RESEARCH March 2012 and stakeholders have raised issues and provided feedback on the draft regulations. The UAE Securities and Commodities Authority (SCA) is expected to finalize new regulations concerning investment funds by mid-2012
The UAE will also be issuing its first sovereign bond, valued at $1bn and with a rate of 1.2%, after issuing its public debt bill in late 2010. According to the Real Estate Regulatory Authority, Dubai’s property market should see upwards of 16,000 new units in 2012 versus 10,700 in 2011 as the Real Estate and Construction sectors resume healthy growth. Emaar Properties’ 4Q net profit more than doubled to $195mn on strength from its international operations as well as hotel and leisure revenues. The company aims to expand its flagship property, The Dubai Mall, by 1mn sq feet to boost outlet and hotel space. Emaar stock surged 15.33% for the month. Kuwait Government surplus are expected to see another surge this year; for the 9M period of the 2011/2012 fiscal year, total revenues are up 42% YoY to KD 21.4bn ($77bn) while spending is at just KD8.3bn ($30bn). Global Investment House (Global) is renegotiating its $1.73bn debt repayment for the second time in three years. The new deal proposes giving bank creditors more control over the company and its assets through a debt-for-equity swap versus the previous deal which was merely extending loans and maturities. Global shares remain suspended after the CMA stated that the company had accumulated losses of over 75% of Capital.
The Kuwait CMA de-listed nine companies, most of which were investment firms, from the bourse due to financial problems
The CMA de-listed nine companies, most of which were investment firms, from the bourse due to financial problems and has ordered nine other firms to begin making concrete efforts to amend financial woes by a March 2012 deadline. Kuwait Finance House (KFH) saw net profit decline 24% to $289mn in 2011 on account of provisions. The stock shed 5% in February. Other corporate earnings include Zain, which saw its full year net profit come in flat at just over $1 bn due to ForEx fluctuations. The company said total subscribers grew 8% in 2011 to over 40mn. The stock was up just 1.2% in February. Qatar Qatar is planning a $5.5bn petrochemical plant, to be built by 2018. The ethane and butane plant is to be built in the Northern city of Ras Laffan and is expected to have a capacity of 1.4mn tons per year of ethylene, to be marketed abroad. Qatar plans to double its petrochemical production by 2020 to 23mn tons from the current level of 9mn tons. Industries Qatar net profit jumped 45% to QAR 7.93bn ($2.2bn) while revenues were at QAR 16.5bn ($4.53bn), a growth of 34% for the year. The stock was up 7.96% for the month. Qatar Electricity and Water (QEW) saw a full year net profit of $345mn, a growth of over 8%; the firm has recommended a dividend of 65% or QAR6.5 per share for the year. The stock gained 4% for the month.
Kuwait Financial Centre “Markaz”
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