Stock News: Earnings Lift Abu Dhabi; Dubai Slips

Abu Dhabi’s index climbed 0.1 per cent while Dubai’s bourse edged down 0.3 per cent.

Dubai’s DP World To Buy Economic Zones World For $2.6bn

The purchase of EZW, currently owned by Port and Free Zone World, includes the assumption of net debt of $859 million.

Abu Dhabi’s Aldar Properties Q3 Net Profit Up 41%, Beats Estimates

Aldar made a profit of Dhs584 million ($159 million) in the third quarter of 2014, compared with Dhs413 million in the corresponding period in 2013.

Kuwait Economy Grew Last Year, Stats Office Says, Contradicting IMF

The widely differing numbers underline the difficulty of finding reliable economic statistics in the Gulf, where many governments have not developed extensive systems for collecting data.

Dubai Developer Damac To Focus On Gulf As Q3 Profit Jumps

The property firm said that it will focus on countries such as Saudi Arabia while avoiding conflict-prone states such as Egypt and Syria.

Kuwait’s Americana Posts 33.6% Q3 Net Profit Jump

The firm made KD10.9 million ($37.45 million) in the third quarter of 2014.

Al Etihad Credit Bureau Begins Issuing Credit Data To Individuals

UAE residents and citizens can now obtain their credit reports from the Al Etihad Credit Bureau’s website or customer service centres for a nominal fee.

Lamprell Gets $365m Rig Contract From Abu Dhabi’s NDC

Lamprell’s shares rose as much as 5.8 per cent to 150.25 pence in morning trade, following the announcement.

Dubai Lender ENBD Launches $1bn Bond At Tight End Of Guidance

Pricing of the bond tightened on high investor demand, with orders topping $3 billion, according to the arrangers.

Kuwait 6-Month Budget Surplus At $31bn, Spending Behind Plan

The major oil exporter’s public spending was 6.12 billion dinars in April-September, below 11.61 billion dinars originally planned for the period.

Shares In Biggest Saudi Bank Jump 10% On Listing

The state-owned bank revealed that the portion for retail investors was 23 times subscribed, with a total of 1.25 million subscribers.

Bahrain’s Gulf Finance House Swings To Q3 Profit

The firm suffered $3.2 million loss in the same period last year.

Aluminium Bahrain Q3 Profit Jumps 502%

The smelter made a third-quarter net profit of BD29.5 million ($78.25 million) in the three months to Sept. 30, up from BD4.9 million in the year-ago period.

Dubai Aviation Corp To Meet Investors Ahead Of Potential Sukuk

The firm, also called flydubai, has picked seven banks as arrangers, a document from lead managers showed.

Saudi’s MMG Seeks Up To SAR900m In Claims To Survive

The company said in September this year that its accumulated losses as of August 31 stood at SAR2.689 billion, equivalent to 215 per cent of its paid-up capital.

Saudi Arabia To Introduce Credit Rating Agency Rules In Sept 2015

The rules, which outline the conduct, activities and supervision of credit rating agencies, will help to develop the country’s capital markets.

Kuwait Seals 2015 Gasoil Term At $1.30/bbl Premium, Down 42%

The middle distillates market was hit by high supplies this year compared to last, which may have affected the term premium.

Abu Dhabi’s Bildco Tumbles After Q3 Loss Widens

Bildco posted a loss of Dhs10.8 million ($2.9 million) in the three months to Sept. 30, compared with a loss of Dhs7.7 million in the same period a year earlier.

Dubai Meraas Unit Plans $689m IPO For Theme Park Project

The company will offer 2.53 billion shares at a price of Dhs1 each, in an offer that will run from November 17 to November 30.

Dubai’s Union Properties Q3 Net Profit Drops 26%

The developer made a net profit of Dhs127.93 million ($34.8 million) in the third quarter compared with Dhs171.89 million in the corresponding period of 2013.

Saudi Bank NCB To Start Trading On Wednesday After $6bn Share Sale

The stock will be able to move a maximum of 10 per cent up or down on its first day of trading, the statement said.

Dubai’s Financial Free Zone To Double In Size In A Decade – Governor

The doubling in size would be in terms of floor space, the number of people working in the centre and the number of companies there, the DIFC governor said.

Kuwaiti Bank CBK Says Concerns Over Buyer Cash Behind Bond Cancellation

The bank said several of its customers who have ongoing credit facilities with the bank obtained external funding to subscribe to the bond.

UAE Banks Profit Up 25% In First Nine Months Of 2014

Economic growth and lower provisions for bad debts have fuelled the banks’ profits, the UAE Banks Federation said.

Mumtalakat Hires Banks For Potential Dollar Sukuk Issue

Roadshows start in Kuala Lumpur on Thursday before moving to Singapore, Abu Dhabi and Dubai and closing in London on Nov. 17.

UAE’s Waha Capital Continues Rally After Strong Q3

The firm’s third-quarter profit more than doubled, driven by higher income from its stake in AerCap Holdings.

Dubai’s Union Properties Says Board Did Not Approve Q3 Report

Union Properties did not explain the nature of the required amendments in the bourse statement.

Stock News: UAE Markets Rise, Qatar Flat

Dubai’s index added 1.1 per cent, buoyed by Emaar and Dubai Islamic Bank while Abu Dhabi’s index rose 0.7 per cent.

Omantel Q3 Net Profit Rises 3.1%, Meets Estimates

The company made a net profit of OMR30 million ($77.9 million) in the three months to Sept. 30, up from OMR29.1 million in the year-earlier period.

Qatar Fund May Up Bid For Canary Wharf Owner Songbird

Songbird rejected an initial approach on Friday, saying the 295-pence a share offer significantly undervalued the company.