UAE markets 17 Jun 2008

UAE market news & discussions for 17 June 2008 Both UAE markets fell from the open today. The ADX index closed half a percent lower on trading worth 1.8 billion dirhams. METHAQ was again the standout share rising a further 9.25% to 4.99 dirhams on turnover of 80 million shares. On the DFM, AIRARABIA was the top traded share falling 2.06% to 1.90 dirhams. The value of trading was just over one billion dirhams. Agenda this week Tuesday, 17 June 2008 FMI1 AGM at 8:00am (in Rifferswil, Switzerland) METHAQ BOD meeting at 4pm, no agenda supplied QTEL rights issue subscription period SHUAA AGM 45% cash dividend proposed SHUAA EGM - KSE delisting, & GCC nationals same share ownership as UAE. Postponed from 10 Jun 08 Wednesday, 18 June 2008 QTEL rights issue subscription period Thursday, 19 June 2008 DANA share price conversion cut-off QTEL rights issue subscription period ends UAE stock news - links to latest news articles

• Aldar report EFG Hermes FV Dh44.90
• Al Hilal Bank
• UAE market questions
• Insider trades June 2008
• Al Salam Bank Bahrain Fermat Risk Management Solution
• Global MENA Financial Assets IPO
• 17 Jun 2008 ADSM DFM DIFX disclosures & news
• Depa Deco wins Saks fitout contract
• Aramex rebranding
• DIB - JP Morgan employee arrested
• AMLAK & SOROUH dividend cheques?
• EMAAR Goldman Sachs report
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• NetSol new DIFX listing
• GULFNAV Stolt Nielsen JV
• SOROUH - EFG Hermes report FV Dh22.10
• UAE stock analysts
• Marketwatch ADX DFM June 2008
• Is there anyone here?
• Live chatroom for UAE stocks
• DFM capitalization
• TAQA convertible bond AED 4.15 bn
• 16 Jun 2008 ADSM DFM DIFX disclosures & news
• DFM London roadshow 2008
• T Rowe Price UAE investment fund

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best stock rises symbol price change TKFL 8.25 +0.72 +9.6% METHAQ 4.96 +0.42 +9.3% NGI 10.70 +0.50 +4.9% GFH 16.50 +0.70 +4.4% FH 14.95 +0.50 +3.5%

worst stock falls symbol price change ADSB 4.85 -0.50 -9.3% DIB 8.37 -0.40 -4.6% FOODCO 4.40 -0.20 -4.3% OEIHC 4.50 -0.20 -4.3% JULPHAR 2.50 -0.11 -4.2%

top volume symbol value (AED) price METHAQ 399,967,571 4.96 SOROUH 296,719,996 9.91 ARKAN 250,304,329 6.21 ALDAR 205,782,202 13.20 EMAAR 203,374,290 11.10

Dubai Financial Market

The DFM index closed at 5,560 a fall of 1.78% from the previous close. 261 million shares were traded worth 1.1 billion dirhams. Six shares advanced and twenty three declined.
The top traded share by volume was AIRARABIA falling 2.06% to 1.90 dirhams on turnover of 42 million shares.

Other shares to fall included: Amlak Finance (AMLAK) 4.77 (1.64%), Dubai Investments (DIC) 4.03 (1.94%), GULFNAV 1.77 (1.11%), DEYAAR 2.20 (1.34%), DFM 5.36 (3.42%) and Emaar Properties (EMAAR) 11.10 (0.89%).

Tabreed (TABREED) was the only gainer on significant volume rising 0.79% to 2.53.

Abu Dhabi Securities Market

The ADX index closed at 5,117 a fall of 0.53% from the previous close. 353 million shares were traded worth 1.8 billion dirhams. Eleven shares advanced and twenty eight declined.
The top traded share by volume was METHAQ rising 9.25% to 4.99 dirhams on turnover of 80 million shares.

Other shares to rise included: Abu Dhabi Commercial Bank (ADCB) 5.21 (2.36%), Abu Dhabi National Energy (TAQA) 3.51 (1.07%), ARKAN 6.05 (1.97%) and UNION 4.24 (0.24%).

Shares to fall included: First Gulf Bank (FGB) 26.55 (1.48%), Aldar Properties (ALDAR) 13.00 (0.75%), SIB 3.07 (1.60%), Sorouh Real Estate (SOROUH) 9.68 (0.20%), Dana Gas (DANA) 2.05 (2.36%) and RAK Cement (RAKCC) 3.64 (1.08%).

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• Discuss UAE companies at Dubai Share Talk.

UAE markets 16 Jun 2008

UAE market news & discussions for 16 June 2008 The DFM index finally closes up and ADSM index continues to impress rising 0.69% on strong trading in both volume 434 million shares and value 2.2 billion dirhams. METHAQ was again the standout share rising a further 8.35% to 4.60 dirhams to build on yesterdays gains. Between them ALDAR up 5.14% and SOROUH up 2.90% traded over one billion worth of shares. The DFM trading value was under one billion dirhams with the top traded share being DFM rising 0.90% to 5.55 dirhams on turnover of 43 million shares. On the DIFX, DP World finished steady on $0.92 on turnover of 2.4 million shares. Agenda this week Monday, 16 June 2008 ADIB BOD meeting. Agenda not supplied. DFM BOD meeting. GRAND record date? Disclosure not clear. NTWK (NetSol) new listing on the DIFX today QTEL rights issue subscription period TAQA record date for convertible bond eligibility? Unclear now what is happening - lack of disclosure from Taqa. Tuesday, 17 June 2008 FMI1 AGM at 8:00am (in Rifferswil, Switzerland) METHAQ BOD meeting at 4pm, no agenda supplied QTEL rights issue subscription period SHUAA AGM 45% cash dividend proposed SHUAA EGM - KSE delisting, & GCC nationals same share ownership as UAE. Postponed from 10 Jun 08 Wednesday, 18 June 2008 QTEL rights issue subscription period UAE Stock News - Links to latest articles

• AMLAK & SOROUH dividend cheques?
• DFM capitalization
• TAQA convertible bond AED 4.15 bn
• 16 Jun 2008 ADSM DFM DIFX disclosures & news
• DFM London roadshow 2008
• T Rowe Price UAE investment fund
• SHUAA Best Equity House award
• SHUAA Saudi Rotana JV
• Live chatroom for UAE stocks
• Marketwatch ADX DFM June 2008
• DIB - JP Morgan employee arrested
• NBAD Ahli United merger
• EMAAR shares - time to buy?
• Ajman Bank opening price
• 13-16 Jun 2008 ADSM DFM DIFX disclosures & news
• Taqa Theolia Morocco
• Insider trades June 2008
• AMAN Syria
• EMAAR fact story
• What's the buzz in smaller stocks?
• 12 new UAE cement companies
• DIC - A Good buy? - analysis
• Just Joined & Wish to invest in UAE Market
• DFM net foreign selling Dh190m last week
• Limitless / Minerva / Northace

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best stock rises symbol price change ALSALAMSUDAN 7.45 +0.70 +10.4% METHAQ 4.54 +0.35 +8.4% FH 14.45 +1.10 +8.2% NCTH 12.50 +0.80 +6.8% UNION 4.23 +0.23 +5.8%

worst stock falls symbol price change INVESTB 3.34 -0.30 -8.2% FBICO 5.47 -0.36 -6.2% TAQA 3.74 -0.17 -4.3% SCIDC 5.46 -0.19 -3.4% GMPC 3.55 -0.10 -2.7%

top volume symbol value (AED) price SOROUH 556,142,442 9.93 ALDAR 513,037,518 13.30 DFM 238,729,046 5.55 EMAAR 194,642,596 11.20 DANA 182,991,938 2.12

Dubai Financial Market

The DFM index closed at 5,660 a rise of 0.51% from the previous close. 193 million shares were traded worth 931 million dirhams. Twelve shares advanced and ten declined.
The top traded share by volume was DFM rising 0.90% to 5.55 dirhams on turnover of 43 million shares.

Other shares to rise included: AIRARABIA 1.94 (0.51%), Emaar Properties (EMAAR) 11.20 (0.90%) and Islamic Arab Insurance (IAIC) 3.38 (0.89%).

Shares to fall included: GULFNAV 1.79 (0.55%), Dubai Investments (DIC) 4.11 (1.20%) and DEYAAR 2.23 (0.44%).

Abu Dhabi Securities Market

The ADSM index closed at 5,144 a rise of 0.69% from the previous close. 434 million shares were traded worth 2.2 billion dirhams. Twenty five shares advanced and fifteen declined.
The top traded share by volume was Dana Gas (DANA) rising 1.44% to 2.11 dirhams on turnover of 86 million shares. Aldar Properties (ALDAR) 13.55 (5.14%) and Sorouh Real Estate (SOROUH) 10.05 (2.90%) were also up with over one billion dirhams worth of shares traded between them.

Other shares to rise included: First Gulf Bank (FGB) 26.95 (0.19%), SIB 3.11 (3.65%) Aabar Petroleum (AABAR) 3.86 (1.04%), AGTHIA 2.79 (0.36%), METHAQ 4.60 (8.35%) and Etisalat (ETISALAT) 20.45 (0.49%).

Shares to fall included: Abu Dhabi Commercial Bank (ADCB) 5.04 (0.59%), Abu Dhabi National Energy (TAQA) 3.74 (4.35%), ARKAN 6.10 (0.16%) and RAK Cement (RAKCC) 3.66 (0.54%).

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UAE markets 15 Jun 2008

UAE market news & discussions for 15 June 2008 A slow day at the DFM but excitement in Abu Dhabi as Methaq Insurance traded 10% limit up and topped the turnover tables, helping the ADX to see more than twice the level of trading as in Dubai. Aldar shares rose 2.85% on relatively heavy trading despite the announcement of another 1.4% dilution from their convertible Sukuk. Netsol, a new DIFX listing, starts trading tomorrow (Monday 16 June 2008) Taqa shares were suspended from trading today, due to lack of information on their convertible bond. Taqa also released a press release about the Theolia deal, after being asked about it by the ADX ... the same press release that Theolia sent out last week. A good start to the week then, for the Taqa investor relations department.

• 13-16 Jun 2008 ADSM DFM DIFX disclosures & news
• 12 new UAE cement companies
• AMAN Syria
• ARTC to buy piling contractor
• DFM capitalization - and updated stock filter page
• DFM net foreign selling Dh190m last week
• EMAAR story
• Insider trades June 2008
• Taqa Theolia Morocco
• TAQA convertible bond AED 4.15 bn
• What's the buzz in smaller stocks?

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best stock rises symbol price change METHAQ 4.19 +0.28 +7.2% NMDC 12.00 +0.65 +5.7% FH 13.35 +0.50 +3.9% UCC 5.29 +0.19 +3.7% ALDAR 12.65 +0.35 +2.8%

worst stock falls symbol price change NCTH 11.70 -1.30 -10% ARIG 3.12 -0.28 -8.2% ALFIRDOUS 2.47 -0.13 -5% UNION 4.00 -0.15 -3.6% ASCANA 3.00 -0.09 -2.9%

top volume symbol value (AED) price METHAQ 368,769,883 4.19 ALDAR 211,878,791 12.65 SOROUH 136,513,124 9.65 OILC 117,368,682 2.76 DIC 115,382,209 4.16

Dubai Financial Market

A light day of trading at the DFM with only AED 533 million worth of deals, and only Dubai Investments (DIC) seeing more than AED 100 million worth as it rose 1.5% to 4.16. The DFMGI fell 0.5% to 5632 points. Tabreed (TABREED) was the top gainer with a 1.6% rise to 2.54. GULFNAV and Aramex (ARMX) each rose 1.1% and the remaining gainers were up less than 1% or on thin trading.

Emirates NBD (ENBD) was the worst of the actively traded losers, falling by 2.1% to 11.75. Dubai Islamic Bank (DIB) was down 1.45%, GGICO by 1.2% and the remaining losers fell less than 1% or on thin turnover. Emaar Properties (EMAAR) was down 0.9% to 11.10.

Abu Dhabi Securities Market

The ADX saw a slight drop of 0.16% to 5110 points with turnover at a moderate level of AED 1.3 billion. METHAQ was the dominant share with AED 370 million worth of trades, and shares closing limit up at AED 4.30. Aldar Properties (ALDAR) was also popular and gained 2.85% to close at 13.00.

Other gains of note for Finance House (FH) which rose 3.9% to 14.10 with heavier than usual trading, First Gulf Bank (FGB) up 1.9%, Oasis Leasing (OILC) up 1.85%, Commercial Bank International (CBI) up 1.5% and the remainder with smaller than 1% gains or thin trading.

Abu Dhabi Commercial Bank (ADCB) was the worst of the losers on active trading with a 2.1% fall to 5.09. RAK White Cement (RAKWCT) fell 2%, ADAVIATION 1.8%, Etisalat (ETISALAT) 1.7%, Aabar Petroleum (AABAR) 1.0% and the remaining losers fell less than 1% or on thin trading.

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UAE markets 12 Jun 2008

UAE market news & discussions for 12 June 2008 Both markets slumped today, making for a rather dull week in the end, with most of the actively traded stocks dropping by 0-2%. Aabar Energy, or Petroleum, or Gas Station, or whatever they're calling themselves this week, had another good day with an intra-day high just shy of AED 4.00. Union National Bank is another Abu Dhabi stock that seems to be on the up in the past couple of days, with much greater than usual trading activity. While in Dubai, there was little to write home about. On the DIFX, Depa was down 2% to $1.52, and DP World unchanged at $0.93. The Shuaa CEO, in an interview with Arabian Business, said he thought Emaar shares were undervalued and are worth 18-20 dhs per share. Which is about what everyone else (including ShareWadi) thinks. Except for that final arbiter of share price - the stock market. And just to remind us who's boss, Emaar shares fell 1.2% today to 11.20. Other stock market news ... Ajman Bank announced that they would list on the DFM on Sunday 22 June 2008 First Gulf Bank and National Bank of Abu Dhabi were both given BUY ratings earlier this week in EFG Hermes research notes First Gulf Bank annouced the opening of a new branch in Oud Al Touba in Al Ain Global won the best investment bank in Kuwait award from Asiamoney Mashreq won the best UAE bank award from Euromoney ShareWadi won the best not a bank award from Nomoney NetSol will have a secondary listing on the DIFX with trading starting on Monday 16 June 2008 Taqa share price will not be restated on Sunday 15 June 2008 after all, as their convertible bonds apparently will be made available to non-shareholders. Agenda this week and next week Thursday, 12 June 2008 GPI rights issue / capital increase subscription period? GRAND AGM & EGM 25% share & 10% cash dividend proposed? Disclosure unclear NRE EGM (deferred from 28 May 2008) QTEL rights issue subscription period TAQA last trading day for convertible bond subscription eligibility Friday, 13 June 2008 GPI rights issue / capital increase subscription period? QTEL rights issue subscription period Saturday, 14 June 2008 GPI rights issue / capital increase subscription period? QTEL rights issue subscription period Sunday, 15 June 2008 GPI rights issue / capital increase subscription period last day? Disclosure not clear. QTEL rights issue subscription period TAQA convertible bond share price not to be amended after all. Taqa shareholders no longer eligible for convertible bond? Taqa disclosure not clear. Monday, 16 June 2008 ADIB BOD meeting. Agenda not supplied. DFM BOD meeting. NTWK (NetSol) new listing on the DIFX today QTEL rights issue subscription period TAQA record date for convertible bond eligibility Tuesday, 17 June 2008 FMI1 AGM at 8:00am (in Rifferswil, Switzerland) QTEL rights issue subscription period SHUAA AGM 45% cash dividend proposed SHUAA EGM - KSE delisting, & GCC nationals same share ownership as UAE. Postponed from 10 Jun 08 Wednesday, 18 June 2008 QTEL rights issue subscription period Thursday, 19 June 2008 DANA share price conversion cut-off QTEL rights issue subscription period ends DubaiShareTalk latest updates

• 12 Jun 2008 ADSM DFM DIFX disclosures & news
• ADIB Egypt rights issue
• Ajman Bank opening price
• Ajman Bank listing date
• DP World Operator of the Year
• GLOBAL Best Investment Bank award
• Mashreq wins best bank award
• NetSol new DIFX listing
• TAQA convertible bond AED 4.15 bn
• Taqa Theolia Morocco
• TAQA deals in 2008 worth AED 18 bn
• UCC BOD report
• 11 Jun 2008 ADSM DFM DIFX disclosures & news

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best stock rises symbol price change ALSALAMSUDAN 6.75 +0.60 +9.8% AABAR 3.90 +0.06 +1.6% RAKCEC 3.98 +0.06 +1.5% UNB 9.40 +0.13 +1.4% METHAQ 3.91 +0.05 +1.3%

worst stock falls symbol price change GRAND 3.50 -0.50 -12.5% TKFL 7.53 -0.72 -8.7% NMDC 11.35 -1.00 -8.1% DRIVE 8.05 -0.64 -7.4% DNIR 3.80 -0.19 -4.8%

top volume symbol value (AED) price EMAAR 264,072,578 11.20 TAQA 227,502,579 3.91 AABAR 211,667,442 3.90 DFM 173,093,029 5.49 RAKCC 146,067,310 3.75

Dubai Financial Market

After a couple of flat days, the DFM index took off today, but not in the direction we want to see. It fell 1.1% to 5659 with turnover slightly below the AED 1 billion level. Emaar Properties (EMAAR) was at the top of the traded value list with AED 264m worth of deals, and a 1.3% fall to 11.20.

Apart from Aramex (ARMX) which rose 0.75% to 2.67, all the actively traded stocks fell today. There was only one other gain - a single small trade in the newly listed ALSALAMSUDAN, and a couple more trades at unchanged prices for other thinly traded stocks.

Dubai Investments (DIC) was the worst of the more active losers, with a 2.8% fall to 4.10. Islamic Arab Insurance (IAIC) was not far behind with a 2.6% drop to 3.33, while AMAN fell 2.5% to 3.49. Tabreed (TABREED) was down 2.3% to 2.50, Shuaa Capital (SHUAA) fell 2% to 8.22, and the remainder fell less than 2%.

Abu Dhabi Securities Market

The ADX index had a marginally better day, only dropping by half the amount seen in Dubai, to 5118, but turnover was a little higher at AED 1.2 billion. Abu Dhabi National Energy (TAQA) was the busiest stock with AED 227m worth of deals while falling by 1.8% to 3.77, another energy stock, Aabar Petroleum (AABAR), was also trading heavily but in a more positive light as it gained 1.6% to close at 3.85, and score top spot on the short list of gainers. RAK Cement (RAKCC) was also busy and rose 1.1% to 3.71, and Dana Gas (DANA) also saw more than AED 100m worth of trading, but price remained unchanged at 2.09.

Other gainers included RAK Ceramics (RAKCEC) up 1.5% on thin trading, Union National Bank (UNB) up 1.4% on heavier than usual trading, METHAQ up 1.3%, and another 5 on thin trading or with smaller than 1% gains.

The top three losers saw less than 10 trades and less than AED 0.5 m of turnover between them. The worst loser of note was Abu Dhabi Commercial Bank (ADCB), dropping by 2.1% to 5.20. Other losers included AGTHIA dropping by 1.8%, First Gulf Bank (FGB) down by 1.7%, NBS and RAK White Cement (RAKWCT) down by 1.6%, and the remainder by less than 1.5% or on thin trading.

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

UAE markets 11 Jun 2008

UAE market news & discussions for 11 June 2008 The DFM index finished virtually unchanged and the ADX up 0.50% in UAE trading today. The DFM continues to limp along on low volume and directionless trade. The top traded share was DFM falling 1.58% to 5.60 dirhams on turnover of 33 million shares. On the ADX, energy stocks AABAR and DANA were up 3.50% and 0.48% on solid volumes. TAQA could not hold all the gains from yesterday falling 1.00%. Agenda this week Thursday, 12 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? GRAND AGM & EGM 25% share & 10% cash dividend proposed? Disclosure unclear NRE EGM (deferred from 28 May 2008) QTEL rights issue subscription period TAQA last trading day for convertible bond subscription eligibility Friday, 13 June 2008 GPI rights issue / capital increase subscription period? QTEL rights issue subscription period UAE stock news - links to latest news articles.

• Marketwatch ADX DFM June 2008
• Insider trades June 2008
• TAQA convertible bond AED 4.15 bn
• ALDAR share capital - bond conversion
• SHUAA EGM - KSE delisting & foreign ownership
• SOROUH Tameer contract
• UCC BOD report
• 11 Jun 2008 ADSM DFM DIFX disclosures & news
• NBAD EFG research
• FGB - EFG research note
• DIB ex-VP arrested
• Tamweel Irad buy-to-let
• UAE cement companies - Global research
• Aramex - Global research
• Depa Jordan
• DIC - A Good buy? - analysis
• 10 Jun 2008 ADSM DFM DIFX disclosures & news
• AMLAK MAZAYA Sky Garden dispute
• DFM capitalization
• Burj Dubai fountain
• Subscribing to IPOs in GCC
• Depa employee stock options
• Sharjah Islamic Financial Services (SIFS)
• Investing in Small & Midcaps
• Amlak Jordan Inwan IPO 10x oversubscribed

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best stock rises symbol price change NBQ 7.17 +0.64 +9.8% INVESTB 3.64 +0.20 +5.8% UNB 9.27 +0.33 +3.7% AABAR 3.84 +0.13 +3.5% FH 12.90 +0.40 +3.2%

worst stock falls symbol price change ADSB 5.25 -0.31 -5.6% EKTTITAB 3.31 -0.19 -5.4% AWNIC 6.70 -0.30 -4.3% AKIC 2.98 -0.11 -3.6% FOODCO 4.54 -0.12 -2.6%

top volume symbol value (AED) price AABAR 332,304,298 3.84 TAQA 332,171,707 3.98 OILC 193,347,649 2.72 DFM 189,240,375 5.60 EMAAR 139,490,845 11.35

Dubai Financial Market

The DFM index closed at 5,723 a fall of 0.06% from the previous close. 147 million shares were traded worth 768 million dirhams. Five shares advanced and twelve declined.
The top traded share was DFM, falling 1.58% to 5.60 dirhams on turnover of 33 million shares.

Other shares to fall included: Dubai Investments (DIC) 4.22 (1.63%), Emaar Properties (EMAAR) 11.35 (0.43%) and Amlak Finance (AMLAK) 4.90 (1.20%).

Shares to rise included: Arabtec (ARTC) 16.30 (0.30%), Dubai Islamic Bank (DIB) 9.00 (0.33%), Emirates NBD (ENBD) 12.10 (2.10%) and GULFNAV 1.81 (0.55%).

Abu Dhabi Securities Market

The ADX index closed at 5,148 a rise of 0.44% from the previous close. 436 million shares were traded worth 1.7 billion dirhams. Twenty two shares advanced and twenty two shares declined.
The top traded share was Aabar Petroleum (AABAR) rising 3.50% to 3.84 dirhams on turnover of 86 million shares.

Other shares to rise included: WAHA 2.72 (1.49%), AGTHIA 2.84 (1.79%), First Gulf Bank (FGB) 26 0.85 (1.51%), Sorouh Real Estate (SOROUH) 9.62 (0.10%) and Dana Gas (DANA) 2.10 (0.48%).

Shares to fall included: Etisalat (ETISALAT) 20.70 (0.72%), RAK Properties (RAKPROP) 2.27 (0.44%), Abu Dhabi National Energy (TAQA) 3.98 (1.00%), ARKAN 6.23 (0.16%) and RAK Cement (RAKCC) 3.71 (1.59%).

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

UAE markets 10 Jun 2008

UAE market news & discussions for 10 June 2008 UAE markets headed in opposite directions today. The DFM index declined by more than one percent lead by falls by EMAAR, TAMWEEL, AMLAK and DFM. The ADX index was up by more than one per cent lead by rises in energy stocks: AABAR up 1.64%, DANA up 0.48% and TAQA up over 4% on news of a convertible bond issue. A little over one billion dirham of shares traded on the DFM and 1.6 billion on the ADX. UAE Business News: Amlak Mazaya deal for Sky Gardens resolved - PR 10 June 2008 Sorouh Tameer contract signed for Tameer Towers Taqa to issue convertible bonds worth AED 4.15 billion. Primary offer to Taqa shareholders registered on 16 June 2008. UAE stock news - links to latest news articles. Agenda this week Tuesday, 10 June 2008 AABAR Sukuk last day to submit Voluntary Early Redemption Notice (before 14:00 GMT) GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period SHUAA EGM - delist from KSE, & give GCC nationals same share ownership rights as UAE nationals UCC BOD meeting at 10 am Wednesday, 11 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period Thursday, 12 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? GRAND AGM & EGM 25% share & 10% cash dividend proposed? Disclosure unclear NRE EGM (deferred from 28 May 2008) QTEL rights issue subscription period TAQA last trading day for convertible bond subscription eligibility

• Marketwatch ADX DFM June 2008
• 10 Jun 2008 ADSM DFM DIFX disclosures & news
• TAQA convertible bond AED 4.15 bn
• AMLAK MAZAYA Sky Garden dispute
• Insider trades June 2008
• DFM capitalization
• DIC - A Good buy? - analysis
• Burj Dubai fountain
• SOROUH Tameer contract
• Subscribing to IPOs in GCC
• Depa employee stock options
• Sharjah Islamic Financial Services (SIFS)
• Investing in Small & Midcaps
• Amlak Jordan Inwan IPO 10x oversubscribed
• ADNIC foreign ownership
• NBAD loan AED 700m for Das Real Estate
• 09 Jun 2008 ADSM DFM DIFX disclosures & news
• DEPA report ING Bank
• ALDAR share capital - bond conversion
• 06-08 Jun 2008 ADSM DFM DIFX disclosures & news
• Mithaq foreign ownership?
• AKIC foreign ownership
• TABREED Masdar carbon credits
• Forum and website modifications and new features log
• Aldar dirham Sukuk

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best stock rises symbol price change NBQ 6.53 +0.59 +9.9% UNION 4.01 +0.36 +9.9% TAQA 4.02 +0.17 +4.4% GMPC 3.65 +0.14 +4% QCEM 3.16 +0.10 +3.3%

worst stock falls symbol price change WARE 17.45 -3.05 -14.9% AKIC 3.09 -0.12 -3.7% ALFIRDOUS 2.60 -0.10 -3.7% RAPCO 5.08 -0.19 -3.6% ARTC 16.25 -0.55 -3.3%

top volume symbol value (AED) price TAQA 376,926,278 4.02 AABAR 257,941,227 3.71 DIC 251,924,053 4.29 EMAAR 193,098,632 11.40 DFM 179,667,488 5.69

Dubai Financial Market

The DFM index closed at 5,726 a 1.18% fall from the previous close. 255 million shares were traded worth 1.15 billion dirhams. Four shares advanced and eighteen declined.
The top traded share continues to be Dubai Investments (DIC), rising 0.46% to 4.29 dirhams on volume of 59 million shares.

Shares to fall included: AIRARABIA 1.95 (0.51%), DFM 5.69 (1.04%), Amlak Finance (AMLAK) 4.96 (1.39%), Emaar Properties (EMAAR) 11.40 (1.72%) and Tamweel (TAMWEEL) 8.26 (2.13%).

GULFNAV closed unchanged at 1.80.

Abu Dhabi Securities Market

The ADX index closed at 5,125 a 1.09% rise from the previous close. 407 million shares were traded worth 1.6 billion dirhams. Twenty two shares advanced and eighteen declined.
The top traded share was Abu Dhabi National Energy (TAQA) rising 4.24% to 4.02 dirhams on turnover of 93 million shares.

Other shares to rise included: First Gulf Bank (FGB) 26 0.45 (0.76%), Aabar Petroleum (AABAR) 3.71 (1.64%), Dana Gas (DANA) 2.09 (0.48%), ARKAN 6.24 (0.32%), RAK Cement (RAKCC) 3.77 (0.27%) and Etisalat (ETISALAT) 20.80 (0.48%).

Shares to fall included: Commercial Bank International (CBI) 2.73 (1.09%), WAHA 2.68 (0.74%) and Sorouh Real Estate (SOROUH) 9.61 (0.52%).

• Comment on this report and view previous reports on the Share Wadi blog.
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UAE markets 09 Jun 2008

UAE market news & discussions for 09 June 2008 A quiet days trading on UAE markets today. Both indicies finished virtually unchanged and the value of shares traded on the DFM slightly over one billion dirham and on the ADX one and half billion dirhams. DIC continues to top trading on the DFM rising 0.70% to 4.27 dirhams on volume of 121 million shares traded. SIB topped trading on the ADX, falling 0.95% to 3.09 dirhams on 51 million shares traded. Agenda this week Monday, 09 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period TAQA BOD meeting at 2:30 pm to discuss convertible bonds Tuesday, 10 June 2008 AABAR Sukuk last day to submit Voluntary Early Redemption Notice (before 14:00 GMT) GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period SHUAA EGM - delist from KSE, & give GCC nationals same share ownership rights as UAE nationals UCC BOD meeting at 10 am Wednesday, 11 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period Thursday, 12 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? GRAND AGM & EGM 25% share & 10% cash dividend proposed? Disclosure unclear NRE EGM (deferred from 28 May 2008) QTEL rights issue subscription period UAE stock news - links to latest news articles.

• Marketwatch ADX DFM June 2008
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• Investing in Small & Midcaps
• Amlak Jordan Inwan IPO 10x oversubscribed
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• NBAD loan AED 700m for Das Real Estate
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• 06-08 Jun 2008 ADSM DFM DIFX disclosures & news
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• Internaxx
• Arabtec Nakheel AED 3bn contract
• Ummar Bank IPO
• Arabtec Zabeel Brad Pitt hotel deal
• Damac Kurdistan AED 55 bn investment?
• DFM net foreign investment Dh230 m last week

More UAE stock market news and discussions...

best stock rises symbol price change ALMADINA 7.98 +0.73 +10.1% SICO 6.31 +0.57 +9.9% OEIHC 4.94 +0.43 +9.5% TKFL 8.20 +0.70 +9.3% NMDC 12.35 +0.75 +6.5%

worst stock falls symbol price change ALSALAMSUDAN 6.15 1.01 19.6% IFA 7.25 0.75 11.5% GMPC 3.51 0.23 7% INVESTB 3.44 0.21 6.5% UNION 3.65 0.20 5.8%

top volume symbol value (AED) price DIC 521,269,688 4.27 ARKAN 279,541,075 6.22 UNB 217,426,105 8.97 AABAR 171,361,061 3.65 NBS 160,552,884 3.14

Dubai Financial Market

The DFM index closed at 5,794 a rise of 0.03% from the previous close. 287 million shares were traded worth 1.1 billion dirhams. Thirteen shares advanced and twelve declined.
The top traded share by volume was Dubai Investments (DIC), rising 0.70% to 4.27 dirhams on turnover of 121 million shares.

Other shares to rise included: DEYAAR 2.27 (0.44%), Tamweel (TAMWEEL) 8.44 (0.11%) and Arabtec (ARTC) 16.80 (0.59%).

Shares to fall included: AIRARABIA 1.96 (0.50%), DFM 5.75 (0.17%) and GULFNAV 1.80 (0.55%).

Abu Dhabi Securities Market

The ADX index closed at 5,107 a fall of 0.07% from the previous close. 326 million shares were traded worth 1.5 billion dirhams. Twenty three shares advanced and twenty two declined.
The top traded share was SIB, falling 0.95% to 3.09 dirhams on turnover of 51 million shares.

Other shares to fall included: Union National Bank (UNB) 8.97 (0.77%) and Dana Gas (DANA) 2.08 (0.48%).

Shares to rise included: WAHA 2.70 (1.12%), Sorouh Real Estate (SOROUH) 9.66 (1.47%), Aabar Petroleum (AABAR) 3.65 (1.96%) and ARKAN 6.22 (1.80%).

• Comment on this report and view previous reports on the Share Wadi blog.
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UAE markets 08 Jun 2008

UAE market news & discussions for 08 June 2008 Both markets sank somewhat today with reduced turnover, except for a great deal of interest in Dubai Investments which saw a solid gain, and continuing heavy trading in RAK Cement and Sharjah Islamic Bank. June kicks off with as flurry of dollar-dirham peg comments, just in case you thought it was safe to go back to the money changers. There was a report of a 33% chance that the UAE dirham would revalue against the dollar peg, according to the chief economist at Standard Chartered. That sounds sounds like an interesting interpretation of comments from the UAE Central Bank Governor last week, who said there were no plans to revalue. Sheikh Mohammed, the ruler of Dubai, also joined in and said the dirham should stay pegged to the dollar as long as it was in the best interests of the UAE. Aramex shares were given a valuation of AED 3.13 in a report from Kuwait's Global Investment House. Aramex shares fell 1.8% to 2.74 on modest turnover. Abu Dhabi Commercial Bank's CEO appears to be no longer wanted by Interpol. ADCB shares fell slightly to AED 5.31 on thin trading today. Al Khazna Insurance (AKIC) allowed foreigners to own their shares from today. Shares rose slightly to AED 3.22 on greater than usual turnover. Arabtec was awarded an AED 3 billion contract by Nakheel for the Al Furjan development. ARTC shares rose slightly to AED 16.70 indicating the additional 2 dhs per share that the contract could be worth, had already been priced in. Commercial Bank International (CBI) announced a new CEO, Mr Douwe Oppedijk, who started working there almost a month ago. CBI shares fell 4.1% to 2.75 on the usual low level of trading. Sunday, 08 June 2008 AKIC foreign ownership to 25% allowed from today GPI rights issue / capital increase subscription period (unconfirmed)? NRE 10% bonus shares in shareholder accounts QTEL rights issue subscription period starts Monday, 09 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period TAQA BOD meeting at 2:30 pm to discuss convertible bonds Tuesday, 10 June 2008 AABAR Sukuk last day to submit Voluntary Early Redemption Notice (before 14:00 GMT) GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period SHUAA EGM - delist from KSE, & give GCC nationals same share ownership rights as UAE nationals UCC BOD meeting at 10 am Wednesday, 11 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period Thursday, 12 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? GRAND AGM & EGM 25% share & 10% cash dividend proposed? Disclosure unclear NRE EGM (deferred from 28 May 2008) QTEL rights issue subscription period DubaiShareTalk latest posts

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best stock rises symbol price change NBQ 5.94 +0.54 +10% SICO 5.74 +0.52 +10% UNION 3.85 +0.34 +9.7% DIC 4.24 +0.20 +5% DRC 16.00 +0.50 +3.2%

worst stock falls symbol price change TKFL 7.50 -0.83 -10% ALMADINA 7.25 -0.55 -7.1% ADAVIATION 5.34 -0.36 -6.3% ARIG 3.40 -0.20 -5.6% CBI 2.76 -0.12 -4.2%

top volume symbol value (AED) price DIC 892,415,419 4.24 RAKCC 212,019,707 3.78 EMAAR 168,410,592 11.60 NBS 150,792,665 3.17 DFM 137,008,392 5.76

Dubai Financial Market

The DFMGI fell by 0.5% to 5793 with turnover at AED 1.8 billion, although half of that was from trading in Dubai Investments (DIC) shares, which rose a solid 5% to 4.24, and hit an intra-day high of just over 4.50. No news was seen to explain the sudden interest.

Only SALAM_BAH rising 1.5%, and AMAN rising 1.4% were the other gainers of note today, out of a list of 10. The others with small rises or thin trading.

Almost all the more actively traded stocks fell 1-2% today, with Tabreed (TABREED) the worst at 2.55 after a 2.3% drop. Not far behind was GULFNAV down by 2.2% to to 1.81, and Shuaa Capital (SHUAA) down by 2.1% to 8.46. Emaar Properties (EMAAR) fell 1.3% to 11.60. The two biggest losers fell on turnover of much less than AED 1 million.

Abu Dhabi Securities Market

A less hectic day at the ADX today, with the index dropping by 0.75% to 5112 on turnover of just under AED 1 billion. RAK Cement (RAKCC) continues to dominate the floor with AED 212m worth of deals and a small 0.3% gain to 3.77. The busy stock from Thursday, NBS (or SIB), was active again with AED 151 worth of turnover and a 1.3% rise to 3.11. Still no apparent reason for the heightened activity in either stock.

NBQ had a big 10% limit up day to 5.94 from a single million share trade. SICO and UNION also saw a handful of limit up trades. No other big rises. ADNH was up 2.6% to 7.87 on greater activity than usual. RAK Poultry (RAPCO) rose 2.5% to 5.30, and the remaining gainers were up less than 1% or on thin trading.

At the top of the long list of losers was ADAVIATION with a 6.3% plummet to 5.25 (ignoring the solitary trade for TKFL). Commercial Bank International (CBI) fell 4.2% to 2.75, AGTHIA was down 2.9% to 2.70, Aldar Properties (ALDAR) dropped 2.8% to 12.35, RAK White Cement (RAKWCT) fell 2.6% to 2.62, First Gulf Bank (FGB) 2.25% to 25.90 on solid trading, QCEM 2.2% to 3.05, and the rest fell less than 2% apart from a couple of other losers trading less than AED 1 million worth.

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UAE markets 05 Jun 2008

UAE market news & discussions for 05 June 2008 Both the DFM and ADX rose today, with the Abu Dhabi market trumping the Dubai bourse on turnover. Sharjah Islamic Bank made a rare appearance at the top of the turnover table with massive trading, but no obvious reason for the interest. The newly listed Al Salam Bank Sudan saw no trades, not even any sellers in the queue, however, the Bahrain Al Salam Bank saw good interest on a decent rise. Aabar in Abu Dhabi looked promising, and First Gulf Bank saw another reasonable gain. On the DIFX, DP World was down $0.01, while Depa was up by $0.01. Agenda next week Friday, 06 June 2008 AABAR 10% cash dividend payment date GPI rights issue / capital increase subscription period (unconfirmed)? Saturday, 07 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? Sunday, 08 June 2008 AKIC foreign ownership to 25% allowed from today GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period starts Monday, 09 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period TAQA BOD meeting at 2:30 pm to discuss convertible bonds Tuesday, 10 June 2008 AABAR Sukuk last day to submit Voluntary Early Redemption Notice (before 14:00 GMT) GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period SHUAA EGM - delist from KSE, & give GCC nationals same share ownership rights as UAE nationals Wednesday, 11 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? QTEL rights issue subscription period Thursday, 12 June 2008 GPI rights issue / capital increase subscription period (unconfirmed)? GRAND AGM & EGM 25% share & 10% cash dividend proposed? Disclosure unclear NRE EGM (deferred from 28 May 2008) QTEL rights issue subscription period DubaiShareTalk latest posts

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best stock rises symbol price change UNION 3.51 +0.31 +9.7% WARE 20.50 +1.40 +7.3% GMPC 3.74 +0.19 +5.4% RAPCO 5.24 +0.25 +5% SALAM_BAH 2.76 +0.13 +4.9%

worst stock falls symbol price change EKTTITAB 3.51 -0.19 -5.1% BILDCO 3.96 -0.16 -3.9% ADNH 7.73 -0.30 -3.7% RAKWCT 2.68 -0.09 -3.2% JULPHAR 2.62 -0.08 -3%

top volume symbol value (AED) price NBS 430,530,947 3.13 AABAR 368,257,356 3.62 DIC 237,606,549 4.04 EMAAR 225,151,256 11.75 OILC 144,942,882 2.69

Dubai Financial Market

The DFMGI rose 0.3% to 5824 with turnover at a modest AED 1.25 billion worth. Dubai Investments (DIC) looks to be a stock of interest at the moment, at the top of the traded value table with AED 238m worth of deals and a small gain of 0.75% to 4.04, while Emaar Properties (EMAAR) was also popular with a smaller gain of 0.43% to 11.75.

SALAM_BAH stood out with solid trading and a 4.9% jump to 2.76, Emirates NBD (ENBD) was up 1.25% to 12.15, Aramex (ARMX) up 1.1% to 2.79 and nothing else of note in the gainers list.

EKTITTAB headed the losers list on low turnover - it looks like it has settled into the pattern of other secondary listings with thin trading. AMAN and Tamweel (TAMWEEL) fell 1.9%, Islamic Arab Insurance (IAIC) was down 1.1%, and another 8 stocks fell less than 1%.

Abu Dhabi Securities Market

The ADX rose just 0.15% to 5145 with turnover at a decent enough AED 1.8 billion. NBS (SIB) was, astonishingly, at the top of the turnover list with AED 430 million worth of deals, and a 4.7% rise to 3.20. No disclosures or news seen to explain the sudden interest in a stock that is not usually actively traded.

Aabar Petroleum (AABAR) was also popular with AED 370 million worth of trading and a 2.3% rise to 3.56. A big rise of 5% to 5.33 for the ever volatile RAK Poultry (RAPCO), First Gulf Bank (FGB) continues its steady ascent with another 2.3% gain to 26.95, AKIC rose 1.5%, Union National Bank (UNB) 1.2% on heavier than usual trading, and the remaining gainers were up by less than 1% or on thin trading.

The loser's list was headed by BILDCO (BILDCO), falling 3.9% to 3.88, followed by ADNH by 3.7% to 7.99 and RAK White Cement (RAKWCT) down 3.25% to 2.66. Union Cement (UCC) fell 2.9%, METHAQ 2.2%, RAK Cement (RAKCC) and ARKAN by 1.3%, Aldar Properties (ALDAR) 1.2%, and the remainder by less than 1% or on turnover of less than AED 1 million.

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