UAE markets 15 Nov 2007

UAE market news & discussions for 15 November 2007 The UAE Central Bank Governor, Sultan Bin Nasser Al Suwaidi was reported as saying today that the UAE may consider delinking the dirham from the US dollar peg and link it to a basket of currencies instead. The DFM wobbled about today but in the end closed higher than it started, with Deyaar and DFM shares rising slightly on, yet again, heavy turnover. The ADSM also rose and Oasis Leasing shot up as fast as it went down earlier this week. One hopes their planes don't fly like their stock price has done this week. Emaar shares rose 2.2% today after the news yesterday that they were considering a London or New York stock market listing. They did not say anything about a DIFX or Kuwait listing - two possibilities that had been rumoured in the past. Air Arabia and Alpha Aviation Group announced they would set up a flight training academy in Sharjah, to start in 2008. They could be busy. The DAE University boss said this week that the GCC and India region will need 3000 new pilots per year until 2015. Anybody looking for a job? Emirates NBD joined the DFMGI index today, representing just under 15% of the DFMGI total market capitalization. Their shares rose just under 1%. Amlak Finance announced their mortgage products were now available in Jordan from Amlak Finance (Jordan), and also said that AFJ will do an IPO in 2008 Q1 with a listing on the Jordanian stock market. Amlak shares fell slightly today. And Union Properties and the DFM issued press releases saying they were having a nice time in New York at the investor conference. We're still waiting for our postcards.

2007 Q3 updates today

• Dana Gas full results were available later yesterday showing that they're not making as much money from operations as they were from keeping their money in the bank, but it's early days yet. We do however, thoroughly recommend their Directors' Report as a fine example of what we'd like to see more often from other UAE listed companies, except for the rather obtuse paragraph about the pipeline to Iran. Some good reading to go with your coffee tomorrow morning.
• Dubai Refreshments (DRC) at first glance had solid profit growth for Q3 and moderate profit growth for M9, but the auditor's report carried a comment that DRC had overstated their profits by AED 5.5 million. Shares were untraded today.
• Jeema Mineral Water (JEEMA) profits fall and their shares looked even more expensive based on earnings, especially since they're actually losing money from core operations. Shares have not traded for over a year.
• Tamweel's excellent results released last month were still excellent after reviewing the full statements released yesterday, just not quite as excellent as it seemed. Tamweel accounts say they are involved in Islamic Financing and Property Development, but in the segmental analysis, more than half their income came from a third, unspecified, activity called "Other". The market didn't seem to think much of their "Other" activities though. Their shares fell 3% today.
• Results released, but not yet reviewed for Aerated Concrete Industries, and Grand Real Estate.

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best stock rises symbol price change ACICO 6.50 +0.83 +14.6% OILC 2.56 +0.23 +9.9% UNION 2.34 +0.14 +6.4% EIC 8.49 +0.47 +5.9% NCTH 6.65 +0.30 +4.7%

worst stock falls symbol price change RAKBANK 7.54 -0.83 -9.9% QTEL 225.10 -21.90 -8.9% NMDC 5.94 -0.49 -7.6% DIN 36.45 -1.90 -5% TKFL 5.20 -0.27 -4.9%

top volume symbol value (AED) price DFM 1,075,742,667 6.89 DEYAAR 773,782,636 2.98 EMAAR 453,682,759 13.90 AIRARABIA 371,470,014 1.98 ALDAR 371,075,056 10.50

Dubai Financial Market

The DFMGI rose 0.73% to 5623 from 3.35 billion dhs worth of trading, not quite as much as on other days recently but still plenty of activity there. Top traded stock on turnover were DFM shares, heading up 1.8% to 6.89 from just over AED 1 billion worth of deals. DEYAAR was in second spot with 773m dhs worth and a small 0.7% rise to 2.98.

Best gain for actively traded stocks was for Emaar Properties (EMAAR) with a 2.2% rise to 13.90. Arabtec (ARTC) rose 1.2% to 8.20 and other rises were less than 1%. ACICO rose from 1 small trade.

Tamweel (TAMWEEL) was the worst of the actively traded losers, falling 3.1% to 7.12. Shuaa Capital (SHUAA) dropped 2%, ALFIRDOUS and AMAN fell 1.3% and the remainder fell less than 1%.

Abu Dhabi Securities Market

Oasis Leasing (OILC) was the best gainer today, up by 7.1% to 2.62, and second highest in terms of turnover. Aldar Properties (ALDAR) saw the highest turnover with AED 371m worth of trading and a decent 3.5% rise to 10.50.

Other rises of more than 3% and greater than 1m dhs of turnover for UNION up 6.4%, ARKAN up 3.8%, NBQ up 3.5%, and RAK Properties (RAKPROP) up 3.3%.

Only 2 stocks fell more than 1% on turnover of more than 1m dhs, Abu Dhabi Commercial Bank (ADCB) down 1.8% and Union Cement (UCC) down 1.4%. Etisalat (ETISALAT) fell by just under 1% to close at 20.50.

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• Discuss UAE companies at Dubai Share Talk.

UAE markets 14 Nov 2007

UAE market news & discussions for 14 November 2007 A split decsion on UAE markets today with the DFM index up 1.69% on strong volumes and the ADSM down 1.49% on lower volumes. The DFM itself continued its run closing 7.29% higher at 6.77 dirhams on turnover of 163 million shares. On the ADSM the index fell from the beginning with all but six stocks ending down. OILC continued its descent closing at 2.39 dirhams a fall of 6.27% on turnover of 59 million shares. In other business news: The head of the UAE Central Bank hinted at changes to the Dirham/Dollar peg. Emirates airline indicated an IPO might happen within 2 to 3 years time with up to 30% of the company on offer. Third Quarter Results updates today Arab Insurance Group (ARIG) saw Q3 gross premiums double and M9 premiums up 50%, but in the end lost money for the quarter and only made AED 40m for the nine months to Sep 2007 - a 20% drop compared to the same period last year. Shares fell 3% today on neglible trading. Al Sagr Insurance (ASNIC) recovered from their investment losses last year resulting in impressive profit gains of 241% for M9 and 187% for Q3 while increases in underwriting profit were not too shabby either. Shares remained untraded. Dana Gas (DANA) issued a press release with limited information. Net profits of AED 72m for M9 gives us a 2007 PE estimate of about 135 which looks quite expensive, but PBV looks more reasonable at 1.9. Q3 profits fell by more than 50% to AED 22m compared to 2006 Q3. Share price fell 4% today. Gulf Finance House (GFH) released full statements showing large gains from investment income filtering down to a 30% increase in net profit for M9 and 50% for Q3. Shares were up 5% today. Finding the actual number of shares outstanding from their statements proved to be beyond us though. Gulf General Investments (GGICO) gross profits increased about 20% for both Q3 and M9 but net profit fell slightly for Q3 to AED 89m and rose less than 10% to AED 350m for M9 (after deduction of minority interests). Shares were unchanged at 8.62 today. National Cement Company (NCC) had a 25% increase in gross profit for M9, and 15% for Q3 but net profits decreased dues to losses from investments and derivative contracts with AED 45m for Q3 and AED 147 for M9. No trades in NCC today. United Kaipara Dairies Company (UNIKAI) saw a 60% increase in M9 profits to AED 19m from increased revenues, but third quarter profits increased only 6% to AED 8.3m. Their shares remained untraded. Results released but not reviewed yet for International Investment Group (IIG) and Al Madina for Finance & Investment (ALMADINA).

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best stock rises symbol price change TKFL 5.47 +0.46 +9.2% DFM 6.77 +0.46 +7.3% GFH 10.90 +0.50 +4.8% OEIHC 27.75 +0.95 +3.5% UPP 4.15 +0.13 +3.2%

worst stock falls symbol price change FBICO 1.94 -0.21 -9.8% OILC 2.39 -0.16 -6.3% ADNH 8.16 -0.45 -5.2% ASCANA 3.80 -0.20 -5% DIN 38.35 -2.00 -5%

top volume symbol value (AED) price DFM 1,076,093,666 6.77 DEYAAR 728,987,109 2.96 AIRARABIA 363,272,192 1.97 ARKAN 281,940,938 3.13 GULFNAV 183,845,414 1.74

Dubai Financial Market

The DFM index closed at 5,582 a rise of 1.69% from the previous close. 794 million shares traded worth 2.9 billion dirhams. Eighteen shares advanced and four declined.
The top traded share was DEYAAR rising 2.42% to 2.96 dirhams on turnover of 248 million shares. The DFM continued its climb rising 7.29% to 6.77 dirhams on turnover of 163 million shares.

Other shares to rise included: AIRARABIA 1.97 (3.14%), Amlak Finance (AMLAK) 4.62 (1.76%), Dubai Investments (DIC) 5.65 (2.35%), Emaar Properties (EMAAR) 13.60 (1.11%) and GULFNAV 1.74 (1.75%).

The following insurance shares fell all on modest volumes: ASCANA 3.80 (5.00%), Arab Insurance Group (ARIG) 3.47 (3.07%) and DIN 38 35 (4.95%).

Abu Dhabi Securities Market

The ADSM index closed at 4,183 a fall of 1.49% from the previous close. 244 million shares traded worth 863 million dirhams. Six shares advanced and thirty one declined.
ARKAN was the top traded share closing unchanged at 3.13 dirhams on turnover of 90 million shares.
Oasis Leasing (OILC) continued its slide closing 6.27% down at 2.39 dirhams on turnover of 59 million shares.

Other shares to fall included: Aldar Properties (ALDAR) 10.15 (2.40%), Dana Gas (DANA) 2.18 (3.96%), RAK Properties (RAKPROP) 2.11 (4.52%) and Etisalat (ETISALAT) 20.80 (1.19%).

Shares to rise included: NBS 3.32 (0.61%), RAK Ceramics (RAKCEC) 5.30 (0.19%), TKFL 5.47 (9.18%) and BILDCO (BILDCO) 3.78 (0.80%) all on modest volume traded.

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UAE markets 13 Nov 2007

UAE market news & discussions for 13 November 2007 Arabtec announced the acquisition of 60% of the Target Engineering Construction Company in a statement released today. Arabtec did not disclose the cost of the acquisition. Air Arabia said they would buy 34 Airbus A320s with an option to buy another 15. Their share price fell 2.6% today. Borse Dubai were approved by the Swedish market regulator (or Finnish according to one report) as a shareholder in the OMX. The DFM investor conference in New York got underway. DFM shares were up, on massive trading, just 0.8% today to 6.31 after hitting a day's high of 6.87. But yesterday they soared 10%. There was a report that the DP World IPO was popular and some analysts expected the share price to rise by 5%-10% when it floated.

Q3 results update

• Commercial International Bank in Egypt (CIB), yesterday, saw a 20% increase in Q3 profits to AED 160m but a more impressive 50% increase in M9 profits to AED 534m. Their shares have yet to see a single trade on the ADSM though.
• Dubai Development Company (DDC) had a 20% increase in profit, to 330,000 dhs for 2007 M9. From interest on deposits. There shares remained untraded.
• Emaar Properties full financial statements were released today, showing that although assets increased 25% - a big part of that from increases in Development Properties, and Cash in Hand, their loan portfolio increased substantially also. The increase in Shareholders Equity means that their returns on Assets and Equity have fallen yet again as there was little change in profit. Emaar shares fell 2.2% today.
• Gulfa Mineral Water (GULFA) had a marginal increase in sales but due to cutting costs, their gross operating profit almost doubled, and net profit was up almost 10x for 2007 M9. Their shares remained untraded.
• IAIC Salama profits, yesterday, had falls of 12% and 29% for the quarter and the M9 period respectively. Their shares fell 3.4% today, after rising 2.6% yesterday, and are still one of the most expensive insurance company shares based on PE.
• Kuwait Commercial Markets Complex (SHOP) revenues fell slightly but net profit almost tripled for the nine months to Sep 2007, compared to last year. Which was also the last time their shares were traded on the DFM.
• International Financial Advisers (IFA) had a massive turnaround in M9 profit to AED 650m after a loss for the same period last year. Mostly due to property sales, revaluations, and improved performance in stocks held.
• National Marine Dredging Company (NMDC) revenues increased for both Q3 and M9 but increasing costs meant a 30% hit on Q3 gross profits, and net profit was cut in half to AED 24m. Profits for the nine month period were much improved however, at AED 113m compared to a 15m dhs loss for the same period last year. NMDC shares fell 1% on thin trading today.
• National Real Estate Company (NRE), yesterday, released limited information with profits falling by about 15% for both the third quarter and the nine month period. No shares have been traded since September 2007.
• Oman & Emirates Investment Holding (OEIHC) released limited information showing net profits tripled to more than AED 100m for 2007 M9. But their shares plummeted 10% today on a single trade of just 89 shares.
• Qatar Telecom (QTEL), yesterday, had substantial revenue increases but little change in net profit due to finance cost for its Wataniya purchase.

Board meetings for Q3 result discussions will be held on 14 Nov 2007 for Aerated Concrete Industries (ACICO), and 15 Nov 2007 for Grand Real Estate.

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best stock rises symbol price change GRAND 6.08 +0.79 +14.9% SALAM 24.35 +3.15 +14.9% MAZAYA 9.04 +1.04 +13% FCI 5.35 +0.45 +9.2% ASMAK 6.25 +0.40 +6.8%

worst stock falls symbol price change OEIHC 26.80 -2.90 -9.8% ARKAN 3.13 -0.27 -7.9% RAKCEC 5.29 -0.31 -5.5% DNIR 4.21 -0.22 -5% DIN 40.35 -2.10 -4.9%

top volume symbol value (AED) price DEYAAR 2,638,170,903 2.89 DFM 2,103,060,391 6.31 AIRARABIA 1,007,610,619 1.91 GULFNAV 734,020,837 1.71 EMAAR 458,127,055 13.45

Dubai Financial Market

A massive day of trading on the DFM today with AED 8.3 billion worth of turnover, but an unpleasant fall of 2.2% to 5490 points. The DFMGI had an encouraging start, rising 200 points by lunchtime, but then slipped away to finish the day more than 250 points down from the intra-day high of 5743.

Trading activity was huge for DEYAAR yet again with AED 2.6 billion of turnover and a 2.4% fall to 2.89. DFM shares also very heavily traded, with turnover of AED 2.1 billion and a small rise as mentioned already. AIRARABIA took third spot with just over AED 1 billion worth of trading and a 2.6% fall to 1.91.

Apart from DFM, there were no other rises on active trading. The three stocks rising more than 10% saw less than half a million dhs worth of trading between them - GRAND, SALAM, and MAZAYA.

The worst of the losers on active trading were Dubai Investments (DIC) down 4.5% to 5.52, Aramex (ARMX) down 4.2% to 2.99, Tamweel (TAMWEEL) down 3.9%, Amlak Finance (AMLAK) down 3.8%, Shuaa Capital (SHUAA) down 3.6%, Tabreed (TABREED) and Islamic Arab Insurance (IAIC) down 3.4%, and the remainder falling less than 3% or on low turnover.

Abu Dhabi Securities Market

The ADSM index moved fractionally upwards today with a 0.03% rise, or just over 1 point, to 4247. Turnover was a moderate 1.4 billion dhs with ARKAN at the top of the busy list from AED 340m of trading and a 7.9% dive to 3.08.

Top rises for Dana Gas (DANA), up 3.2% to 2.20 and a solid 211m dhs of trading activity, RAK Properties (RAKPROP) up 1.4% to 2.09, Union National Bank (UNB) up 1.1% to 9.14, and not much else really. The remaining increases on low volumes or less than 1%. Etisalat (ETISALAT) was up 0.7% to 20.75.

Oasis Leasing (OILC) continued to crash, down another 4.9% to 2.43. Abu Dhabi Islamic Bank (ADIB) lost 3.1% to close at 61.20, AGTHIA was down 2.2% to 2.08 and Gulf Cement (GCEM) fell 1.6% to 6.12. Other falls on less than 1m dhs of trading or less than 1%.

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UAE markets 12 Nov 2007

UAE market news & discussions for 12 November 2007 UAE markets broke the losing streak of the past few trading sessions today with the DFM index up by 4.61% and the ADSM index up by a more modest 0.54%. On the DFM, no less than five shares rose by more than 8%, with the DFM rising by more than 10% to close at 6.26 dirhams on turnover of 166 million shares traded. On the ADSM, ARKAN led the charge rising 3.03% to 3.40 dirhams on turnover of 201 million shares traded. OILC and ALDAR also gained more than 3% on high turnover of shares traded. Business news in the UAE continues to be dominated by the Dubai Airshow.

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best stock rises symbol price change DFM 6.26 +0.59 +10.4% DEYAAR 2.96 +0.24 +8.8% INVESTB 3.74 +0.29 +8.4% AIRARABIA 1.96 +0.15 +8.3% SHUAA 6.61 +0.50 +8.2%

worst stock falls symbol price change OEIHC 29.70 -3.30 -10% DIN 42.45 -2.20 -4.9% ADSB 4.60 -0.20 -4.2% FOODCO 4.22 -0.15 -3.4% JULPHAR 2.12 -0.05 -2.3%

top volume symbol value (AED) price DEYAAR 1,852,703,916 2.96 DFM 1,011,868,059 6.26 ARKAN 686,080,409 3.40 AIRARABIA 683,526,606 1.96 ALDAR 598,337,347 10.45

Dubai Financial Market

The DFM index closed at 5,614 an increase of 4.61% from the previous close. 1.6 billion shares were traded worth 5.2 billion dirhams. Eighteen shares advanced and four declined.
The top traded share was DEYAAR rising 8.82% to 2.96 dirhams on turnover of 649 million shares traded. DFM was up 10.40% to 6.26 dirhams and AIRARABIA was up 8.28% to 1.96 dirhams both on heavy turnover of shares traded.

Other shares to rise included: Amlak Finance (AMLAK) 4.72 (4.88%), Dubai Investments (DIC) 5.78 (4.33%), Emaar Properties (EMAAR) 13.75 (3.38%), GULFNAV 1.74 (8.07%) and Shuaa Capital (SHUAA) 6.61 (8.18%).

Shares to fall included: Emirates NBD (ENBD) 13.05 (0.76%), ALFIRDOUS 3.00 (1.63%) and DIN 42.45 (4.92%) all on modest turnover of shares traded.

Abu Dhabi Securities Market

The ADSM index finished at 4,245 an increase of 0.54% from the previous close. 512 million shares traded worth 2 billion dirhams. Twenty eight shares advanced and nine declined.
The top traded share was ARKAN rising 3.03% to 3.40 dirhams on turnover of 201 million shares traded.

Other shares to rise included: Aabar Petroleum (AABAR) 4.13 (1.72%), Aldar Properties (ALDAR) 10.45 (3.98%), Dana Gas (DANA) 2.20 (2.80%), AGTHIA 2.23 (2.29%), Oasis Leasing (OILC) 2.68 (3.47%), RAK Properties (RAKPROP) 2.18 (2.83%) and Sorouh Real Estate (SOROUH) 6.49 (2.83%).

Shares to fall included: Julphar (JULPHAR) 2.12 (2.30%), Abu Dhabi ShipBuilding (ADSB) 4.60 (4.17%), Etisalat (ETISALAT) 20.90 (0.95%) and Commercial Bank International (CBI) 2.76 (0.72%) all on modest volumes of shares traded.

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.

UAE markets 11 Nov 2007

UAE market news & discussions for 11 November 2007 The DFM fell another 1.35% on reduced volumes today while the ADSM crept up by 0.2% with Arkan building materials continuing to soar - up by another 5.8% on heavy trading. DFM trading last week saw AED 300m net investment by foreigners but that was less than a fifth of the net amount for the previous week. The striking Arabtec employees were back to work yesterday after an agreement was negotiated with an unconfirmed report of an AED 100 per month salary increase. Arabtec shares rose 3% today to 7.80. Emirates announced an order for 12 Boeing 777s worth AED 11.7 billion, which was dwarfed by its order today for 70 Airbus A350s and options for another 50. Total order book is now up to AED 220 billion worth for 246 planes. EK IPO anyone? Air Arabia said they would borrow nearly AED 6 billion to buy 40 new planes pending an announcment later this week, and their share price didn't change. Al Mazaya Holding announced M9 profits of about AED 275m. Dubai National Insurance & Reinsurance Q3 profits were up 50% to AED 9.5m, shares rose 2.5% today. Dubai Islamic Bank released full financial statements for the third quarter 2007, revenue doubled but profits were only up by 30%, after allowing for the sale of its Deyaar stake in the IPO, due to falls in other extraordinary income. Shares fell another 1.4% today.

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best stock rises symbol price change DHAFRA 5.50 +0.50 +10% ARKAN 3.30 +0.18 +5.8% AGTHIA 2.18 +0.11 +5.3% RAKCC 2.19 +0.08 +3.8% AMAN 30.40 +1.10 +3.8%

worst stock falls symbol price change NBF 3.60 -0.40 -10% ARIG 3.47 -0.28 -7.5% INVESTB 3.45 -0.24 -6.5% EIC 8.25 -0.55 -6.3% SHUAA 6.11 -0.36 -5.6%

top volume symbol value (AED) price ARKAN 887,173,259 3.30 DEYAAR 754,117,425 2.72 TAMWEEL 551,065,547 7.43 DFM 280,314,587 5.67 EMAAR 232,936,367 13.30

Dubai Financial Market

The DFMGI plummeted in early trading by 100 points, recovered somewhat but then fell again to end up 1.35% down for that day at 5367 points. Turnover was somewhat lower than some of the big days last week, at a still solid AED 2.6 billion worth.

DEYAAR saw the highest traded value of AED 750m but price remained unchanged at 2.72. Tamweel (TAMWEEL) had AED 550m of turnover and a 1.6% rise to 7.43.

There were only 4 other gainers today, AMAN up 3.8%, Arabtec (ARTC) up 2.9%, ALFIRDOUS up 1.7%, and GULFNAV up just 0.6%.

Notable losers included Shuaa Capital (SHUAA) down 5.6% to 6.11, Tabreed (TABREED) down 3.1% to 3.09, DFM and Union Properties (UPP) down 2.7% each, Amlak Finance (AMLAK) down 2.4% and Dubai Investments (DIC) down 2.3%. Emaar Properties (EMAAR) fell 1.85% to 13.30 on mild trading volume of AED 233m worth.

Abu Dhabi Securities Market

The ADSM index rose 0.22% to 4223 points from turnover of AED 1.8 billion with trading heavily dominated by the AED 890m worth of ARKAN shares, which ended the day a resounding 5.8% up at 3.43. Arkan shares have almost doubled in value since the beginning of October this year.

Other rises of more than 2% on turnover exceeding AED 1m for AGTHIA up 5.3% to 2.24, RAK Cement (RAKCC) up 3.8%, RAK Properties (RAKPROP) up 2.9%, Dana Gas (DANA) up 2.4% and ADNH up 2.1%. Etisalat (ETISALAT) rose 0.7% to 21.05.

Another nasty fall for Oasis Leasing (OILC) down 4.4% to 2.64 was the worst of the more active stocks today. Abu Dhabi Commercial Bank (ADCB) fell 1.1% and Union National Bank (UNB) fell 1% with the remainder falling less than 1% or on limited turnover.

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.

UAE markets 08 Nov 2007

UAE market news & discussions for 08 November 2007 The markets ended the week on a sour note after a solid beginning with the ADSM dropping by 2.4%, and the most heavily traded stock, Oasis Leasing, suffering a gut-wrenching 8% fall today. The DFM plummeted 200 points in early trading after almost reaching 4500 points, but recovered somewhat to close the day fractionally down from yesterday, with Tamweel ending up ahead by 7.5%. Deyaar released full financial statements this morning, for the period since inception on 10 July 2007, revealing that of the impressive AED 200m profit announcement yesterday, only a third came from ongoing operations. Other third quarter statements (new or updated) were released from Gulf Navigation (GULFNAV) Al Mazaya Holding Company (MAZAYA), National Marine Dredging Company (NMDC), Agility (WARE), Bayan Investments (BAYAN) and Arab Emirates Investment Bank (AEIBANK). Moody's issued a special comment explaining why GCC countries did not merit a triple A rating from them despite having several economic indicators better than countries with AAA ratings. Emaar Malls was reported to be considering seeking finance to fund an 11-fold increase in retail space throughout the Middle East. And its parent company, Emaar Properties was reported to be sealing a deal within the next 3 months to build a residential and industrial zone in Libya. Emirates Airlines reported half-year profits of AED 2.4 billion - double what they were for the same period last year. They also received their 100th passenger aircraft this month. Air Arabia said they would develop a second hub in Morocco for flights to Europe. Gulf Finance House (GFH) shares received a favorable rating from a Merrill Lynch report. Shuaa Capital signed an agreement with Dubai Banking Group (DBG) to receive AED 1.7 billion of finance as convertible bonds, which will mean DBG ends up with a 32% stake of Shuaa in October 2008. Union National Bank were reported to be setting up a real estate finance and management company by April 2008, with AED 1 billion as an initial investment.

• 08 November 2007 UAE Dubai, Abu Dhabi business news
• AIRARABIA to set up hub in Morocco - GN 08 Nov 2007
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• ARMX 2007 Q3 profit AED 26m +14%, M9 89m +31% 31 Oct 2007
• DEYAAR 2007 Q3 net profit 200m dhs 08 Nov 2007
• DEYAAR in AED 18 bn deal to build town in India - R 05 Nov 2007
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best stock rises symbol price change TAMWEEL 7.31 +0.51 +7.5% GLOBAL 11.50 +0.50 +4.5% ALFIRDOUS 3.00 +0.13 +4.5% GGICO 8.90 +0.35 +4.1% DEYAAR 2.72 +0.10 +3.8%

worst stock falls symbol price change EIC 8.80 -0.97 -9.9% QCEM 3.03 -0.27 -8.2% OILC 2.71 -0.24 -8.1% FCI 4.90 -0.40 -7.5% TAQA 3.39 -0.25 -6.9%

top volume symbol value (AED) price DEYAAR 356,154,196 2.72 GULFNAV 196,348,023 1.60 OILC 140,609,993 2.71 AIRARABIA 137,846,057 1.81 ARKAN 108,985,361 3.12

Dubai Financial Market

The DFMGI closed just 0.07% down at 5440 points with turnover down to a still substantial AED 4 billion worth. DEYAAR was the most heavily traded with a little under AED 1 billion of trading and a decent 3.8% rise to 2.72. Emaar Properties (EMAAR) and Tamweel (TAMWEEL) were at number 2 and 3 spots on the traded value table, with a slight fall of 1.5% to 13.55 for Emaar and a very solid 7.5% increase to 7.31 for Tamweel.

Other rises included ALFIRDOUS up 4.5% to 3.00, GULFNAV up 2.5% to 1.60, Du Telecom (DU) and MASQ both up 1.8%, AIRARBIA up 1.7%, and Dubai Investments (DIC) up 1.3%.

Most of the actively traded stocks fell however, with the worst drops for Dubai Islamic Bank (DIB) down 2.8%, Arabtec (ARTC) down 2.7%, Emirates NBD (ENBD) down 2.6%, Tabreed (TABREED) down 2.5%, and AMAN skipping a point in the pattern to fall 2.3%. Islamic Arab Insurance (IAIC) was down by 1.7% while Aramex (ARMX), Union Properties (UPP), and Shuaa Capital (SHUAA) all fell less than 1%.

Abu Dhabi Securities Market

The ADSM was less friendly than the DFM today with a 2.4% fall, led downwards by Oasis Leasing (OILC) with an 8.1% drop to 2.66 and top position on the turnover list, trading 380m dhs worth of shares. ARKAN, at second spot on turnover with 341m dhs worth of trades, bucked the downwards trend and saw a reasonable 2.3% rise to 3.09.

A short list of only 5 gainers today, NBQ at the top of the list with surprisingly high turnover, although mostly from 2 large trades, and 3.8% increase to 8.00 - a 12 month high for them. ADNH was the only other rising stock to trade more than AED 1 million worth, up by just 0.5% to 8.30.

In the losers list we had Abu Dhabi National Energy (TAQA), Dana Gas (DANA), Sorouh Real Estate (SOROUH) all falling 6-7%, RAK Properties (RAKPROP) down almost 6%, Aabar Petroleum (AABAR) down 5.2%, Aldar Properties (ALDAR) and RAK Cement (RAKCC) down 4.5%, Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB), Gulf Cement (GCEM), and AGTHIA all dropping about 4%, Abu Dhabi Islamic Bank (ADIB) down 2.4%, and the remainder down less than 3% or on low turnover. Etisalat (ETISALAT) had the smallest fall of just 0.24% to close at 21.35.

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• Discuss UAE companies at Dubai Share Talk.

UAE markets 07 Nov 2007

UAE market news & discussions for 07 November 2007 A brutal day on UAE markets today as investors gave back some of the gains of the past week on some of the most popular stocks. The DFM index closed at 5,443 a fall of 4.94% and the ADSM index fell 2.73% to close at 4,318. If you dare see the full extent of the carnage in the market report below. Beware many stocks recorded falls greater than 5%. Did anyone say buying opportunity? Deyaar will release their Q3 results tomorrow. Their shares were 15% limit up yesterday with almost a billion shares traded but fell 6% today on similar volumes. Air Arabia said they would double their leased fleet size to 22 by 2010, which means they could be up to AED 2.7 billion annual profit from 70 planes by 2016. Except that half of them might be empty based on their passenger traffic forecasts for the Middle East region. Arabtec was given a fair value of 10.10 dhs (BUY) in an HC Securities report. Aramex received a fair value rating of 3.72 dhs (ACCUMULATE) in a report from EFG-Hermes, who lowered their forecast for 2007 earnings. Bayan Investments released limited information about Q3 results yesterday with earnings volatility making it difficult to know if their shares are cheap at a PE of 5 for the quarter, or expensive at a PE of over 100 for the 9 month period. Union Properties full results yesterday revealed their generous interest free credit could be costing them up to 15% of net profits for the year, which might explain why their share price yesterday didn't follow the rest of the market upwards. Falcon Financial Services, a broker, was reported to be closing.

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• Thanks Sharewadi
• UPP 2007 Q3 profit AED 177m +134% M9 AED 472m +52% - 24 Oct 07
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best stock rises symbol price change SALAM 21.20 +2.70 +14.6% FBICO 2.22 +0.20 +9.9% OEIHC 33.25 +2.95 +9.7% RAPCO 4.29 +0.30 +7.5% CBI 2.90 +0.10 +3.6%

worst stock falls symbol price change IFA 10.90 -1.90 -14.8% GULFNAV 1.56 -0.24 -13.3% IAIC 3.57 -0.47 -11.6% EIC 9.77 -1.08 -10% ARMX 3.03 -0.32 -9.6%

top volume symbol value (AED) price DEYAAR 2,711,402,242 2.62 OILC 1,174,224,657 2.95 EMAAR 994,651,088 13.75 TAMWEEL 826,078,553 6.80 DFM 820,540,630 5.80

Dubai Financial Market

The DFM index closed at 5,443 a fall of 4.94% from the previous close. 2.5 billion shares traded worth 8.9 billion dirhams down from yesterdays effort of over 10 billion dirhams. Five shares advanced and twenty four declined.
The top traded shares were DEYAAR falling 5.75% to 2.62 dirhams on turnover of 967 million shares traded. AIRARABIA fell 8.24% to 1.78 dirhams on turnover of 432 million shares traded and GULFNAV fell 13.33% to 1.56 dirhams on turnover of 399 million shares traded.

Other shares to fall included: Amlak Finance (AMLAK) 4.59 (8.20%), ARABTEC 7.79 (7.26%), ARAMEX 3.03 (9.57%), DFM 5.80 (6.36%), Dubai Investments (DIC) 5.60 (5.72%), Tamweel (TAMWEEL) 6.80 (3.95%) Tabreed (TABREED) 3.27 (5.76%) and Islamic Arab Insurance (IAIC) 3.57 (11.63%).

Shares to rise on small volumes included: MASQ 275 (1.28%), Arab Insurance Group (ARIG) 3.75 (1.35%), Commercial Bank of Dubai (CBD) 10.10 (1.00%) and SALAM 21.20 rising 14.59% on one trade of 5000 shares.

Abu Dhabi Securities Market

The ADSM index closed at 4,318 a fall of 2.73% from the previous close. 773 million shares traded worth 2.6 billion dirhams. Ten shares advanced and thirty two declined.
The top traded share was Oasis Leasing (OILC) rising 1.03% to 2.95 dirhams on turnover of 398 million shares traded.

Other shares to rise included: Finance House (FH) 7.10 (3.76%), Invest Bank (INVESTB) 3.70 (2.78%), Commercial Bank International (CBI) 2.90 (3.57%) and RAK Poultry (RAPCO) 4.29 rose 7.52% on one trade of 300 shares.

Shares to fall included: Aabar Petroleum (AABAR) 4.24 (4.93%), Aldar Properties (ALDAR) 10.40 (5.45%), ARKAN 3.05 (1.61%), Dana Gas (DANA) 2.23 (1.33%) and AGTHIA 2.15 (6.52%)

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.

UAE markets 06 Nov 2007

UAE market news & discussions for 06 November 2007 The UAE markets continue to rock with an astonishing AED 10.9 billion dhs worth of trading on the DFM today as the index gained a very solid 3.6%. Deyaar traded a staggering AED 2.55 billion worth of shares - more than the total for the Abu Dhabi market today, and share price was 15% limit up. Deyaar announced yesterday they expected to close an AED 18 billion deal to build a town in India. Tamweel's share price was also limit up. Just 1 trade so far on the DIFX today, for Kingdom Hotels. Emaar Properties said their would be no change in profit for the 4th quarter this year compared to the 3rd quarter which would give them full year earnings the same as 2006, but expect to see increased revenues in the latter part of 2008. Despite this uninspiring news for 2007, their shares rose 3% today. Aldar Properties said they would finance the development of 30 new hotels in Abu Dhabi over the next 5 to 10 years. Their shares rose 3.3% today. Several companies denied knowing why their share prices were rising sharply, including RAK Properties, Arkan Building Materials, and Agthia (Emirates Foodstuff & Mineral Water). Dana Gas however did issue a clarification but of a general nature attributing the rise to factors such as the increasing oil price and positive market sentiment, rather than anything specific related to Dana Gas. The completion of the Iran end of the pipeline comment remains unconfirmed. Third quarter results were released for Gulf Cement, Bayan Investment Company and Sharjah Insurance, full accounts released for Shuaa Capital and Union Properties. Kuwait Commercial Markets (SHOP) said they would have a board meeting on 12 Nov 2007 to discuss Q3 results.

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best stock rises symbol price change DEYAAR 2.75 +0.33 +13.6% TAMWEEL 6.92 +0.76 +12.3% ARKAN 3.10 +0.28 +9.9% OEIHC 30.00 +2.25 +8.1% GULFNAV 1.74 +0.12 +7.4%

worst stock falls symbol price change IFA 11.35 -1.95 -14.7% UAB 7.10 -0.55 -7.2% INVESTB 3.60 -0.24 -6.3% ENBD 14.35 -0.95 -6.2% ALFIRDOUS 3.30 -0.20 -5.7%

top volume symbol value (AED) price DEYAAR 2,359,387,237 2.75 AIRARABIA 1,183,434,542 1.88 DFM 1,052,819,282 6.18 GULFNAV 1,013,079,839 1.74 EMAAR 870,603,278 14.20

Dubai Financial Market

The DFMGI rose an excellent 3.6% to 5726 points from 3.4 billion shares traded worth a total of a massive 10.9 billions. DEYAAR, as mentioned, rose limit up to 2.78 from almost a billion shares traded, a level only topped on the day of their listing. Four other shares traded more than a billion dhs worth of turnover, GULFNAV up 11% to 1.80, AIRARABIA up 10.2% to 1.94, DFM up 5.6% to 6.19, and Emaar Properties (EMAAR) up 2.9% to 14.20.

Other top gainers were Tamweel (TAMWEEL), also limit up to 7.08, Aramex (ARMX) up 6.4% to 3.35, MASQ up 4.4% to 271.50, and Amlak Finance (AMLAK) up 4.2% to 5.00.

Despite the excellent day for many shares, there were still a few that fell. New stock on the block, ALFIRDOUS, plummeted 9.4% to 3.17 on greater turnover than seen on its first day yesterday. Emirates NBD (ENBD) suffered a 6.2% fall to 14.35 and AMAN lost 4.2% to end the day at 32.00. Union Properties (UPP) was the only one of the usually actively traded stocks to fall however, down by just 0.7% to 4.49.

Abu Dhabi Securities Market

The ADSM index was relatively subdued compared to hectic trading at the DFM with a 0.34% rise to 4440 points from turnover of just under AED 2.5 billion dhs, still a very solid amount.

Heavily traded stocks included Oasis Leasing (OILC) at the top of the list with 590 million dhs of turnover and a small rise of 0.7% to 2.94, Aldar Properties (ALDAR) up a more encouraging 3.3% to 10.75, Sorouh Real Estate (SOROUH) with a 3.0% rise to 6.90 and Dana Gas (DANA) unfortunately falling by 3% to 2.25.

Top gainers included ARKAN yet again trading limit up to close at 3.10, TKFL up 5.5%, ADAVIATION up 4.6%, ADNH up 3.6%, and Abu Dhabi Commercial Bank (ADCB) up 1.4%. The remaining rises on less than 1m dhs of turnover or less than 1% up.

Losers today included AGTHIA down 3.4%, Aabar Petroleum (AABAR) down 3.3%, Union National Bank (UNB) down 2.7%, RAK Cement (RAKCC) and RAK White Cement (RAKWCT) both falling 2.5%, Finance House (FH) down 1.7%, Abu Dhabi National Energy (TAQA) down 1.5%, and RAK Properties (RAKPROP) down 1.3%.

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.

UAE markets 05 Nov 2007

UAE market news & discussions for 05 November 2007 Defying the sub prime credit crisis UAE markets continued to climb today. The DFM index closed at 5,528 a rise of 2.29%. The ADSM index closed 0.97% higher at 4,424. Trading volumes are at record highs and stocks are making new highs on increasing volumes. All of these bullish signs indicate the UAE markets are starting to emerge from a two year period of very sluggish performance. AIRARABIA celebrated its results: 2007 Q3 profit AED 170m +244% by rising 4.76% to 1.76 dirhams. In other news: Al Firdous (ALFIRDOUS), previously known as Manasek, was a new listing on the DFM today, with shares rising a splendid looking 250% from par value. We don't expect today's fine performance, or trading levels to be repeated. Aldar Properties announced a further 176m shares would be converted from their Sukuk, the news appearing on the same day that their shares rose almost limit up on high volumes. It seems odd that the dilution would prompt such a reaction. Dana Gas shares continued their solid run, apparently due to a Sukuk listing in London which was known last month. But there was a comment from their Crescent Petroleum affiliate earlier this week that the gas pipeline to Iran was complete. The DFM chairman forecast 2007 profits up to 1.2 billion yesterday, an unusual comment given that the DFM rapped Amlak's knuckles for making a profit forecast last month. Nevertheless, it prompted a 10% rally in DFM's price yesterday and another 4% today on high trading volumes. Market cap is now enough to buy the Nasdaq, LSE and OMX, and still have change. Emaar shares may have been sluggish due to the news that their associate company in Saudi Arabia, Emaar the Economic City, made a small loss for 2007 Q3. Initial review of the DP World prospectus appears to indicate shares a little pricey at $1 with a 2007 PE estimate of around 50. Third quarter results reviewed for Abu Dhabi Building Materials (a dismal performance) and Dubai Insurance (whose profits were almost sure to rise after the large loss this time last year). Oman Insurance and Alliance Insurance released Q3 results yesterday, Agility said they would have a board meeting on 07 Nov to discuss Q3 results. International Fish Farming and Palestine Telecom results are expected later this week.

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best stock rises symbol price change GRAND 5.29 +0.69 +15% RAKBANK 8.37 +0.76 +10% OEIHC 27.75 +2.50 +9.9% ARKAN 2.82 +0.25 +9.7% FBICO 1.99 +0.17 +9.3%

worst stock falls symbol price change IIG 4.70 -0.60 -11.3% UNION 2.25 -0.09 -3.8% PALTEL 29.00 -1.00 -3.3% BOS 3.28 -0.08 -2.4% ENBD 15.30 -0.35 -2.2%

top volume symbol value (AED) price DEYAAR 1,560,128,939 2.42 DFM 921,069,521 5.86 SOROUH 779,181,843 6.76 OILC 647,746,352 2.90 GULFNAV 643,377,855 1.62

Dubai Financial Market

the DFM index closed at 5,528 today an increase of 2.29% from the previous close. 1.9 billion shares traded worth 6.4 billion dirhams. Twenty shares advanced and 6 declined.
The top traded share was DEYAAR rising 5.67% to 2.42 dirhams on turnover of 655 million shares traded. This was followed by AIRARABIA rising 4.76% to 1.76 dirhams on turnover of 318 million shares.

Other shares to rise included: Amlak Finance (AMLAK) 4.80 (3.00%), ARABTEC 8.33 (0.96%), DFM 5.86 (3.71%), Dubai Investments (DIC) 5.80 (4.50%), Emaar Properties (EMAAR) 13.80 (1.47%), GULFNAV 1.62 (6.57%) and Tamweel (TAMWEEL) 6.16 (7.31%).

Shares to fall included: ARAMEX 3.15 (0.31%) and Shuaa Capital (SHUAA) 6.65 (0.74%).

Abu Dhabi Securities Market

The ADSM index closed at 4,424 today an increase of 0.97% from the previous close. 1 billion shares traded worth 3.8 billion dirhams. Thirty shares advanced and seventeen declined.
The top traded share was RAK Properties (RAKPROP) rising 4.11% to 2.28 dirhams on turnover of 229 million shares traded. This was closely followed by Oasis Leasing (OILC) rising 1.40% to 2.90 dirhams on turnover of 223 million shares traded.

Other shares to rise included: Aabar Petroleum (AABAR) 4.61 (2.67%), Aldar Properties (ALDAR) 10.75 (6.82%), ARKAN 2.82 (9.73%), Dana Gas (DANA) 2.33 (6.88%), Sorouh Real Estate (SOROUH) 6.76 (4.64%) and Abu Dhabi National Energy (TAQA) 3.91 (1.82%).

Shares to fall included: ADNH 8.68 (1.36%), Etisalat (ETISALAT) 21.80 (0.68%) and First Gulf Bank (FGB) 20.90 (0.24%).

• Comment on this report and view previous reports on the Share Wadi blog.
• Discuss UAE companies at Dubai Share Talk.