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Abu Dhabi Ship, IFA, Saudi Electricity: Gulf Equity Preview

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Feb. 16 (Bloomberg) -- The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

Saudi Arabia’s Tadawul All Share Index slipped 0.3 percent. The ADX General Index gained 0.2 percent and the Dubai Financial Market General Index increased 0.5 percent.

Abu Dhabi Ship Building PSC (ADSB UH): The United Arab Emirates maker of military and commercial vessels said profit declined to 88.9 million dirhams ($24.2 million) last year from 114.3 million dirhams in 2009. The shares slumped 9.9 percent to 3.26 dirhams.

IFA Hotels & Resorts Co. (IFAHR KK): The Kuwait-based hotelier partly owned by Saudi billionaire Prince Alwaleed Bin Talal said its second-quarter loss narrowed to 778,982 dinars ($2.8 million) from 2.6 million dinars a year earlier. The shares were unchanged at 510 fils when they last traded Feb. 14.

Kuwait Food Co. (FOOD KK): The company known as Americana posted a 27 percent increase in 2010 profit to 46.2 million dinars from a year ago. The shares were unchanged at 1,540 fils.

Saudi Electricity Co. (SECO AB): The state-controlled utility plans to sell dollar bonds and has asked banks to submit proposals, two people familiar with the transaction said. The shares decreased 0.4 percent to 14.1 riyals.

Union Properties PJSC (UPP UH): Dubai’s third-largest real-estate developer by market value said its loss widened to 1.53 billion dirhams in 2010 from 498 million dirhams in 2009. The shares were unchanged at 36 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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