Shuaa Capital, a Dubai-based investment bank, disclosed a FY 2009 Net Loss of AED529.8 mn, including investment impairment charges of AED312.2 mn and provisions of AED210.5 mn, versus a FY 2008 NI of AED889.6 mn. FY 2009 Operating Loss was AED70.8 mn, versus FY 2008 Operating Loss of AED522.7 mn.
The 4Q 2009 Operating Loss was [...]

The Abu Dhabi National Energy Company has decided to extend its share buyback program for another year, reported Khaleej Times, a move that is intended to support its share price. Last year the company secured approval from the Securities and Commodities Authority to repurchase from the market up to 10% of equity or 622.5 mn [...]

UAE’s Mashreqbank’s FY 2009 NI fell by 39% YoY to AED1 bn from AED1.64 bn, on Operating Income of AED4.9 bn. OI growth was largely driven by 30% YoY growth in Fee, Commission and other income as well as robust growth in investment income. Mashreqbank’s 9M 2009 NI had fallen by 20% YoY to AED1.12 [...]

Dana Gas’ FY 2009 Revenue from hydrocarbon sales rose by 12% YoY to AED1.28 bn, while gross profit rose by 69% YoY to AED436 mn. It’s FY 2009 NI fell by 26.7% YoY to AED88 mn from AED120 mn in FY 2008, despite significant profits from the sale of 10% of the company’s interest in [...]

Aabar Investments’ FY 2009 NI rose by 133% YoY to reach AED1.679 bn ($457.4 mn), versus AED721.6 mn ($196.5 mn) in 2008. Its 9M 2009 NI was reported previously as AED1.547 bn, which implies 4Q 2009 NI of AED132.9 mn, an increase of 15.3% over 4Q 2008 NI of AED115.3 mn.
The company’s Total Assets increased [...]

Emirates Telecom Corp plans to boost its stake in its Indian subsidiary Etisalat DB Telecom from 44.73% to 50% plus one share.
Headquartered in Mumbai, Etisalat DB Telecom has received a unified services access licence in 15 circles, including Andhra Pradesh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Mumbai, Punjab, Rajasthan, Tamil Nadu (including Chennai), Uttar Pradesh [...]

Union Properties, the highly leveraged Dubai real estate developer, said it may sell its luxury Ritz Carlton hotel at the Dubai International Financial Centre if offered around AED1.5 bn ($408 mn). At least three investors are reportedly interested in the property. The company, which is so indebted as to have eroded its equity cushion, also [...]

National Bank of Abu Dhabi’s Operating Income in 4Q 2009 was up by 18.3% YoY to AED1.07 bn, after taking provisions of AED623 mn, of which AED316 mn were collective provisions, versus AED904 mn in 4Q 2008. 4Q 2009 NI was down 13% YoY to AED429 mn ($116.8 mn), after taking AED623 mn of provisions, [...]

Emirates Telecom Corp said that it has paid $75 mn for an 18% stake in Atlantique Telecom, bringing its stake in the company to 100%. Etisalat started its relationship with West African Atlantic Telecom in 2005, when it acquired 50% of the company. In April 2007 it raised its stake to 70%.
Etisalat has been the [...]

Emirates Telecom Corp FY 2009 NI rose by 3.8% YoY to AED8.83 bn ($2.4 bn) from AED8.51 bn in 2008. However, since the FY 2008 NI number included a one-off AED892 mn gain on the sale of shares  in Mobily (after a federal royalty), adjusting FY 2008 NI brings it to AED7.62 bn, which implies [...]