Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Aldar, DIB, Deyaar, Emaar, RAK Properties: Gulf Equity Preview

Nov. 7 (Bloomberg) -- The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

The QE Index climbed 1.3 percent, Dubai’s DFM General Index gained 0.2 percent, while Abu Dhabi’s ADX General Index slipped 0.4 percent. Saudi Arabia’s Tadawul All Share Index gained 1.9 percent.

Aldar Properties PJSC (ALDAR UH): Abu Dhabi’s largest developer will need 9.8 billion dirhams ($2.7 billion) by 2011 to "survive" as the United Arab Emirates’ real-estate market recovers, Bank of America Merrill Lynch said. The shares lost 4.2 percent to 2.3 dirhams.

Dubai Islamic Bank PJSC (DIB UH): The biggest Shariah-compliant lender in the U.A.E. said third-quarter net profit was 270 million dirhams compared with 301 million dirhams in the second quarter. The shares rose 0.4 percent to 2.37 dirhams.

Deyaar Development PJSC (DEYAAR UH): The property company part-owned by Dubai Islamic Bank PJSC said it had a net loss of 145 million dirhams in the third quarter. The shares dropped 1.8 percent to 33.4 fils.

Emaar Properties PJSC (EMAAR UH): The builder of the world’s tallest skyscraper plans to generate 50 percent of its income outside its home market in the next few years, Chairman Mohamed Alabbar said Nov. 4.

Separately, the builder is Bank of America’s preferred real estate stock in the U.A.E. for its "stronger fundamentals, more attractive valuation and absence of funding issues," the bank said in a note. The shares advanced 0.3 percent to 3.74 dirhams.

National Bank of Oman (NBOB OM): The sultanate’s second-biggest bank by assets was cut to “hold” from “buy” and assigned a 0.4 rial price estimate at Bank Muscat. The shares were unchanged at 0.36 rial.

Kuwait Real Estate Co. (KRE KK): The Kuwait-based property company posted a 60 percent increase in third-quarter profit to 1.6 million dinars ($5.7 million). The shares retreated 1.5 percent to 65 fils.

RAK Properties PJSC (RAKPROP UH): The U.A.E. real-estate developer said nine-month profit fell 9.8 percent to 163.8 million dirhams. The shares declined 2 percent to 48 fils when they last traded on Nov. 3.

Sorouh Real Estate Co. (SOROUH UH): Abu Dhabi’s second-biggest developer by market value needs funding to deliver properties on time, Bank of America said in a report. The shares slipped 0.6 percent to 1.70 dirhams.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net; Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.