAKWCT AGM 21 Mar 2007 - 15% cash dividend proposed, AGM postponed to 28 Mar 2007.
• SALAM AGM 20 Mar 2007 - changed from 11 Mar 2007, 10% cash dividend proposed
• SICO AGM 20 Mar 2007 - 20% cash dividend approved, record date 26 Mar 2007?
• SOROUH AGM Sun 18 Mar 2007 - postponed to 25 Mar 2007
• TABREED AGM Tue 20 Mar 2007 - lack of quorum, postponed to 27 Mar 2007
• TKFL AGM Wed 14 Mar 2007 - postponed to 21 Mar 2007 due to lack of quorum
• UNION AGM 21 Mar 2007 - postponed to 28 Mar 2007

Dividend Record Dates - last trading day two days before (E&OE)

• ALLIANCE record date 25 Mar 2007
• FCI record date 28 Mar 2007
• QCEM record date 28 Mar 2007
• TKFL record date 28 Mar 2007

DU DFM up AABAR down 21 Mar 07

UAE markets Tuesday 21 March 2007 Emaar shares went ex-dividend today and the fall was less than the expected adjustment. Meanwhile, shareholders now have to wait for Emaar to disclose details on the Dubai Holding deal which make a more tangible statement than the Chairman simply saying the deal would be good for investors. Both ADSM and DFM rose slightly today although Aabar petroleum took a bit of a hit.

AGMs and EGMs (E&OE) this week

• ADCB AGM Sun 18 Mar 2007 - 30.25% dividend approved
• ASCANA AGM 20 Mar 2007 - postponed to 26 Mar 2007
• AWNIC AGM 20 Mar 2007 - 10% cash dividend approved, record date 27 Mar 2007?
• DNIR AGM 19 Mar 2007 - 30% cash dividend approved, Record Date 27 Mar 2007
• EIB AGM 20 Mar 2007 results 15% share dividend, record date 27 Mar 2007 (not confirmed)
• JULPHAR Tue 20 Mar 2007 - 10% cash dividend approved, record date 29 Mar 2007?
• MAZAYA AGM Wed 21 Mar 2007 - 10% share & 50% cash dividends proposed. Perhaps.
• NBD Tue 20 Mar 2007 - 40% cash & 20% share dividend proposed
• PALTEL AGM 25 Mar 2007 - 20% cash dividend proposed
• RAKPROP Thu 22 Mar 2007 - 7.5% cash dividend proposed
• RAKWCT AGM 21 Mar 2007 - 15% cash dividend proposed, AGM postponed to 28 Mar 2007.
• SALAM AGM 20 Mar 2007 - changed from 11 Mar 2007, 10% cash dividend proposed
• SICO AGM 20 Mar 2007 - 20% cash dividend approved, record date 26 Mar 2007?
• SOROUH AGM Sun 18 Mar 2007 - postponed to 25 Mar 2007
• TABREED AGM Tue 20 Mar 2007 - lack of quorum, postponed to 27 Mar 2007
• TKFL AGM Wed 14 Mar 2007 - postponed to 21 Mar 2007 due to lack of quorum

Dividend Record Dates - last trading day two days before (E&OE)

• ALLIANCE record date 25 Mar 2007
• BILDCO 19 Mar 2007
• EIC Record Date 20 Mar 2007
• EMAAR 22 Mar 2007
• NBAD Record Date 22 Mar 2007
• NCC - National Cement Company Record Date 20 Mar 2007
• SALAM Record Date 20 Mar 2007 - not confirmed
• SCIDC Record Date 21 Mar 2007

UAE market news & discussions for 21 March 2007

• ARTC AGM 09 Apr 2007 and record date
• ASCANA 2006 audited financial statements - 21 Mar 2007
• AWNIC - Al Wathba Insurance AGM 20 Mar 2007 10% cash dividend approved
• EBI-NBD merger - no job losses expected - GN 21 Mar 2007
• EIB AGM 20 Mar 2007 results 15% share dividend, record date 27 Mar 2007 (not confirmed)
• Emaar ex-dividend today 21 Mar 2007
• EMAAR - Galeries Lafayette will open in Dubai Mall - PR 20 Mar 2007
• EMAAR - Fitch affirms Dubai Holding's DHCOG rating after Emaar deal - PR 21 Mar 07
• EMAAR shares drag the DFM to new lows - more comments and opinion
• EMAAR concern about leaks prompted early release of news about Dubai Holding deal
• FBICO audited final results 21 Mar 2007
• GCC currency union doubtful for 2010 according to analysts - R 21 Mar 2007
• GGICO - share buyback cancellation approved by ESCA 21 Mar 2007
• JULPHAR AGM 20 Mar 2007 10% cash dividend approved - record date 29 Mar 2007
• KHI Kingdom Hotel Investments 2006 FY profit AED 157m - GN 21 Mar 2007 (company listed on DIFX)
• Mashreq Securities opens third VIP lounge in Sharjah - PR 20 Mar 2007
• MashreqBank shares in shareholder accounts 21 Mar 2007
• MAZAYA AGM and EGM and share trading suspended 21 Mar 2007
• Millenium Funds to start up with energy investments - R 20 Mar 2007 - a DIB subsidiary. Are Aabar buying in to the fund or are the fund going to buy Aabar shares?
• NBD AGM approves 40% cash and 20% share dividend - KT 21 Mar 2007 - last trading day for dividends 27 Mar 2007 and Record Date 29 Mar 2007.
• NIND AGM & EGM on 04 Apr 2007 - proposed dividends might be 10% share and 70% cash.
• NMDC BOD meeting 22 Mar 2007
• RAKWCT RAK White Cement AGM postponed to 28 Mar 2007
• Saudi insurance IPOs - three covered already in 3 days - R 21 Mar 2007, IAIC's Saudi subsidiary included.
• SALAM AGM results - 10% dividend probably approved
• SHOP AGM & EGM on 11 Apr 2007
• SICO - Sharjah Insurance Company AGM approves 20% cash dividend - 21 Mar 2007
• Tabreed AGM postponed to 27 Mar 2007
• WARE Agility BOD meeting 29 Mar 2007
• NBD 2006 FY AED 1.1 bn almost same as 2005 - 31 Jan 2007
• WARE Agility 2006 FY results not submitted, trading suspended - 15 Mar 07
• GGICO share buyback cancelled - DFM 12 Mar 2007
• ARTC 2006 FY profit AED 217m up 30% from 2005 - GN 22 Jan 2007
• MASQ 2006 FY profit AED 1.6 bn -10% from 2005 - PR 31 Jan 2007
• MAZAYA 2006 FY 302m dhs +72% from 2005 - BOD meeting 05 Feb 2007
• ALLIANCE 2006 FY results out 29 Jan 2007
• ASCANA 2006 FY profit AED 9.3m -93% from 2005 - 01 Feb 2007
• EIB 2006 FY profit AED 117m +129% in 2005, BOD meeting on 23 Jan 2007
• NIND 2006 FY AED 1.7 bn -28.8% from 2005 - BOD meeting 10 Feb 2007 at 12:30.
• SALAM 2006 FY results 30 Jan 07? Not checked yet. BOD meeting 29 Jan 2007
• SHOP 2006 FY results released after - BOD meeting 05 Feb 2007?
• TABREED and ALDAR form AED 2.9 bn JV - A&T Cool - PR 20 Mar 07
• ADCB in AED 460m deal to finance Hyderabad Airport expansion R 20 Mar 07
• RAKWCT 2006 FY profit AED 68m -38% from 2005 - 29 Jan 2007
• FBICO 2005 FY profit AED 20.8m +88% from 2005 - late - 26 Feb 2007
• NMDC 2006 FY loss AED 71m -158% from 2005
• JULPHAR 2006 FY profit AED 67m -43% from 2005
• AWNIC 2006 FY profit AED 41m down 32% from 2005 - 22 Jan 2007
• SICO 2006 FY results 20 Jan 07 (not checked) - Board meeting 07 Feb 2007
• TABREED 2006 FY profit +104% to AED 104m - 04 Feb 2007
• Stock Picks by Technical Analysis March 2007
• EMAAR - Tanaro residences sales begin 24 March 2007 - PR 21 Mar 2007
• IPOs in the Middle East 2006 and other financing - JT 21 Mar 2007
• Dubai Properties presents Culture Village and other projects at MIPIM

More UAE stock market news and discussions..

Dubai and Abu Dhabi stock market report 21 March 2007

best stock rises symbol price change NBF 5.03 +0.45 +9.8% AKIC 1.85 +0.10 +5.7% NBD 10.95 +0.50 +4.8% FH 7.90 +0.34 +4.5% EBI 10.80 +0.35 +3.3%

worst stock falls symbol price change ARIG 2.77 -0.18 -6.1% AABAR 2.29 -0.11 -4.6% BILDCO 3.51 -0.11 -3% UNB 6.38 -0.15 -2.3% ADSB 2.78 -0.06 -2.1%

top volume symbol value (AED) price EMAAR 332,104,161 11.15 DFM 109,428,241 2.09 DU 72,608,443 5.18 AABAR 50,362,043 2.29 GULFNAV 40,497,509 1.08

Dubai Financial Market

The DFMGI was up by 0.5% to 3825 on trading volume of 743m dhs. Most stocks rose with DFM and Emirates Integrated Telecommunications Company (DU) both up 3% on healthy volumes. Islamic Arab Insurance Company PSC (IAIC), GULFNAV and AMAN were all up about 2% each, while Amlak Finance Company (AMLAK) and Aramex PJSC (ARMX) rose 1.5% each. National Bank of Dubai (NBD) topped the list of rises on more than trivial volumes, up by 4.8% to 10.95.

As Emaar Properties PJSC (EMAAR) shares were ex-dividend today, they should have adjusted by about 1.8% downwards, so the 1.3% fall could be seen as relatively good news - the difference of +0.5% between expected and actual change in line with the +0.5% change in the DFMGI today.

DIB, Dubai Investments PJSC (DIC), Shuaa Capital PJSC (SHUAA), Tamweel PJSC (TAMWEEL), Union Properties PJSC (UPP) all fell 1% or less.

Abu Dhabi Securities Market

The ADSM index rose just 0.13% to 3012 points on moderate volume of just under 200m dhs worth of trading.

There were few significant rises, Oasis International Leasing Company PJSC (OILC) was up 1.2%, Sharjah Cement & Industrial Development Company (SCIDC) up 1.5%, and Sudan Telecom Company Ltd (SUDATEL) up 1.8%. Other stocks rose less than 1% or on trivial volumes. Sorouh Real Estate (SOROUH) was one of the more heavily traded stocks today - 28m dhs going through but only a 0.35% rise.

Aabar Petroleum Investments Company PJSC (AABAR) shares got a bit of a hammering after yesterday's 5% cash dividend proposal. Shares were down 4.6% to 2.29 on a hefty 50m dhs worth of trading - a quarter of the total for ADSM today. Abu Dhabi National Company for Building Materials (BILDCO) continued to fall after going ex-dividend yesterday, down by another 3% on moderate volumes.

NBS was down by 1.5%, Abu Dhabi National Energy Company (TAQA) down 1.9% and Union National Bank (UNB) down by 2.3% on higher than normal volumes (usually very little). Other falls from low volumes or less than 1%. Or both.

National Bank of Abu Dhabi (NBAD) went ex-dividend today but there was no trading in their shares.

• Discuss and read UAE company news at Dubai Share Talk.

AMAN RAKCC limit up, DFM ADSM down 20 Mar 2007

UAE markets Tuesday 20 March 2007 Both DFM and ADSM headed south although RAK Cement and Dubai Islamic Insurance traded at limit up prices. Trading in Aabar shares was suspended today due to BOD meeting being held - a 5% cash dividend was proposed. Tamweel's dividend question was cleared up, after a fashion and their EGM will vote on increasing Tamweel's foreign ownership limit.

AGMs and EGMs (E&OE) this week

• ADCB AGM Sun 18 Mar 2007 - 30.25% dividend approved
• ADIB 20 Mar 2007 - BOD or AGM?
• DNIR AGM 19 Mar 2007 - 30% cash dividend approved, Record Date 27 Mar 2007
• JULPHAR Tue 20 Mar 2007 - 10% cash dividend proposed
• NBD Tue 20 Mar 2007 - 40% cash & 20% share dividend proposed
• PALTEL AGM 25 Mar 2007 - 20% cash dividend proposed
• RAKPROP Thu 22 Mar 2007 - 7.5% cash dividend proposed
• RAKWCT AGM 21 Mar 2007 - 15% cash dividend proposed
• SOROUH AGM Sun 18 Mar 2007 - postponed to 25 Mar 2007
• TABREED AGM Tue 20 Mar 2007
• TKFL AGM Wed 14 Mar 2007 - postponed to 21 Mar 2007 due to lack of quorum

Dividend Record Dates - last trading day two days before (E&OE)

• AEIBANK 15 Mar 2007 - according to AEI Bank but 19 Mar 2007 according to DFM?
• BILDCO 19 Mar 2007
• EIC Record Date 20 Mar 2007
• EMAAR 22 Mar 2007
• MASQ - Mashreq Bank 18 Mar 2007 - last trading day according to DFM, shares with shareholders on 20 Mar 2007 according to MashreqBank.
• NBAD Record Date 22 Mar 2007
• NCC - National Cement Company - last trading day 18 Mar 2007, Record Date 20 Mar 2007
• SCIDC Record Date 21 Mar 2007

UAE market news & discussions for 20 March 2007

• AABAR BOD proposes 5% cash dividend and 24 Apr 2007 AGM - 20 Mar 07
• ADIB 16 April 2007 AGM - 20 Mar 2007
• ARMX 25th anniversary expansion projects - GDN 20 Mar 2007
• BILDCO audited financial results 20 Mar 2007
• DNIR 2006 profits plummet - GN 20 Tue 2007 - but no comments on yesterday's AGM
• Dubai Holding A1 rating from Moody's affirmed - PR 20 Mar 2007
• EMAAR landbank to double, Dubai Holding gets convertible bond 19 Mar 07
• EMAAR gets BUY rating from SICO Bahrain research report - PR 19 Mar 07
• OEIHC audited financial results - 20 Mar 2007
• QTEL completes Wataniya deal again - PR 19 Mar 2007
• SALAM - reminder AGM today and share trading suspended 20 Mar 2007
• TABREED 2006 FY profit +104% to AED 104m - 04 Feb 2007
• TAMWEEL - foreign ownership to increase to 15%-40% 18 Mar 2007
• TAMWEEL AGM & EGM 31 Mar 2007 and 20% cash dividend
• UAE Central Bank allows banks to develop real estate JVs - GN 19 Mar 2007
• Oil pipelines planned through the UAE - AP 20 Mar 2007
• ABN-Amro & Barclays in AED570 bn merger talks - PA 20 Mar 2007
• DAE (Dubai) to buy US military maintenance provider - R 20 Mar 07
• SALAM - AGM today, 10% cash dividend and share trading suspended 20 Mar 2007
• SALAM 2006 FY results 30 Jan 07? Not checked yet. BOD meeting 29 Jan 2007

More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 20 March 2007

best stock rises symbol price change AMAN 15.85 +2.10 +15.3% ASMAK 4.89 +0.44 +9.9% OEIHC 16.15 +1.45 +9.9% RAKCC 2.00 +0.12 +6.4% QCEM 1.92 +0.11 +6.1%

worst stock falls symbol price change BILDCO 3.62 -0.37 -9.3% UCC 3.80 -0.31 -7.5% AGTHIA 1.17 -0.09 -7.1% FOODCO 3.48 -0.24 -6.5% DNIR 3.20 -0.16 -4.8%

top volume symbol value (AED) price EMAAR 630,823,429 11.30 DIB 62,564,640 6.66 TAQA 52,471,353 2.09 DFM 44,488,584 2.03 RAKPROP 27,066,736 1.35

Dubai Financial Market

The DFM had another depressing day, down by 1.6% to 3805 as it was dragged down by Emaar Properties PJSC (EMAAR) tanking by 3% on the last day before it goes ex-dividend. Total value was just below 900m dhs, two-thirds of that from trading in Emaar shares.

DIB also looking worse for the wear with a 4.2% fall from a substantial 63m dhs worth of trades, followed by Amlak Finance Company (AMLAK) losing 3.2% and Islamic Arab Insurance Company PSC (IAIC) down by 2.6%.

The gainers list looked very short, headed by an impressive 15% limit up rise for AMAN on significant volumes - nicely making up for the 15% fall in the previous two days. Shuaa Capital PJSC (SHUAA) headed the more active list with a 2.1% rise to 4.41, followed by DFM shares with a 1.5% increase, managing to stay above 2 dhs per share - closing at 2.04. Arabtec Holding PJSC (ARTC), Emirates Integrated Telecommunications Company (DU), and Union Properties PJSC (UPP) had rises of less than 1%.

Abu Dhabi Securities Market

ADSM lost 0.8% today, closing at 3008 points on a moderate 197m dhs of trading.

Ras Al Khaimah Cement Company (RAKCC) went 10% limit up today with a solid 18m dhs of trades restricted by the lack of sellers. Abu Dhabi National Energy Company (TAQA) was way ahead on the volume list with 52m dhs of trading and a small 1.5% rise to 2.09. No other rises on significant volumes.

Abu Dhabi National Company for Building Materials (BILDCO) shares went ex-dividend today, the share price going 10% limit down and over-compensating for the 25% cash dividend, total volume of 7.2m dhs. AGTHIA went into sharp reverse after some good gains in previous days, shares falling by 7.1%.

Other notable losses on meaningful volumes were Abu Dhabi Commercial Bank (ADCB) down 1.6%, Abu Dhabi Islamic Bank (ADIB) down 2.6%, Aldar Properties PJSC (ALDAR) down 1.8%, ARKAN down 2.6%, Dana Gas PJSC (DANA) down 2.1%, National Bank of Abu Dhabi (NBAD) down 2%, Ras Al Khaimah Properties PJSC (RAKPROP) down 2.9%, and several others falling by less than 1%.

• Discuss and read UAE company news at Dubai Share Talk.

AMLAK DU down, AABAR ALDAR up 19 Mar 2007

UAE markets Monday 19 March 2007 The big news today was the convertible bond for land deal between Emaar and Dubai Holding, with reporters and analysts trying to figure out if its a good deal or not, and for who. So far, the market response has been muted which means either it's a fair deal, or nobody really knows what's happening. There were a few other stockmarket related news items. The Air Arabia IPO continues, just in case anyone had forgotten, and Shuaa put out a press release giving a positive rating but it still didn't sound that positive. Yet another research report appeared for Emaar with a BUY rating from SICO. Citigold listed on DIFX today and actually saw a handful of trades. There seemed to be contrary statements about ADCB and possible mergers from the CEO and Chairman after the Abu Dhabi Commercial Bank AGM yesterday approved the cash dividend. Meanwhile today, DFM bombed and ADSM didn't. Read on...

AGMs and EGMs (E&OE) this week

• ADCB AGM Sun 18 Mar 2007 - 30.25% dividend approved
• ADIB 20 Mar 2007 - BOD or AGM?
• DNIR AGM 19 Mar 2007 - 30% cash dividend approved, Record Date 27 Mar 2007
• JULPHAR Tue 20 Mar 2007 - 10% cash dividend proposed
• NBD Tue 20 Mar 2007 - 40% cash & 20% share dividend proposed
• PALTEL AGM 25 Mar 2007 - 20% cash dividend proposed
• RAKPROP Thu 22 Mar 2007 - 7.5% cash dividend proposed
• RAKWCT AGM 21 Mar 2007 - 15% cash dividend proposed
• SOROUH AGM Sun 18 Mar 2007 - postponed to 25 Mar 2007
• TABREED AGM Tue 20 Mar 2007
• TKFL AGM Wed 14 Mar 2007 - postponed to 21 Mar 2007 due to lack of quorum

Dividend Record Dates - last trading day two days before (E&OE)

• AEIBANK 15 Mar 2007 - according to AEI Bank but 19 Mar 2007 according to DFM?
• BILDCO 19 Mar 2007
• EIC Record Date 20 Mar 2007
• EMAAR 22 Mar 2007
• MASQ - Mashreq Bank 18 Mar 2007 - last trading day according to DFM, shares with shareholders on 20 Mar 2007 according to MashreqBank.
• NBAD Record Date 22 Mar 2007
• NCC - National Cement Company - last trading day 18 Mar 2007, Record Date 20 Mar 2007
• SCIDC Record Date 21 Mar 2007

UAE market news & discussions for 19 March 2007

• ADCB considering mergers and acquisitions ... or not? 19 Mar 2007
• ADCB 2007 Q1 profits up or down? - AGM comments Mar 2007
• ADCB share transfer to ABD Investment Council approved - GN 19 Mar 07
• ADCB shareholders approve 30.25% dividend - GN 19 Mar 2007
• Abu Dhabi Islamic Bank BOD meeting 20 Mar 2007 (or AGM)?
• Aldar shares can be traded by foreigners from Sun 18 Mar 2007?
• Air Arabia outlook positive says Shuaa Capital report - PR 18 Mar 2007
• Citigold Corporation (Australia) lists on DIFX today - PR 19 Mar 2007
• DNIR Annual General Meeting 19 Mar 2007 - 30% cash dividend
• EMAAR landbank to double, Dubai Holding gets convertible bond 19 Mar 07
• EMAAR gets BUY rating from SICO Bahrain research report - PR 19 Mar 07
• FOODCO cash and share dividends, 15 Apr 2007 for AGM - 19 Mar 2007
• IFA Hotels and Resorts opens office in London - PR 19 Mar 2007
• Jazeera Airways listing on KSE filed - trading in 2007 Q2 - PR 19 Mar 2007
• Mashreq Securities open for DIFX trading - PR 19 Mar 2007
• OMB Oman Merchant Bank IPO in Oman, possible DIFX listing PR 19 Mar 07
• Palestine Telecommunications AGM 25 Mar 2007
• RAK Properties showcases Mina Al Arab at ITB Berlin - PR 19 Mar 2007
• Saudi insurance IPOs launched Saturday - R 17 Mar 2007
• Stock Picks by Technical Analysis March 2007
• Dubai Properties - The Souq at Culture Village launched - PR 19 Mar 2007
• Dubai Int Capital sells DaimlerChrysler shares at 72% profit - R 19 Mar 07
• EMAAR will issue 2.4 bn new shares to Dubai Holding - PR 18 Mar 2007

More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 19 March 2007

best stock rises symbol price change TKFL 3.82 +0.30 +8.5% UAB 7.00 +0.43 +6.5% UNION 2.11 +0.11 +5.5% ALDAR 4.47 +0.15 +3.5% ARIG 3.00 +0.10 +3.4%

worst stock falls symbol price change ASMAK 4.45 -0.47 -9.6% OEIHC 14.70 -1.50 -9.3% AMAN 14.80 -1.25 -7.8% ADNH 4.77 -0.38 -7.4% SUDATEL 8.38 -0.56 -6.3%

top volume symbol value (AED) price EMAAR 301,254,596 11.65 ALDAR 58,898,558 4.47 DFM 40,788,855 2.02 AABAR 38,942,275 2.40 DU 37,268,735 5.05

Dubai Financial Market

The DFM index fell 1.2% to 3865 looking for new lows. DFM total volume was a moderate 572m. The Dubai Holding news didn't help the Emaar Properties PJSC (EMAAR) share price, which fell 1.7% to 11.60 from 301m dhs of trading.

Only three stocks rose, Aramex PJSC (ARMX) up by just 0.5%, National General Cooling Company PJSC (TABREED) up by 1% and Arab Insurance Group (ARIG) up by 3.4% from one trade.

Amlak Finance Company (AMLAK) had a miserable day, plummeting by 4.8% to 3.40, and Emirates Integrated Telecommunications Company (DU) was not far behind with a 4.2% fall to 4.98. Worst fall of 8.1% for AMAN was from very light trading and MAZAYA tumbled 5.9% to 8.00 on a couple of large deals.

Abu Dhabi Securities Market

While DFM fell, ADSM rose. Admittedly not by much, just a 0.1% increase to 3034 points on still decent volume of 308m dhs worth of shares.

Solid increases on big volumes for Aabar Petroleum Investments Company PJSC (AABAR) and Aldar Properties PJSC (ALDAR) both up 3.5%, and AGTHIA up 2.4%.

Sudan Telecom Company Ltd (SUDATEL) was the big loser today, down by 6.3% to 8.38 from 19m dhs worth of trading. Abu Dhabi Islamic Bank (ADIB) lost 2.2% to close at 52.20. Other actively traded stocks fell about 1% or less.

• Discuss and read UAE company news at Dubai Share Talk.

ALDAR, AGTHIA, & the ADSM rock. DFM flops. 18 Mar 2007

UAE markets Sunday 18 March 2007 The Air Arabia IPO opened today with growth forecasts from the CEO not sounding overly encouraging. That was outdone in the news department when Emaar and Dubai Holding announced a deal where Dubai Holding gets 2.4 billion shares and Emaar gets some land. Maybe. Shuaa annoyed Bank Audi with a neutral rating in its recent report. Tamweel cash dividend has gone up from 20% to 40%? Seems odd, why would they give away all the IPO income from last year? Research reports came out last week with a strong buy rating for Gulf Cement and a strong buy rating for RAK Properties.
AGMs and EGMs (E&OE) this week ADCB AGM Sun 18 Mar 2007 JULPHAR Tue 20 Mar 2007 - 10% cash dividend proposed NBD Tue 20 Mar 2007 - 40% cash & 20% share dividend proposed RAKPROP Thu 22 Mar 2007 - 7.5% cash dividend proposed RAKWCT AGM 21 Mar 2007 - 15% cash dividend proposed SOROUH AGM Sun 18 Mar 2007 - postponed to 25 Mar 2007 TABREED AGM Tue 20 Mar 2007 TKFL AGM Wed 14 Mar 2007 - postponed to 21 Mar 2007 due to lack of quorum Dividend Record Dates - last trading day two days before (E&OE) AEIBANK 15 Mar 2007 - according to AEI Bank but 19 Mar 2007 according to DFM?? BILDCO 19 Mar 2007 EIC Record Date 20 Mar 2007 EMAAR 22 Mar 2007 MASQ - Mashreq Bank 18 Mar 2007 - last trading day according to DFM, shares with shareholders on 20 Mar 2007 according to MashreqBank. NBAD Record Date 22 Mar 2007 NCC - National Cement Company - last trading day 18 Mar 2007, Record Date 20 Mar 2007 SCIDC Record Date 21 Mar 2007 UAE market news & discussions for 18 March 2007 AABAR Petroleum BOD meeting 20 Mar 2007 ACICO AGM and EGM date 04 Apr 2007 proposed - 18 Mar 2007 ADCB audited financial results and AGM reminder 18 Mar 2007 Air Arabia pre-IPO coverage report from Shuaa Capital - 15 Mar 2007 Air Arabia IPO opens today 18 Mar 2007, with some estimations of fair values for Air Arabia shares. Air Arabia IPO largest to date 18 Mar 2007 ALDAR exhibits Yas Island project at Berlin travel fair - PR 16 Mar 2007 Arab Bank talks on sale of 10% stake to Emaar cancelled - 16 Mar 2007 BAYAN BOD approves 2006 financials, no dividend proposed 18 Mar 2007 DGCX steel futures in May 2006, Al Ghurair CEO questions viability 17 Mar 07 DIB completes issue of 2012 Sukuk worth AED 2.75 bn - GN 17 Mar 2007 Dubai Ports sale of US assets to AIG completed - PR 16 Mar 2007 Dubai property market waiting for institutional investors - GN 17 Mar 2007 GCEM research report from Prime Securities - Strong Buy 12 Mar 2007 Orascom & MTNL disqualified from Saudi mobile licence bid - R 18 Mar 2007 RAKPROP - Strong Buy rating from Prime Securities 15 Mar 2007 RAK White Cement audited financial results 18 Mar 2007 UAE banks - project financing growing faster than deposits GN 17 Mar 07 UCC Union Cement EGM approves 10% share dividend - 18 Mar 2007 TAMWEEL AGM & EGM 31 Mar 2007, cash dividend changed to 40%? 18 Mar 2007 VAT/GST coming in the Gulf Arab states? - GN 17 Mar 2007 WARE to pay good dividend for 2006? R 18 Mar 2007 Stock Picks by Technical Analysis March 2007 ADCB share transfer Abu Dhabi Investment Authority to Council 18 Mar 07 EMAAR will issue 2.4 bn new shares to Dubai Holding - PR 18 Mar 2007 MASQ 2006 FY profit AED 1.6 bn -10% from 2005 - PR 31 Jan 2007 NCC 2006 FY profit AED 223m down 12% from 2005 - 23 Jan 2007 RAKWCT 2006 FY profit AED 68m -38% from 2005 - 29 Jan 2007 SHUAA report on Bank Audi in Beirut slammed by Audi CFO - 17 Mar 2007 UAE brokers and traders to get OBSTS trading system - AB 01 Mar 2007 Doing Business in the UAE and UAE FTZ book released - KT 17 Mar 2007 DIC Emirates Glass subsidiary orders for 75,000 sq m of glass PR 17 Mar 07 ETISALAT - Etihad Etisalat (Mobily) wants AED 10bn loan - R 01 Mar 07 DFSA signs MoU with Guernsy Financial regulator - PR 17 Mar 2007 DP World sale of US ports in 2006 [sold to AIG 11 Dec 2006] Dubai Bank launches Markaba and Souk Sharia'a finance products 17 Mar 07 WARE Agility to sell 5% to Dubai Investment Group? R 18 Mar 2007 DIFC launches Associates Program at Careers UAE 2007 - PR 18 Mar 2007 UAE GDP grows by 33% to AED 599 bn in 2006 - EEP 18 Mar 2007 NBAD upgrading its banking systems globally - AB 18 Mar 2007 More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 18 March 2007

best stock rises symbol price change ASMAK 4.92 +0.42 +9.3% ADNH 5.15 +0.43 +9.1% ADNIC 8.57 +0.57 +7.1% TAQA 2.04 +0.13 +6.8% ALDAR 4.32 +0.27 +6.7%

worst stock falls symbol price change OEIHC 16.20 -1.75 -9.7% AMAN 15.70 -1.25 -7.4% TKFL 3.52 -0.27 -7.1% SHUAA 4.48 -0.25 -5.3% DNIR 3.38 -0.15 -4.2%

top volume symbol value (AED) price EMAAR 422,121,997 11.95 DFM 124,918,858 2.11 ALDAR 92,501,021 4.32 TAQA 59,631,707 2.04 GULFNAV 54,664,910 1.11

Dubai Financial Market

DFM rose sharply in early trading, almost hitting 4000 points, but then spent the rest of the day in a steady decline to close at 3913 points. Volume moderate at 770m dhs worth of deals.

Only 4 stocks saw green today and the only one of any note was Union Properties PJSC (UPP) up 0.9% to 3.19, although MAZAYA with its three small trades and 6.3% jump is worth a mention since they trade so rarely.

Lots of red ink on DFM with the biggest pot needed for AMAN down by 7.5% although volume was very low. Shuaa Capital PJSC (SHUAA) collapsed by 5.4% to 4.35, just about where it was before the Shuaa buyback began last week. Emirates Integrated Telecommunications Company (DU) not looking healthy with a 3.7% fall to 5.20.

Emaar Properties PJSC (EMAAR) flat at 11.80 with volume about half the total for DFM. Not much of a reaction in the market to the news they'll be handing out 2.4 billion shares to Dubai Holding. DFM shares fell 2.8% on moderately heavy trading, continuing last weeks demise except for an upwards blip on Thursday.

Abu Dhabi Securities Market

While DFM slumped, ADSM rocked ahead by 1% to close at 3031 points on solid volumes of 393m dhs worth of trading. Yesterday's news of changes to insider trading restictions on ADSM probably just a coincidence but an encouraging one nonetheless.

A huge day for Aldar Properties PJSC (ALDAR) going 10% limit up to 4.45 and 93m dhs worth of shares traded - which no doubt would have been more if there had been sellers keen to hand over their stakes to the queue of waiting buyers. Hopefully their lemonade stand in Cannes (Aldar at MIPIM property show) is doing just as well.

AGTHIA also standing out (again), going 10% limit up to 1.28. Total traded volume for the day a decent 17m dhs despite the lack of sellers.

Big trading and increases for Abu Dhabi National Energy Company (TAQA) up 6.8% to 2.04 and 60m dhs volume, and Sorouh Real Estate (SOROUH) up 5.1% to 2.86 and 53m dhs volume. Other increases on major volumes were Ras Al Khaimah Properties PJSC (RAKPROP) up 2.9%, Dana Gas PJSC (DANA) up 1.4%, ARKAN up 1.8%, Emirates Telecommunications Company (ETISALAT) up 1.2%, Aabar Petroleum Investments Company PJSC (AABAR) up 4.5%, Abu Dhabi National Company for Building Materials (BILDCO) up 3.4%, and Abu Dhabi Islamic Bank (ADIB) up 1.5%.

It almost seems a shame to dwell on the losers but there were a couple of undignified results. TKFL plummeted 7.1% to 3.50 after big gains last week, but volume was relatively insignificant. The only stocks to fall on any conspicuous volumes were National Bank of Abu Dhabi (NBAD) down by 1.6% to 24.60, and NBS (or SIB) down by 1.4%.

• Discuss and read UAE company news at Dubai Share Talk.

AGTHIA limit up, DFM SHUAA up 15 Mar 2007

AGMs and EGMs (E&OE) ADCB AGM Sun 18 Mar 2007 ADNH AGM Tue 13 Mar 2007 - 20% cash dividend approved ADSB AGM 02 April 2007 ALLIANCE AGM Wed 14 Mar 2007 - or was it 11 Mar 2007? BILDCO AGM Mon 12 Mar 2007 - approved 25% cash dividend, record date 19 Mar 2007 DRC AGM 04 Apr 2007 DU AGM Wed 14 Mar 2007 EBI AGM Tue 13 Mar 2007 - 30% cash and 25% share dividends approved EIC AGM Mon 12 Mar 2007 - approved 50% cash dividend, record date 20 Mar 2007 GLOBAL AGM Wed 14 Mar 2007 - 50% cash dividend and 20% stock dividend approved. MASQ AGM Mon 12 Mar 2007 - approved 30% share dividend, record date 18 Mar 2007 NBAD AGM Mon 12 Mar 2007 - approved 40% cash and 30% share dividend, record date 22 Mar 2007 SCIDC AGM Wed 14 Mar 2007 - 25% cash and 7% share dividends approved, record date 21 Mar 2007 SOROUH AGM Sun 18 Mar 2007 SCIDC AGM Wed 14 Mar 2007 TABREED AGM Tue 20 Mar 2007 TKFL AGM Wed 14 Mar 2007 - postponed to 21 Mar 2007 due to lack of quorum Dividend Record Dates last trading day two days prior (E&OE) AEIBANK 15 Mar 2007 - according to AEI Bank but 19 Mar 2007 according to DFM?? ALDAR - Al Dar Properties 12 Mar 2007 EMAAR 22 Mar 2007 GGICO 02 Apr 2007 - maybe GLOBAL Investment House 14 Mar 2007 MASQ - Mashreq Bank 18 Mar 2007 NGI - National General Insurance 12 Mar 2007 RAPCO - RAK Poultry & Feeding 12 Mar 2007 TABREED 02 Apr 2007 - maybe UAE market news & discussions for 15 March 2007 Abu Dhabi Ship Building (ADSB) AGM on 02 Apr 2007 - change in proposed dividend? Air Arabia IPO earnings forecasts - 15 Mar 2007 ALDAR Properties foreign ownership limit approved - PR 15 Mar 2007 Alliance Insurance AGM results and 2006 audited financial statements - 15 Mar 2007 DRC Dubai Refreshments Company 04 Apr 2007 for AGM & EGM EMAAR dividend record date Thu 22 Mar 2007 ETISALAT subsidiary Mobily signs AED 10.6 bn Islamic loan - GN 15 Mar 2007 Mashreq Bank audited financial accounts 2006 - 15 Mar 2007 NGI 20% bonus shares in shareholder accounts 15 Mar 2007 Shuaa buys back 3 million shares - DFM 14 Mar 2007. Price was 4.49 dhs per share according to Shuaa. TABREED AGM & dividend distribution dates - DFM 15 Mar 2007 (dates not confirmed) TKFL Abu Dhabi National Takaful AGM postponed to 21 Mar 2007 Stock Picks by Technical Analysis March 2007 GLOBAL 2006 FY profit AED 907m +16% on 2005 - 01 Feb 2007 DU 2006 FY loss AED 755m, no results 2005 - 31 Jan 2006 AEIBANK 2006 FY profit AED 36m +46% on 2005 - board meeting 30 Jan 07 BAYAN 2006 FY results late - released 13 Mar 2007 WARE Agility 2006 FY results not submitted, trading suspended - 15 Mar 07 DRC 2006 FY results 01 Feb 2007 - not reviewed yet ADSM trading suspended due to technical problem - 15 Mar 2007 FOODCO 2006 FY profit AED 60m -55% from 2005 - 30 Jan 2007 AMLAK wins Human Development Award for Emiratization PR 15 Mar 07 UNB - Union National Bank at Dubai Careers Fair 2007 - PR 15 Mar 2007 EMAAR AGM 11 Mar 20% dividend, 2006 FY profit +35% to AED 6.37 bn DFM stock market game 2007 India's Sensex crashes 3.4% to 12,530 but recovers today - KT 15 Mar 07 DMCC 'A' rating reaffirmed by Standard & Poor's - PR 15 Mar 2007 EMAAR wins management prize at Dubai Quality Awards - PR 15 Mar 2007 More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 15 March 2007

best stock rises symbol price change NRE 8.50 +0.83 +10.8% DFM 2.02 +0.15 +8% AGTHIA 1.17 +0.07 +6.4% FOODCO 3.66 +0.21 +6.1% ARIG 3.00 +0.15 +5.3%

worst stock falls symbol price change GLOBAL 9.00 -0.67 -6.9% OEIHC 17.95 -1.05 -5.5% AMAN 17.50 -0.95 -5.1% RAKCEC 4.90 -0.25 -4.9% CBD 6.60 -0.30 -4.3%

top volume symbol value (AED) price EMAAR 211,531,253 11.85 DFM 206,717,021 2.02 ALDAR 52,057,136 4.05 SHUAA 33,020,585 4.78 DIB 29,921,617 7.07

Dubai Financial Market

The DFMGI continued to fall today, dropping by 0.4% to 3945 points on moderate volume of 597m dhs worth of shares traded. Emaar Properties PJSC (EMAAR) price was unchanged at 11.80 on trading of 212m dhs.

Biggest rise for DFM shares which rebounded by a healthy 7.7% to 2.11 dhs per share from a sizeable 207m dhs of trades. Other rises for Amlak Finance Company (AMLAK) up 1.4%, Dubai Islamic Bank (DIB) up 0.9%, and Arabtec Holding PJSC (ARTC) up 0.6%.

Shuaa Capital PJSC (SHUAA) shares rose 6% in early trading with about 2 million shares changing hands in the first 10 minutes but then trickled back to close at 4.60 dhs - unchanged from yesterday's big jump when Shuaa bought back 3 million of its own shares.

Biggest fall of note was 5.4% for AMAN, down to 16.75 after a couple of days of big increases. Emirates Integrated Telecommunications Company (DU) fell 2.4% to 5.40 after its Annual General Meeting yesterday. Other actively traded shares fell less than 1%.

Abu Dhabi Securities Market

ADSM index barely scraped back up over the 3000 points level - closing at 3000.44 after a mere 0.06% rise. Trading volume of 203m dhs worth was decent enough, with 17 stocks up, 12 stocks down and 9 unchanged.

AGTHIA went limit up to 1.21 just before the end of trading with no sellers but a huge queue of buyers with a solid 11m dhs worth of trades changing hands during the session. Aldar Properties PJSC (ALDAR) bounced back by 4.9% to 4.05 on good volume of 52m dhs worth. News of approval for foreign ownership of Aldar shares was released today. Other notable rises for Aabar Petroleum Investments Company PJSC (AABAR) up 3.7% and Ras Al Khaimah Properties PJSC (RAKPROP) up 2.3%. First Gulf Bank (FGB) saw some big deals go through but price remained flat at 12.20.

Emirates Telecommunications Company (ETISALAT) was down 0.6% to 16.80 on thin trading, Abu Dhabi Commercial Bank (ADCB) down 0.8%, Gulf Cement Company (GCEM) down 1.3%, Ras Al Khaimah Cement Company (RAKCC) down 1.6%, and Union National Bank (UNB) down 0.7%. Otherwise no major falls apart from a couple of stocks on insignificant volumes.

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