Amiantit, Batelco, Galfar, Tamweel: Persian Gulf Equity Preview

Abu Dhabi’s ADX General Index (ADSMI) rose 0.5 percent, the most this month. Dubai’s DFM General Index (DFMGI) gained 0.1 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) increased 0.4 percent.

Bahrain Telecommunications Co. (BATELCO BI): Bahrain’s largest phone company, known as Batelco, said it hasn’t been advised whether a Kuwaiti court ruling will affect its proposed purchase of 25 percent of Mobile Telecommunications Company of Saudi Arabia (ZAINKSA AB). The shares advanced 0.5 percent to 0.398 dinar. Zain Saudi shares were unchanged at 6.2 riyals.

Emirates NBD PJSC (EMIRATES) : Emirates NBD Asset Management Ltd., a unit of the United Arab Emirates’ biggest bank by assets, linked up with London-based hedge fund manager Man Group Plc (EMG) to manage its Islamic alternative assets fund. The shares rose 1 percent to 4.03 dirhams.

Galfar Engineering & Contracting SAOG (GECS) : The construction company won a contract valued at 13.96 million rials ($36 million) to build a pipeline to transport water in the Muscat governorate. The shares retreated 0.3 percent to 0.354 rial.

Saudi Arabian Amiantit Co. (SAAC) : The building materials manufacturer said its Qatar unit bought a stake in a pipes producer for 7.5 million Qatari riyals ($2.1 million). The shares were unchanged at 14.95 riyals.

Saudi Dairy & Foodstuff Co. (SADAFCO) : The Saudi Arabian food company said it will resume operations at its Dammam plant and allocated 22.5 million riyals ($5.9 million) for the plant that will resume production in 12 months. The shares gained 0.7 percent to 40.8 riyals.

Tamweel PJSC (TAMWEEL) : The home finance company majority owned by Dubai Islamic Bank, plans to raise $300 million to $500 million from the sale of Islamic bonds next quarter, acting Chief Executive Officer Varun Sood said. The shares fell 0.5 percent to 73.9 fils.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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