Mena News

 

  Aramex announces 2Q13 results
Jul , 23 , 2013  
  Dubai-based Aramex’s net profit increased 12%YoY to AED72.3mn in 2Q13. Revenue rose 9%YoY to AED845mn during the same period.
 

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  Dubai Financial Market posts 1H13 results
Jul , 22 , 2013  
  Dubai Financial Market’s net profit surged 138% YoY to AED96.5mn in 2H13. Net profit for 2Q13 soared 581% YoY to AED69.5mn.
 

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  Value of MENA rail projects to increase amid network expansion
Jul , 22 , 2013  
  Value of rail contracts awarded in the MENA region reached USD434mn in 1Q13. This accounts for 17% of the total projects awarded in the transport sector.
 

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  Egypt receives USD2bn loan from Saudi Arabia
Jul , 22 , 2013  
  Egypt’s central bank received a USD2bn loan from Saudi Arabia as the latest installment of the USD12bn aid pledged by Gulf Arab states.
 

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  US leading index remains flat in June
Jul , 21 , 2013  
  The Conference Board’s Leading Economic Index remained flat in June, following a 0.2% rise in May.
 

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  Moody’s upgrades credit rating outlook for the US
Jul , 21 , 2013  
  Moody’s upgraded its credit rating outlook for the US to “stable” from “negative” due to an improvement in the government’s debt profile.
 

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  Tamweel Co. reports 2Q13 results
Jul , 21 , 2013  
  Dubai-based Tamweel Co.’s net profit increased 40%YoY to AED26.1mn in 2Q13. Shareholders approved the company’s delisting from the Dubai Financial Market to allow its parent company, Dubai Islamic Bank, to take ownership.
 

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  Dar Al Arkan reports 2Q13 results
Jul , 21 , 2013  
  Saudi Arabia-based Dar Al Arkan Real Estate Development Co’s net profit plunged 68.7%YoY to SAR103.7mn in 2Q13.
 

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  Saudi SABIC Q2 net profit up 14 percent on lower costs
Jul , 21 , 2013  
  Saudi Basic Industries Corp (SABIC) posted a 13.96 percent rise in its second quarter net profit, but missed analysts’ forecasts.
 

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  Dana Gas Achieves Record 2013 production in Egypt
Jul , 17 , 2013  
  Dana Gas PJSC, the Middle East's leading regional p rivate sector natural gas company, announces that it has achieved record prod uction in 2013 in Egypt of 39,000 barrels of oil equivalent per day, includ ing 190 mmscfd of gas and 8,500 barrels of liquids per day. The Company has made substantial capital expenditur e investments to its Nile Delta operations over the last 18 months. These inc lude new compression facilities, new fields being brought on stream and work to increase its numerous gas plants throughput. As a result of investments m ade since February 2012 production levels have reached a peak of 39,000 boe pd, an increase of 13% over the year 2012. The average output year-to-date has been 34,000 boepd. The Company’s core operations in the Nile Delta and its Egyptian Bahrain Gas Derivatives Company (EBGDCo) Natural Gas Liquids ex traction plant in Ras Shukheir have not been impacted by the current even ts in Egypt. However, the Company continues to closely monitor developments. Dana Gas announced the Begonia-1 discovery on 30 Ju ne and has submitted a proposed Development Plan to the Egyptian authori ties as part of a Development Lease application. The submission remai ns on track and following approvals, gas from the Begonia-1 will be tied into the existing gas gathering and production system. Dana Gas continues to engage with relevant governme nt authorities regarding its overdue receivables and its future ca pital expenditure plans. It welcomes and actively supports the Government’s des ire to increase local hydrocarbon production in order to meet growing dom estic demand. Discussions of fiscal support by the international community will also play a significant role in addressing investment decisions by key international investors. During Q1 2013, Dana Gas collected US$41 million wi th a 100% revenue collection. Dr Patrick Allman-Ward, General Manager of Dana Gas Egypt and designated CEO, said: “Our Egyptian operations continue to per form well despite the difficult fiscal environment oil and gas companies have faced in the country over the last two years. We have made four successf ul discoveries over the last year and increased our local production significant ly. “The recent important announcements of significant financial support for Egypt’s from a number of GCC states coupled with th e government’s desire to increase local gas production dramatically, is favo urable to companies such as ours. We are also talking with the government to resolve the outstanding receivables situation as quickly as possible. In ad dition, we have planned a multi-well appraisal drilling programme for the sec ond half of 2013 and we hope to be able to implement this successfully.” Dana Gas has a successful track record of gas disco veries in Egypt over the last six year and in June 2013, announced its 25 th discovery with the Begonia- 1well in the Nile Delta. Total investments by Dana Gas in Egypt have exceeded US$1.8 billion. Dana Gas is among the most active oil and gas inves ting companies and has grown to become the 6 th largest gas producer in Egypt. The company remains committed to making investments that will bring ben efits to both the company and the country.
 

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