Mena News

 

  S&P lowers Ukraine's rating with 'Negative' outlook
Feb , 24 , 2014  
  Standard and Poor (S&P) lowered Ukraine's long-term foreign currency sovereign credit rating to 'CCC' from 'CCC+' due to worsening political condition which can affect the government's ability to pay debt.
 

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  Gold halts three-day rally
Feb , 19 , 2014  
  Gold prices ended lower on Tuesday and halted a three-day rally due to profit booking. However, the price remained around a three-and-half-month high on persistent fears over global economic growth supported by weak economic data from US. Prices decreased 0.6% to USD1,321 an ounce on the NYMEX.
 

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  New York manufacturers report slower growth in February
Feb , 19 , 2014  
  According to the Federal Reserve Bank of New York, its Empire State index (a measure of business activity in New York State) dropped to 4.48 in February compared to 12.51 in January. The decline was due to less new orders by factories and a substantial respite in shipments growth.
 

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  US home building confidence deteriorates
Feb , 19 , 2014  
  According to The National Association of Home Builders, the housing market index fell to 46 in February as against expectation of it remaining flat; the index stood at 56 in January.
 

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  Emaar, Abdul Latif Jameel create JV
Feb , 19 , 2014  
  Dubai-based Emaar Properties signed a Memorandum of Understanding (MoU) with Saudi-based Abdul Latif Jameel (ALJ) group to develop integrated property projects in Saudi Arabia. The JV would be named Emaar Jameel.
 

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  Gold continues to rally on weak US data
Feb , 18 , 2014  
  Gold prices ended higher on Monday and reached a three-and-a-half-month high owing to fears over US economic growth after a sequence of unsatisfactory data sent the dollar to a six-week low and lifted demand for the metal. Prices rose 0.8% to USD1,328 an ounce on the NYMEX.
 

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  Emaar net profit beats estimates as Dubai booms
Feb , 18 , 2014  
  Emaar Properties posted a 48 percent increase in its quarterly profit from a strong upturn that boosted by growth in its malls, hotels and property business. Fourth-quarter net profit of AED756mn (USD206mn) compared with AED512mn in the corresponding period of 2012.
 

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  SHUAA reports AED2.8 mln profit in FY13
Feb , 16 , 2014  
  Following the announcement of its preliminary results in January, SHUAA Capital today reports audited financial results which confirm the Firm’s return to full year profitability All core fee and income generating business divisions were profitable in 2013 and this helped achieve an annual net profit of AED2.8 million, a significant improvement on 2012’s net loss of AED59 million. Revenues reached AED198 million, an increase of 44% (2012: AED137 million). This was fuelled by improved activity from Asset Management, Investment Banking, Capital Markets and Lending as well as strong gains from investments in SHUAA’s managed funds. Operating expenses were reduced by AED16 million to AED174 million, mainly as a result of further reductions in general and administrative costs. In 4Q 2013, SHUAA recorded revenues of AED64 million (4Q 2012: AED25 million) and a net profit of AED3.8 million, versus a loss of AED21m in 4Q 2012. This improvement was supported by the AED6 million increase in revenues from the investment banking division and an AED17 million gain made from investments in SHUAA managed funds. At the year-end 2013, SHUAA had total assets of AED1.5 billion, an increase of AED114 million compared to 31 December 2012. In line with the Company’s forecast for 2013 and its strategy to invest its own resources into its Lending business, the Company’s cash positioned declined by AED234 million to AED189 million and liabilities increased to AED376 million from AED269 million. Overall, net assets were up fractionally at AED1.1 billion. SHUAA’s leverage ratio at year-end 2013 was 0.23. Commenting on the results HH Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital, said: “2013 was a very significant year for the Company as we successfully completed the turnaround, returned to profitability and strengthened the foundation to grow SHUAA in the years ahead. All our business lines have responded to the positive market environment and emerging market opportunities. We have a well-balanced business which will allow us to benefit from rising equity markets as well as build on our strong position in the SME credit market. “The current year will see SHUAA step up its drive to increase revenues, including the introduction of new products from our asset management business, and the closing of more investment banking transactions that have been waiting for improved market conditions and increased lending activity. With the deepened management team we are confident all the pieces are in place for SHUAA to perform well and meet its targets.” Segmental Information Lending The Lending division posted a 38% jump in annual revenues to AED104 million (FY2012: AED76 million) as the Company invested capital into building Gulf Finance Corporation and Gulf Installments Company. Net profit for the year was AED3.8 million (FY2012: AED10.4 million) as G&A costs and provisions rose. Under new CEO, David Hunt, the business has been reducing central costs and integrating its back office with that of SHUAA. The result of the streamlining program will be visible in Q1 2014 results. In January 2013, Gulf Installments Company started operations in Saudi Arabia to provide Sharia-compliant instalment and lease financing with a focus on small and medium sized enterprises. GIC turned profitable in the fourth quarter of 2013 thanks to strong demand from SME businesses wanting to secure funding which is expected to further increase in 2014. Asset Management The Asset Management division, which oversees SHUAA’s investment and private equity funds as well as discretionary portfolio mandates, reported full year profits of AED14.1 million (FY2012: AED1.8 million) and revenues of AED21.6 million (FY2012: AED18.0 million). 4Q 2013 posted profits of AED4.9 million (4Q 2012: AED2.1 million) and revenue of AED6.3 million (4Q 2012: AED4.2 million). The division’s management team has been strengthened with the appointment of Amer Khan as Senior Executive Officer, having joined as a senior member of the investment management team in 2008. As of 31 December 2013, the Emirates Gateway Fund and the Arab Gateway Fund, two of SHUAA’s flagship funds, had returned 87.4% and 38.8% respectively, beating their respective benchmarks for the second consecutive year. Client assets under management have grown from AED 688 million to AED 968 million during 2013. SHUAA was awarded two awards during 2013: “Best Asset Manager in the UAE” for the fourth consecutive year by EMEA Finance and “UAE Equity Fund of the Year” for the Emirates Gateway Fund for the third consecutive year by MENA Fund Manager. Investment Banking The Investment Banking team recorded AED3.8 million in full year profits (FY2012: loss of AED4.5 million) with gross revenues touching AED11.8 million (FY2012: AED4.5 million); and in 4Q 2013, profits of AED3.8 million (4Q 2012: loss of AED1.2 million) and revenues of AED6.7 million (4Q 2012: AED0.25 million). In December 2013, Karim Schoeib was appointed CEO of Investment Banking, which includes Corporate Finance Advisory and Capital Markets. Mr. Schoeib has worked with the firm since 2005 and has led a number of transactions including IPOs and private placement transactions in various sectors in the UAE as well as a number of cross border M&A transactions between the United Arab Emirates, Saudi Arabia, Qatar and Kuwait. Capital Markets Capital Markets posted a full year profit of AED2.6 million (FY2012: AED3 million). The reduction in profit was due to the higher G&A costs as a result of the investment in the sales and trading desk. The Abu Dhabi Securities Exchange and Dubai Financial Market were both recognised as top 5 best performing global stock exchanges, helping the team to post strong revenues of AED8.6 million (FY2012: AED6.7 million). Trading income was up eleven-fold and fees and commissions earned were also up over the year. 4Q 2013 profits and revenues were AED0.52 million (4Q 2012: AED0.50 million) and AED2.0 million (4Q 2012: AED1.6 million) respectively. Brokerage The Brokerage division closed during the first half of 2013. However, certain G&A costs and reversals in provisions made the division book full year profits of AED4.8 million (FY2012: loss of AED0.6 million). Credit The Credit division posted a net loss of AED7.1 million (FY2012: loss of AED3.5 million) from expenses. No revenue was booked for the year. SHUAA confirms that the former CIO and CEO of the Credit Division has left the company. The Credit Asset Management activities will be amalgamated into the Asset Management division and Credit Advisory will fall under Investment Banking. Corporate The Corporate division posted revenues of AED52 million a strong rise on 2012 of AED25 million. The full year loss of AED19.0 million narrowed significantly from loss of AED65.7 million in 2012. In 4Q 2013, the division recorded revenues of AED18.5 million (4Q 2012: loss of AED1.2 million) and a net loss of AED2.7 million (4Q 2012: loss of AED20.5 million).
 

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  Deyaar allocates 25% share ownership to foreigners
Feb , 16 , 2014  
  Deyaar Development said the company board has recommended allocating 49 per cent of its share capital, open to non-UAE nationals, to GCC and foreign investors, provided that the share of capital owned by foreigners does not exceed 25 per cent, according to Trade Arabia. A leading UAE-based developer listed with the Dubai Financial Market, Deyaar said this comes as part of its new expansion strategy. The share ownership recommendation will be subject to approval of the company’s shareholders at the Extraordinary General Meeting, for which the date has not yet been confirmed, said the company in a statement. With the UAE joining the MSCI Emerging Markets Index, it is expected that many global investors and institutions will adjust their emerging market allocations to the UAE. The move is likely to net Dh1 billion ($272 million) of fresh capital into listed companies. CEO Saeed Al Qatami said, “Following our company’s very strong 2013 performance, the board’s decision to open share ownership to foreign investors is an important, positive step forward in positioning Deyaar internationally and broadening our ability to raise capital efficiently to continue delivering significant growth and value.” Dubai-based Deyaar has registered exponential growth to become an industry leader in the region, with a share capital of Dh5.78 billion. It is well-positioned to play a pivotal role in the development of the region's property landscape, he remarked.
 

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  France’s industrial output falls 0.3% MoM
Feb , 12 , 2014  
  ndustrial Output figures in the French economy disappointed investors in December, contracting at a monthly pace of 0.3% vs. consensus at 0.0% and down from November’s 1.2% advance, according to FX Street websit. Industrial production increased at a notably slower pace in December, and the rate of growth missed economists' forecast, RTT News said. Industrial production advanced 0.5 percent in December from the corresponding month of last year, statistical office Insee said. Economists were looking for a faster increase of 1 percent. In November, production had recorded a 1.7 percent growth. During the three months ended December, production grew 0.3 percent from the preceding three-month period. Manufacturing output rose 0.5 percent quarter-over-quarter.
 

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