Market Updates - 1 Feb
Egypt
Freedom and Justice Party heads most of Egypt's parliamentary committees
Parliament protests denounce Brotherhood as 'collaborators' with ruling military
Egypt’s poverty rate rose to 25.2% in FY10/11
Egypt's broad money supply growth drops to 6.7% y-o-y in December 2011
PM El-Ganzouri addressed Egypt parliamentarians
ezzsteel doubles quarterly earnings, continuing robust operational performance
Orascom Hotels and Development establishes Overseas Insurance Brokerage
GB Auto makes 4 new appointments
Saudi Arabia
Saudi Arabia names nominee to be next OPEC Secretary General
MAADEN announces the beginning of commercial production at phosphate plant
Al Babtain awaits regulatory approval for Petitjean takeover
UAE
UAE crude output hit 2.58m bpd in December 2011
Dubai real estate prices to go down by 5% in 2012, according to Reuters poll
Majid Al Futtaim raises USD400 million from issuing Islamic bond at 5.85% yield
Tabreed records FY2011 net profit of AED182.7 million, +33.6% y-o-y
Etisalat cuts GCC roaming rates by 26%; looks to sell African mobile towers
NBAD releases FY2011 results, in line with our estimates, but misses consensus; management gives guidance for FY2012
Waha Capital releases FY2011 results, net profit drops 37.6%
Qatar
Qatar asks UN Security Council to pass economic sanctions on Syria
IMF: Qatar real GDP growth slows to 6% in 2012
Qatar to finish first phase of railway project by 2020
Dlala Holding releases FY2011 results, with net income higher 72.5% y-o-y
Kuwait
Kuwait cannot increase oil output any further on a sustainable basis
Kuwait’s cabinet proposes budget of KWD22 billion (USD79 billion) for FY2012/13
Al Ahli Bank of Kuwait earns KWD50.3 million in FY2011, down 5.5% y-o-y
Jordan
Jordan makes minor amendments to 2012 budget
MENA Region
GCC Secretary General: Keeping Hormuz open is the responsibility of international community
APICORP: MENA energy investment at USD525 billion in 2012 – 2016