UAE markets 17 Feb 2008

UAE market news & discussions for 17 February 2008 Both the DFM and ADSM edged up slightly today (the DIFX was closed but DPW shares rose another 2.3% on Friday). Arkan Building Materials rocketed ahead on top turnover for the day. Arabtec also shot up but on lower turnover (perhaps a good dividend proposed in today's BOD meeting?), while DFM's own shares dominated the DFM floor with trading volume but only saw a small rise. Number plates are the way to go it seems. In an Abu Dhabi auction, a world record was set when number 1 was sold for over 50 million dhs. Might we see Dubai International Number Plate City as a possible future project? With of course the Dubai Number Plate Market. The NanoDynamics IPO has been cancelled. There were hopes that NanoDynamics would be the first of many US companies to list on the DIFX. At least NanoDynamics are showing consistency - they cancelled their IPO for the Nasdaq market last year. Is it too soon to try and guess which market they'll be cancelling an IPO for next year? The Ajman Islamic Bank IPO, however, launched today, with an expected listing on the DFM sometime in Q2 of 2008. Their press release says they intend to become the bank of choice for UAE and GCC customers. Perhaps that prompted some nervousness amongst Dubai Islamic Bank shareholders - DIB shares fell slightly today. And since we're talking about IPOs, if Al Qudra ever launches theirs (it was first mooted for Q1 2007), and if the float price is 1 dh per share, then it could be one to watch. They announced profits of over 1 dh per share with current AED 600 m capital base. Of course, we don't know how many additional shares would be sold in an IPO, which will dilute earnings somewhat but all the same, it's looking promising. In an excellent example of irony in the local markets, DFM released their own BOD meeting results in Arabic only. A nice touch considering DFM, as far as we know, requests listed companies to release disclosures in Arabic and English. The board proposed a 10% cash dividend which works out to a dividend yield of about 1.7%. Meetings announced today Abu Dhabi Aviation BOD meeting 18 February 2008 Arab Insurance Group AGM 30 March 2008 Arab Scandinavian Insurance AGM 10 March 2008 Dubai Financial Market AGM 20 March 2008 Fujairah Building Industries AGM 16 March 2008 Oman Emirates Investments (OEIHC) AGM 31 March 2008 RAK Poultry AGM 06 March 2008 United Arab Bank BOD meeting 24 February 2008 Results and dividend announcements released today Al Firdous 2007 FY preliminary accounts Al Khazna full 2007 FY statements Al Madina 2007 FY preliminary results Al Sagr National Insurance preliminary results for 2007 FY Arab Insurance Group full 2007 FY financial statements Dubai Financial Market BOD proposed 10% cash dividend Dubai Islamic Insurance (AMAN) BOD proposed 10% cash dividend Dubai Refreshments Company 2007 FY preliminary results Fujairah Building Industries full 2007 FY statements Gulf Navigation full 2007FY financial statements Gulf Pharamceuticals (JULPHAR) full statements for 2007 FY Islamic Arab Insurance Company 2007 FY preliminary results (released Thursday) showed a fall in Net Profit of 15%, attributed to some extraordinary claims with one of their subsidiaries. However, Premium Income also fell slightly for 2007 FY, although Q4 calculations showed a reasonable increase. Shares still look expensive at a 2007 PE of about 28 and PBV of almost 3. RAK Bank full 2007 FY statements RAK Cement Company full FY 2007 financial statements RAK Properties full 2007 FY financial statements Latest UAE business news

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best stock rises symbol price change NBF 4.65 +0.34 +7.9% FOODCO 4.25 +0.30 +7.6% ADAVIATION 3.86 +0.24 +6.6% ARKAN 4.27 +0.23 +5.7% QCEM 3.18 +0.17 +5.6%

worst stock falls symbol price change GFH 14.50 -2.00 -12.1% FBICO 2.33 -0.24 -9.3% DRIVE 5.48 -0.47 -7.9% FCI 4.95 -0.34 -6.4% ARIG 3.31 -0.19 -5.4%

top volume symbol value (AED) price ARKAN 699,984,557 4.27 DFM 537,719,065 5.96 AABAR 298,609,970 4.74 EMAAR 227,620,535 11.35 ARMX 223,355,570 3.18

Dubai Financial Market

The DFMGI rose 0.3% to 5752 on moderate turnover of 1.8 billion dhs. Arabtec (ARTC) was the outstanding stock with a 5.3% rise to 11.95. Commercial Bank of Dubai (CBD) also had a bit of a spike in activity and rose 4.8% to 14.30. Another 9 stocks rose less than 2% each and NCC was up 5% on low trading volumes.

The 2 worst losers fell on just a single trade each. AMAn had a 1.9% drop, Du Telecom (DU) fell 1.7%, Amlak Finance (AMLAK) fell 1.1% and the other 5 losers lost less than 1% each. Emaar Properties (EMAAR) was down just 0.44% to close at 11.35.

Abu Dhabi Securities Market

The ADSMI rose 0.24% to 4875 points with turnover of 1.6 billion dhs boosted by heavy trading in ARKAN shares which topped the actively traded list with a 5.7% rise to 4.28 from AED 700 m of turnover.

The next gainers to come into the picture were Sharjah Cement (SCIDC) with a 2.6% rise, Union National Bank (UNB) with a 2.3% rise, and the remaining stocks trading more than AED 1 million rising by less than 2% each. Aabar Petroleum (AABAR) shares were busy but the gain was just 0.64%.

No significant losers - the top three fell on total turnover of less than 0.5 million dhs. Next in line were RAK Cement (RAKCC) down by 1.9%, First Gulf Bank (FGB) down by 1.8% and the other actively traded stocks falling by less than 1%. Etisalat (ETISALAT) fell 0.4% to 24.40 on modest trading.

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UAE markets 14 Feb 2008

UAE market news & discussions for 14 February 2008 Contrary to the color of all the roses floating about town today, the markets were green, with Sharjah Cement topping the charts in Abu Dhabi with some busy trading. Even DPW shares which earlier this week were looking like nobody was going to be sending them valentines cards, recovered by 6% to close at $0.87 today. The Ajman Bank IPO starts on Sunday next week. We wish them all best. So far their newspaper adverts this week directed investors to a website that didn't exist for further IPO details. And then when the correct one was eventually found, there were no IPO details there anyway. The Al Mithaq Insurance IPO which closed last week, was reported to be 43x oversubscribed, and a listing date expected in March 2008 on the ADSM. There is a new newsfeed on the ShareWadi.com site to replace the DubaiShareTalk.com daily news summary. Accesing this page should give the latest relevant news links in real time. www.sharewadi.com/news/ Result updates Air Arabia AGM might be 31 March 2008 and there doesn't seem to be any proposed dividend in their disclosure, which might disappoint investors who read the IPO prospectus suggesting 20% of Air Arabia profits would be paid out as dividends. Du results released today beat analyst forecasts - they lost less money than expected. Emirates NBD made AED 4 billion profit in 2007. Proposed dividends appear to be 35% cash and 25% share, and AGM date 23 March 2008 (not confirmed). Tabreed said they sold "some plants" in 2006, which they perhaps hope explain the 30% fall in 2007 Net Profit due to shareholders. They say they have have the "strongest financial outlook in the company's history". Which presumably is the incentive to investors ready to stump up an eye-watering PE of 55 for Tabreed shares. Calendar items coming up next week Saturday DFM board meeting Sat 16 Feb 2008 Sunday Arabtec BOD meeting Sun 17 Feb 2008 Gulf Finance House AGM and EGM Sun 17 Feb 2008 Julphar BOD meeting Sun 17 Feb 2008 Monday Emirates Insurance Company BOD meeting Mon 18 Feb 2008 First Gulf Bank AGM and EGM Mon 18 Feb 2008 Oasis Leasing AGM Mon 18 Feb 2008 Tuesday RAK National Insurance AGM Tues 19 Feb 2008 Wednesday Aldar Properties AGM Wed 20 Feb 2008 RAK Cement Company AGM Wed 20 Feb 2008 (not confirmed) Union Cement Company AGM Wed 20 Feb 2008 (not confirmed) Thursday Al Buhaira National Insuracne AGM Thu 21 Feb 2008 RAK White Cement BOD meeting Thu 21 Feb 2008 Tabreed EGM Thu 21 Feb 2008 DubaiShareTalk latest updated topics

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best stock rises symbol price change SHOP 5.78 +0.75 +14.9% SCIDC 6.26 +0.56 +9.8% FOODCO 3.95 +0.35 +9.7% ABNIC 11.00 +0.85 +8.4% AMAN 28.35 +1.35 +5%

worst stock falls symbol price change GLOBAL 13.60 -2.40 -15% RAKCEC 4.03 -0.40 -9% NBF 4.31 -0.34 -7.3% ADSB 4.33 -0.26 -5.7% QTEL 264.70 -10.30 -3.7%

top volume symbol value (AED) price ARKAN 592,257,781 4.04 DFM 542,924,922 5.90 EMAAR 372,607,204 11.40 AIRARABIA 245,383,984 2.07 DIB 204,967,821 11.90

Dubai Financial Market

The DFM index rose a sturdy 1.5% from increased turnover of AED 2.27 bn with DFM own shares at the top of the traded value charts, seeing AED 543 million dhs worth and a hefty 4.4% rise to 5.90. Other gains of note for AMAN up 5% to 28.35, GGICO up 4.1% to 13.85 with much greater than usual activity, Dubai Islamic Bank (DIB) up 3.9%, and Arabtec (ARTC) up 3.7%. Emaar Properties (EMAAR) rose 2.70 to 11.40 on modest trading levels.

Only 5 stocks fell, and only Emirates NBD (ENBD) fell more than 1% on turnover of more than AED 1m. Their shares closed 2.3% down at 14.60.

Abu Dhabi Securities Market

The ADSM was up a less exciting 0.8% but turnover was a healthy AED 1.5 billion. Sharjah Cement (SCIDC) stood out with a massive 10% gain to 6.27 from AED 14m turnover - its highest since June 2007. ARKAN also had a solid day with AED 592m of trading and a robust 4.7% rise to 4.04. UAB rose 2.1% and the remaining gainers rose less than 2% or on low volumes.

Only 3 losers stood out from the list of 13. Union National Bank (UNB) and AGTHIA with 1% falls, and Aabar Petroleum (AABAR) with a fall of just 0.4%. The other losers trading less than 1m dhs worth of shares.

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UAE markets 13 Feb 2008

UAE market news & discussions for 13 February 2008 Both UAE markets managed a slight rise today. The DFM closed 0.38% up and the ADSM closed 0.65% up. The top traded share on the DFM was AIRARABIA rising 0.49% to 2.04 dirhams on volume of 51 million shares traded. EMAAR continued to fall after the dividend anouncement closing 1.76% down at 11.10 dirhams. The top traded share on the ADSM was ARKAN rising 3.21% to 3.86 dirhams on volume of 79 million shares traded. Business News: The Dubai Chamber of Commerce and Industry (DCCI) has warned that the UAE must open its banking sector up to more competition to help sustain growth. According some reports in the press EMAAR is proposing to fix its dividend at 20 per cent of par value going forward rather than nominating a percentage of EPS as many companies do. Investors will get to vote on the proposal at the AGM on 19 March 2008. In a further vote of confidence in the UAE, FDI has reached $19 billion according to the Minister of the Economy Sheikha Lubna. Results: Emirates NBD 2007 FY Net Profit AED 4 billion. Airarabia 2007 FY Net Profit, AED 376m, Q4 90m. This translates into 8 fils per share and equals a P/E of 25 times based on todays closing price. Announcements: Du Board Meeting today, results expected tomorrow.

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best stock rises symbol price change FBICO 2.57 +0.23 +9.8% NMDC 8.04 +0.69 +9.4% JULPHAR 2.58 +0.17 +7.1% INVESTB 3.91 +0.25 +6.8% ADSB 4.59 +0.27 +6.3%

worst stock falls symbol price change NBQ 9.10 -0.75 -7.6% NGI 5.80 -0.30 -4.9% RAPCO 4.00 -0.20 -4.8% OIC 13.50 -0.35 -2.5% QCEM 3.01 -0.07 -2.3%

top volume symbol value (AED) price EMAAR 369,298,469 11.10 SOROUH 346,497,083 9.48 ARKAN 308,114,857 3.86 DFM 261,121,476 5.65 AABAR 240,374,633 4.73

Dubai Financial Market

The DFM index closed at 5,653 a rise of 0.38% from the previous close. 267 million shares were traded worth 1.4 billion dirhams. Fourteen shares advanced and nine declined.
The top traded share was AIRARABIA rising 0.49% to 2.04 dirhams on turnover of 51 million shares traded.

Other shares to rise included: ARAMEX 3.12 (1.62%), DEYAAR 2.51 (1.20%), DFM 5.65 (0.89%), Dubai Islamic Bank (DIB) 11.45 (3.15%) and Islamic Arab Insurance (IAIC) 3.60 (3.15%).

Shares to fall included: Amlak Finance (AMLAK) 4.62 (1.28%) and Emaar Properties (EMAAR) 11.10 (1.76%)

Abu Dhabi Securities Market

The ADSM index closed at 4,735 a rise of 0.65% from the previous close. 312 million shares were traded worth 1.5 billion dirhams. Thirty three shares advanced and eight declined.
The top traded share was Aabar Petroleum (Aabar Petroleum (AABAR)) rising 1.28% to 4.73 dirhams on turnover of 50 million shares traded.

Other shares to rise included: ARKAN 3.86 (3.21%), Dana Gas (DANA) 2.33 (1.75%), Oasis Leasing (OILC) 2.55 (1.59%), RAK Properties (RAKPROP) 2.61 (1.95%) and Sorouh Real Estate (SOROUH) 9.48 (3.04%).

Shares to fall included: NBQ 9.10 (7.61%) and First Gulf Bank (FGB) 24.35 (0.20%).

Etisalat (ETISALAT) finished unchanged on 24.40.

• Comment on this report and view previous reports on the Share Wadi blog.
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UAE markets 12 Feb 2008

UAE market news & discussions for 12 February 2008 The DFM rose slightly on modest turnover with Du Telecom rising the most today. The ADSM index barely changed but Arkan Building Materials stood out with a good gain. DPW shares are the only ones trading on the DIFX so far today, and falling by $0.01 to $0.81. It looks like Emaar's BOD proposed a 20% dividend and AGM date of 19 March 2008. We're sorry to see that Emaar doesn't think their international investors are important enough to deserve a disclosure in English, while smaller, more obscure companies make much greater efforts to comply with DFM requests to publish disclosures in both Arabic and English. A curious story appeared in the Daily Telegraph in the UK that Grosvenor Casinos is taking the National Bank of Abu Dhabi to court over some bounced cheques for about AED 50 million. NBAD this week announced the issue of AED 2 billion of bonds. Hopefully it won't all be needed for their court costs. Ajman Bank, or Ajman Islamic Bank, will launch their AED 550 million IPO from 17-27 Feb 2008, with shares priced at 1 dh each. Foreigners can subscribe for up to 100 million shares. Meeting dates announced today Al Ain Ahlia Insurance AGM on 05 March 2008 Bank of Sharjah AGM on 05 March 2008 Emirates Insurance Company BOD meeting on 17 February 2008 National General Insurance AGM 04 March 2008 Sharjah Islamic Bank (NBS) AGM on 06 March 2008 RAK White Cement Company BOD meeting on 28 February 2008 Sharjah Insurance Company AGM on 10 March 2008 Union Insurance Company BOD meeting on 20 February 2008 Union National Bank AGM on 05 March 2008 2007 FY results updates Sharjah Insurance Company full financial statements released DubaiShareTalk latest updates

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best stock rises symbol price change ADSB 4.32 +0.32 +8% OEIHC 40.40 +2.50 +6.6% NBQ 9.85 +0.50 +5.3% ARKAN 3.74 +0.16 +4.5% ALDAR 11.10 +0.35 +3.3%

worst stock falls symbol price change FBICO 2.34 -0.26 -10% ADNIC 9.70 -0.85 -8.1% FOODCO 3.61 -0.27 -7% AKIC 1.65 -0.12 -6.8% UNION 3.28 -0.21 -6%

top volume symbol value (AED) price EMAAR 360,751,629 11.30 ALDAR 270,538,178 11.10 ARKAN 207,544,488 3.74 DFM 186,445,653 5.60 AABAR 160,454,753 4.67

Dubai Financial Market

It was a subdued day on the DFM with a rise of 0.6% to 5632 from turnover of just over AED 1 billion. Du Telecom (DU) was the biggest gainer, rising by 3% to 6.46. Shuaa Capital (SHUAA) rose 2.5% to 6.51, Amlak Finance (AMLAK) and Islamic Arab Insurance (IAIC) each rose 2.1%, and most of the remaining actively traded stocks were up by less than 2%. Emaar Properties (EMAAR) rose just 0.9% to 11.30.

There were only 4 losers - NGI and ALFIRDOUS down 5% and 3% respectively from 2 small trades each, Aramex (ARMX) down by 1%, and GGICO down by 0.75%.

Abu Dhabi Securities Market

The ADSM closed almost flat with a 0.01% fall to 4705 points on moderate turnover of AED 935m. ARKAN rose 4.5% to 3.81 from heavy trading, Aldar Properties (ALDAR) rose 3.3% to 11.20, Aabar Petroleum (AABAR) 3.1% to 4.67 and the remaining actively traded gainers rose less than 2%. Abu Dhabi ShipBuilding (ADSB), OEIHC, and NBQ were the top gainers, on total turnover of less than AED 1 million. Etisalat (ETISALAT) shares were unchanged at 24.35.

Only 4 out of the 19 losers saw more than AED 1 million of turnover. Union National Bank (UNB) fell 4.2% to 9.20, Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD) fell 1.3%, and First Gulf Bank (FGB) just 0.05%.

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UAE markets 11 Feb 2008

UAE market news & discussions for 11 February 2008 A subdued days trading after yesterdays fall. The DFM index closed slightly down and the ADSM index closed slightly up. On the DFM the top traded share was AIRARABIA rising 0.49% to 2.02 dirhams on traded volume of 40 million shares. EMAAR continued to fall closing down a further 1.32% to 11.20 dirhams. On the ADSM the top traqded share was ALDAR falling 0.46% to 10.75 dirhams on traded volume of 63 million shares. ARKAN managed a rise of 3.17 per cent to 3.58 dirhams. Business News: Reliance Power dropped 13 per cent after debuting on the Bombay Stock Exchange at its IPO price of 450 rupees. However, unlike EMAAR-MGF they have banked the money and are now deciding how to spend it. Good management is mostly about timing. The UAE Ministry of Finance and Industry will establish a DH 16 billion fund from banks operating in the UAE to build homes for UAE Nationals. Results: GIH 2007 FY Net Profit $91.4m a 28% increase from 2006 FY Net Profit of $71.4m. Announcements: ADSM (EIC) board meeting on 17 february 2008 at 11am 11/02/2008 DFM (ALMADINA) 11/02/2008 ALMADINA: Clarification regarding the news published in the daily newspapers (BAYAN) 11/02/2008 BAYAN: Central Bank of Kuwait approves on the company request to buyback 10% of its shares (EMAAR) 02/11/2008 EMAAR: Discloses its preliminary financial results for 2007. (GFH) 11/02/2008 GFH: Pioneers Energy City Libya deal with Social Development Fund of Libya (SALAM) 11/02/2008 SALAM: Press release regarding the results of BOD meeting held on 10/02/2008 including major decision

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best stock rises symbol price change NBQ 9.35 +0.85 +10% TKFL 6.37 +0.54 +9.3% AKIC 1.77 +0.14 +8.6% OEIHC 37.90 +2.90 +8.3% ABNIC 10.15 +0.73 +7.7%

worst stock falls symbol price change GMPC 7.03 -0.47 -6.3% ADSB 4.00 -0.26 -6.1% NGI 6.42 -0.33 -4.9% SHUAA 6.35 -0.25 -3.8% JULPHAR 2.48 -0.07 -2.7%

top volume symbol value (AED) price EMAAR 421,063,267 11.20 DFM 117,039,360 5.55 ARKAN 83,596,580 3.58 AIRARABIA 82,975,734 2.02 DIB 80,857,509 11.05

Dubai Financial Market

The DFM index closed at 5,597 a slight fall of 0.03% from the previous close. 204 million shares were traded worth 1.09 billion dirhams. Nine shares advanced and twelve declined.
The most traded share was AIRARABIA rising 0.49% to 2.02 dirhams on turnover of 40 million shares.

Other shares to rise included: ARAMEX 3.10 (0.32%), Dubai Investments (DIC) 5.50 (0.36%) and Union Properties (UPP) 4.59 (0.43%).

Shares to fall included: Amlak Finance (AMLAK) 4.58 (1.07%), DEYAAR 2.47 (0.80%), DFM 5.55 (0.53%) and Emaar Properties (EMAAR) 11.20 (1.32%).

Abu Dhabi Securities Market

The ADSM index closed at 4,705 a slight rise of 0.24% from the previous close. 84 million shares were traded worth 415 million dirhams. Nineteen shares advanced and seventeen declined.
The most traded share was Aldar Properties (ALDAR) falling 0.46% to 10.75 dirhams on volume of 63 million shares traded.

Other shares to fall included: Aabar Petroleum (AABAR) 4.53 (0.44%) and Dana Gas (DANA) 2.28 (0.44%).

Shares to rise included: AGTHIA 2.02 (0.50%), Etisalat (ETISALAT) 24.40 (0.21%), Abu Dhabi National Energy (TAQA) 3.58 (0.56%) and ARKAN 3.58 (3.17%)

Remaining unchanged were Oasis Leasing (OILC) 2.51 and RAK Properties (RAKPROP) 2.52.

• Comment on this report and view previous reports on the Share Wadi blog.
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UAE markets 10 Feb 2008

UAE market news & discussions for 10 February 2008 It was a grim day on the markets today as both bourses in Dubai and Abu Dhabi fell, with Emaar sinking a huge 6.6% after this weekend's news of the aborted Emaar MGF IPO in India. Two companies were reported to be launching IPOs. Manazel Real Estate, an Abu Dhabi company, perhaps sometime in 2008, and Aswaaq, a supermarket chain. Manazel could be one to watch, especially if IPO price is restricted to AED 1 dh per share, given that they said they'd made AED 1 billion profit in 2007 - which works out to 40 fils EPS if we have used the correct number of shares issued. Foreign buyers have returned to the DFM, with net share buying of almost 400m dhs, about 10% of the total traded by foreign investors last week. National Bank of Abu Dhabi said they would issue AED 2 billion of convertible bonds, the bonds to be listed on the London Stock Exchange (LSE). Currency peg related news included comments that OPEC might switch from the Dollar to the Euro, while Merril Lynch thinks the UAE and Qatar might revalue in the near term by 5%. While Morgan Stanley said likely currency union delays may mean GCC countries (the ones still committed to the union that is) could revalue. 2007 result updates Aldar Properties released full financial statements today Alliance Insurance preliminary accounts released today Aramex Net Profits grew 28% to AED 122 million which results in a 2007 PE of about 27 - a bit cheaper than they were but still expensive looking compared to market average of about 16. Fourth quarter earnings were about AED 32 million based on our calculations - better than Q3 but slightly lower than Q2. First Gulf Bank full 2007 FY results released Fujairah Trade Center (FTC) preliminary 2007 FY results released. Mashreq Net Profits increased only 21% to 1.9 billion, despite Customer Deposits increasing almost 40%. Shuaa Capital full Q3 financial statements released today Sorouh Real Estate full accounts released today TAIB Bank 2007 FY profits of AED 62m, mostly from Fees, Commission, and Trading income. TAIB is a Bahrain bank scheduled for listing in the UAE. One day. Umm Al Quwain Cement (QCEM) 2007 FY results released Upcoming dates announced today Al Khazna Insurance BOD meeting 11 Feb 2008 at 12pm Du Telecom BOD meeting 13 Feb 2008 Qatar Telecom BOD meeting 21 Feb 2008 RAK National Insurance AGM RAK Properties BOD meeting 13 Feb 2008 at 4pm RAK White Cement Company BOD meeting 28 Feb 2008 Umm Al Quwain Cement AGM 12 Mar 2008 at 6:30 pm TAIB Bank AGM 30 Mar 2008 (5% stock dividend proposed) Dubai stock forum updates

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best stock rises symbol price change DRIVE 5.60 +0.48 +9.4% GULFA 2.31 +0.11 +5% GGICO 13.10 +0.60 +4.8% SCIDC 5.79 +0.25 +4.5% ALMADINA 10.35 +0.30 +3%

worst stock falls symbol price change ADSB 4.26 -0.44 -9.4% OEIHC 35.00 -3.00 -7.9% INVESTB 3.66 -0.30 -7.6% AWNIC 5.60 -0.40 -6.7% EMAAR 11.35 -0.80 -6.6%

top volume symbol value (AED) price EMAAR 768,223,583 11.35 DFM 188,774,270 5.58 AMLAK 110,812,621 4.63 DEYAAR 102,905,756 2.49 SOROUH 82,331,755 9.08

Dubai Financial Market

The DFMGI tanked by a very unpleasant 3.1% to just below 5600 points today, closing at 5599 from moderate turnover of 1.67 billion dhs. Emaar Properties (EMAAR) got all the raspberries today - biggest fall, of 6.6% to 11.25, highest turnover of 770m dhs, highest volume of 66m shares, and highest number of deals at 2,659.

GGICO shone with heavy trading and a 4.8% rise to 13.10, the other 4 gainers rose on thin volumes.

The long and bloody losers' list, apart from Emaar, had nasty falls for Islamic Arab Insurance (IAIC) down 5.7% to 3.45, Union Properties (UPP) down 4.8% to 4.57, Amlak Finance (AMLAK) down 4.7% to 4.63, AMAN down 4.1% to 27.00, DFM down 3.5% to 5.58 and the remaining actively traded stocks falling less than 3.5%.

Abu Dhabi Securities Market

The ADSM index was slightly less turbulent than in Dubai, but still shed an unpleasant 1.75% to close at 4694 from a modest 479 million dhs of turnover. There were no gainers of any note - the 6 stocks that did rise, did so on a total of less than 0.5 million dhs of turnover.

In the actively traded losers list, Aldar Properties (ALDAR) and RAK Properties (RAKPROP) got the biggest whack, with 3.1% falls to 10.60, and 2.46 respectively. Abu Dhabi National Energy (TAQA) and Oasis Leasing (OILC) fell 2.7%, Dana Gas (DANA) 2.6%, Abu Dhabi Islamic Bank (ADIB) 2.3%, and Etisalat (ETISALAT) was down by 2% to 24.25. The remainder fell less than 2%, or on low volumes.

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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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UAE markets 06 Feb 2008

UAE market news & discussions for 06 February 2008 UAE Stock Markets followed world Markets down today. The DFM index fell by 2.62% and the ADSM index fell by 1.29%. Trading volume was high on the DFM but subdued on the ADSM. On the DFM some of the most traded shares fell including EMAAR down 3.96%, DFM down 5% and AMLAK down 4.59%. On the ADSM, ALDAR, DANA, OILC and RAKPROP were all down by more than 3%. General Business News. Bear Sterns the first Investment Bank to report sub prime losses last year joined the list of pundits predicting a dirham revaluation this year. Folowing more bad figures for the US economy oil extended its decline below $88 a barrel. According to Ernst & Young the issuance of global Islamic Bonds is likely to double to $100b this year and the sum of Islamic assets will hit $2 trillion by 2010. RESULTS: SHUAA 2007 Q3 Net Profit AED 341.6m up 120% from 2006 Q3 Net Profit AED154.6m

• UAE economy report February 2008 HC Securities
• 06 February 2008 financial and business news for the UAE
• Dubai Financial Market General Index (DFMGI) Comments 01 Dec 07
• AMLAK 2007 FY profit AED 301m 12 Jan 2008
• AMLAK 2008 FY profit chairman forecast +70% AED 512m - R 05 Feb 08
• Amlak vs Tamweel
• DPW shares below Net Asset Value?
• What to trade for Feb 08? 01 Feb 08
• UPP 2007 FY profit AED 680m +11% Q4 210m -30% 23 Jan 2008
• UPP report HC securities 24 Jan 08
• DU 2007 FY results due 15 Feb 08 - a Friday??
• DU reaches 1.5 million customers 02 Feb 08
• Emirates Post 2007 FY profit +20% to AED 190m - 05 Feb 08
• 05 February 2008 shares and financial news for DFM and ADSM
• NanoDynamics IPO
• TAMWEEL may issue AED 1.8 bn Sukuk - R 04 Feb 08
• ADCB 2007 FY profit -2.9% to Dh2.09 bn, misses own forecast 04 Feb 08
• FOODCO 2007 FY profit AED 24m -61% Q4 23m +254% 03 Feb 2008
• FOODCO 2007 Q3 profit AED 1.2m -73%, M9 0.58m -99% 30 Aug 2007
• ARTC FV 15.60 By Shuaa Capital 04 Feb 08
• EMAAR MGF IPO
• How can foreigners buy Indian shares?
• ACWA Power Development acquires 40% in EMAAR Industires
• Insider trades February 2008
• TAMWEEL CEO resignation effective 15 Jan 2008?

More UAE stock market news and discussions...

best stock rises symbol price change MAZAYA 10.00 +0.75 +8.1% GRAND 4.50 +0.30 +7.1% GGICO 12.30 +0.45 +3.8% DRIVE 5.65 +0.19 +3.5% SHUAA 6.84 +0.22 +3.3%

worst stock falls symbol price change ASMAK 6.02 -0.52 -8% IAIC 3.58 -0.24 -6.3% EIC 9.40 -0.60 -6% DFM 5.70 -0.30 -5% UPP 4.70 -0.23 -4.7%

top volume symbol value (AED) price SOROUH 451,282,283 8.95 EMAAR 436,116,295 12.10 DFM 348,706,672 5.70 ALDAR 244,028,504 11.00 AIRARABIA 184,578,653 2.04

Dubai Financial Market

The DFM index closed at 5,713 a fall of 2.62% from the previous close. 418 million shares were traded worth 2.05 billion dirhams. Five shares advanced and nineteen declined.
The top traded share was AIRARABIA falling 2.39% to 2.04 dirhams on volume of 90 million shares traded.

Other shares to fall included: Amlak Finance (AMLAK) 4.78 (4.59%), DEYAAR 2.56 (2.66%), DFM 5.70 (5.00%), Emaar Properties (EMAAR) 12.10 (3.96%) amn Islamic Arab Insurance (IAIC) 3.58 (6.28%).

Shares to advanced included GGICO 12.30 (3.79%) and Shuaa Capital (SHUAA) 6.84 (3.32%).

Abu Dhabi Securities Market

The ADSM index closed at 4,690 a fall of 1.29% from the previous close. 176 million shares were traded worth 1.07 billion dirhams. Four shares advanced and thirty declined.
The top traded share was RAK Properties (RAKPROP) falling 3.77% to 2.57 dirhams on volume of 22 million shares traded.

Other shares to fall included: Aldar Properties (ALDAR) 11.00 (3.06%), Dana Gas (DANA) 2.33 (3.31%), Oasis Leasing (OILC) 2.56 (3.40%) and Sorouh Real Estate (SOROUH) 8.95 (0.33%).

Shares to rise included: Etisalat (ETISALAT) 23.90 (1.04%) and DRIVE, UNION and Union Cement (UCC) all rose on small trading volume.

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UAE markets 05 Feb 2008

UAE market news & discussions for 05 February 2008 A slight rise for both UAE markets today. The DFM index finished up 0.20% and the ADSM index closed 0.33% up. Trading on the DFM was dominated by AIRARABIA falling 1.41% on 158 million shares traded. Other shares to fall on heavy volume included DFM, DEYAAR and AMLAK. On the ADSM, the top traded share was AABAR rising 2.42% to 4.65 dirhams on volume of 79 million shares traded. Other Business News The Dirham revaluation story rolls on this time the Dubai Chamber of Commerce and Industry (DCCI) speculating that the Dirham will be revalued as part of the move towards the GCC monetary union. The DFM is attracting largert amounts of Foreign Institutional Investment with foreign money accounting for 25 to per cent of all trades each day. However, it is thought it is relatively hot money moving quickly and is not contributing to the stability of the market. Australia's Reserve bank raised rates to 7% today indicating that a possible recession in the USA will not impact the economy as badly as in the past. Results ADCB 2007 FY Net profit 2.08b down 3% from 2006 FY Net profit Announcements: Amlak is looking for a 70% increase in net profits for 2008 according to the Chairman.

• DPW shares below Net Asset Value?
• DU 2007 FY results due 15 Feb 08 - a Friday??
• DU reaches 1.5 million customers 02 Feb 08
• Emirates Post 2007 FY profit +20% to AED 190m - 05 Feb 08
• What to trade for Feb 08? 01 Feb 08
• 05 February 2008 shares and financial news for DFM and ADSM
• NanoDynamics IPO
• TAMWEEL may issue AED 1.8 bn Sukuk - R 04 Feb 08
• ADCB 2007 FY profit -2.9% to Dh2.09 bn, misses own forecast 04 Feb 08
• FOODCO 2007 FY profit AED 24m -61% Q4 23m +254% 03 Feb 2008
• FOODCO 2007 Q3 profit AED 1.2m -73%, M9 0.58m -99% 30 Aug 2007
• ARTC FV 15.60 By Shuaa Capital 04 Feb 08
• Amlak vs Tamweel
• Dubai Financial Market General Index (DFMGI) Comments 01 Dec 07
• EMAAR MGF IPO
• How can foreigners buy Indian shares?
• ACWA Power Development acquires 40% in EMAAR Industires
• Insider trades February 2008
• TAMWEEL CEO resignation effective 15 Jan 2008?
• Reliance IPO this week
• UAE Equity Portfolio Strategy and Performance 02 Feb 08
• 04 February 2008 financial and business news for the UAE
• Al Qudra IPO
• FGB AED 9.2 bn convertible bonds 03 Feb 08
• FGB 2007 FY profit AED 2bn +31% 29 Jan 2008

More UAE stock market news and discussions...

best stock rises symbol price change RAPCO 4.13 +0.28 +7.3% SOROUH 9.08 +0.45 +5.2% ASMAK 6.54 +0.32 +5.1% TAQA 3.81 +0.16 +4.4% QTEL 276.30 +10.60 +4%

worst stock falls symbol price change GMPC 8.00 -0.80 -9.1% QCEM 3.09 -0.30 -8.8% GRAND 4.20 -0.30 -6.7% NMDC 7.61 -0.44 -5.5% OEIHC 39.65 -1.25 -3.1%

top volume symbol value (AED) price DFM 553,699,221 6.00 SOROUH 510,670,139 9.08 EMAAR 415,092,679 12.60 AMLAK 370,781,221 5.01 AABAR 369,165,303 4.65

Dubai Financial Market

The DFM index closed at 5,867 a rise of 0.20% from the previous close. 603 million shares were traded worth 2.9 billion dirhams. Five shares advanced and 15 declined.
The top traded share was AIRARABIA falling 1.41% to 2.09 dirhams on volume of 158 million shares traded.

Other shares to fall included: GULFNAV 1.55 (1.27%), DFM 6.00 (0.49%), DEYAAR 2.63 (1.12%) and Amlak Finance (AMLAK) 5.01 (1.41%).

Shares to rise included: ARAMEX 3.14 (3.97%), Dubai Islamic Bank (DIB) 11.50 (1.76%), Emaar Properties (EMAAR) 12.60 (0.80%) and Union Properties (UPP) 4.93 (0.61%).

Abu Dhabi Securities Market

The ADSM index closed at 4,752 a rise of 0.33% from the previous close. 364 million shares were traded worth 1.9 billion dirhams. Twenty two shares advanced and nineteeen declined.
The top traded sare was Aabar Petroleum (AABAR) rising 2.42% to 4.65 dirhams on volume of 79 million shares traded.

Other shares to rise included: Aldar Properties (ALDAR) 11.45 (2.23%), Dana Gas (DANA) 2.42 (0.41%), RAK Properties (RAKPROP) 2.68 (2.68%), Sorouh Real Estate (SOROUH) 9.08 (5.21%) and Abu Dhabi National Energy (TAQA) 3.81 (4.38%).

Shares to fall included: Abu Dhabi Commercial Bank (ADCB) 6.85 (0.44%), Etisalat (ETISALAT) 23.95 (1.24%), Oasis Leasing (OILC) 2.65 (0.38%) and NBS 4.00 (0.99%).

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• Discuss UAE companies at Dubai Share Talk.