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 [...]

Ezz Steel Rebars, Egypt’s largest steel manufacturer, has raised its February prices for steel rebars free-on-truck (FOT) by 7.5% to EGP3,280 per ton ($698), from EGP3,050 in January. The company said that the increase was driven by price rises of raw materials in global markets. In addition Al Ezz Steel hiked by EGP200 per ton [...]

Indian Hotels, a unit of Tata Group that runs the Taj Hotels Resorts and Palaces chain of hotels, has entered into an agreement with Palm Hills Developments, to run three high-end hotels in Egypt. The three hotels will be part of Palm Hills’ upcoming developments at the North Coast, Ain El Sokhna at the Red [...]

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 [...]

Saudi Aramco plans to invest over SAR450 bn (~$120 bn) in oil and petrochemical projects over the next five to six years, the company’s CEO Khalid Al-Falih told Al Arabiya news channel. The company intends to spend SAR225 bn ($60 bn) on the oil sector during the next five years, with the remaining funds invested [...]

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 [...]