Aabar, Air Arabia, Kipco, Yamamah, Samba and Sipchem: Gulf Equity Preview

The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

Dubai’s DFM General Index fell 0.2 percent and Abu Dhabi’s gauge was little changed. Qatar’s QE Index increased 0.3 percent, while Saudi Arabia’s Tadawul All Share Index retreated 0.4 percent, the most since July 7.

Aabar Investments PJSC (AABAR UH): The biggest shareholder in carmaker Daimler AG received approval from the market regulator to postpone a shareholders’ meeting set to endorse delisting its shares from the Abu Dhabi bourse. The shares slipped 1.4 percent to 1.43 dirhams.

Air Arabia (AIRARABI UH): The Middle East’s biggest low- cost carrier will start flights from Alexandria, Egypt to Abu Dhabi. The shares rose 1.5 percent to 86.8 fils.

Kuwait Projects Co. (KPROJ KK): Kuwait’s biggest privately- owned investment firm said it plans to sell 13 percent of Burgan Bank SAK (BURG KK) to subsidiary United Gulf Bank BSC.

Separately, Kuwait Projects said it raised $500 million by selling 10-years bonds to gain access to long-term funds in the first global issue by a private company in the Middle East and North Africa this year.

Kuwait Projects shares advanced 4.7 percent to 335 fils, Burgan shares gained 4.5 percent to 350 fils. United Gulf Bank shares rose 0.6 percent to 0.322 dinars when they last traded on July 6.

Oman Cables Industry SAOG (OCAI OM): The sultanate’s biggest cables and wires maker by market value said first-half profit quadrupled to 4.1 million rials ($11 million) from 1 million rials in the year-earlier period. The shares were unchanged at 1.08 rial.

Oman Insurance Co. (OIC UH): The Dubai-based insurance company’s long-term ratings were removed from “Creditwatch negative” and affirmed at BBB+ with a stable outlook by Standard & Poor’s. The shares dropped 5 percent to 8.22 dirhams.

Qatar International Islamic Bank (QIIK QD): The Gulf Arab state’s second-biggest bank complying with Islamic law booked provisions in the second-quarter and can’t rule out booking more in the future, Chief Executive Officer Abdulbasit Al-Shibi told Al Arabiya television yesterday. The shares declined 0.9 percent to 43.6 riyals.

Samba Financial Group (SAMBA AB): Saudi Arabia’s second- biggest bank by market value said second-quarter profit declined to 1.22 billion riyals ($325 million) from 1.24 billion riyals the year earlier on lower commission income. The shares fell 0.4 percent to 57.75 riyals.

Saudi International Petrochemical Co. (SIPCHEM AB): The company also known as Sipchem said second-quarter profit increased to 87.7 million riyals from 510,600 riyals the year earlier on higher sales. The shares dropped 0.7 percent to 22.45 riyals.

Yamamah Saudi Cement Co. (YACCO AB): The maker of building materials said second-quarter profit rose 16 percent to 192 million riyals from 165 million riyals the year earlier on higher sales. The shares climbed 0.4 percent to 49.9 riyals.

To contact the reporter on this story: Zahra Hankir in Dubai at

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