Market Updates - 24 Apr
Egypt Minister of International Cooperation expects foreign reserves to rise in May Minister of International Cooperation: Egypt ready to sell gas to Israel at new price Israeli corporation to take legal action against Egypt over terminated gas contract Egypt's cabinet calls for EGP8.8 billion in 'special funds' to be transferred to unified account at central bank Mass resignations from Salafi Nour Party due to 'political failure' OCI enters into off-take agreement with Methanex for 'significant portion' of 0.75 mtpa of methanol at OCI North America; production expected to start in June 2012 HDB releases consolidated FY2011 results, net income falls 18% Heliopolis Housing’s 9M2012 net profit falls by 33% y-o-y; says public auction rescheduled El Sewedy Electric announces dividend of EGP1 per share for FY2011 Amer Group to sell 14 million treasury shares Saudi Arabia Saudi Aramco Karan Gas project reaches 1 billion cubic feet Saudi Arabia to award rail contracts in 2013 Health Water Bottling eyes 30% IPO in 2013 Al Khodari receives LOI from Ministry of Municipal Affairs for SAR80 million underpass Saudi Steel Pipes secures SAR260 million Murabaha agreement with two local banks SABIC expresses interest to invest in Poland UAE Etisalat reports net profit of AED1,809 million in 1Q2012, exceeds expectations on better than foreseen EBITDA; continues to face stiff local competition FGB’s 1Q2012 net income comes below estimates, on weaker margins and higher provisions than expected, loan growth disappoints Aramex releases strong 1Q2012 results, net profit at AED61 million, +22% y-o-y NBAD to release 1Q2012 results today Emaar says will not write down value of India assets; approves cash dividend of AED0.10 per share Arabtec wins three contracts worth AED504 million, adds 3.6% to the order book Qatar India aims to double LNG supply from Qatar QNB announces stake increase in Mansour Bank from 23% to 51% QIB signs deal with Medco Qtel reportedly seeking USD2 billion from international lenders, news yet to be confirmed by company Kuwait Kuwait posts preliminary budget surplus of KWD16.07 billion in 11 months of FY11/12 Kuwait takes steps to build KWD4 billion oil refinery and upgrade two smaller plants Agility files claim against Defense Logistics Agency, seeks USD225 million Lebanon Blom Bank 1Q12 profits rise 2.5% y-o-y, in line with estimates Oman Oman to launch SME fund CBO: Basel III the norm by next year