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Air Arabia, Bank Al-Jazira and Mabanee: Gulf Equity Preview

Feb. 22 (Bloomberg) -- The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

The Dubai Financial Market General Index lost 1.3 percent to 1,516.43, the lowest level since Sept. 2. Saudi Arabia’s Tadawul All Share Index dropped 0.6 percent and Abu Dhabi’s ADX General Index retreated 0.5 percent.

Air Arabia PJSC (AIRARABI UH): The Middle East’s biggest low-cost airline said full-year profit declined 32 percent to 309.6 million dirhams ($84.3 million). The shares increased 1.9 percent to 82.5 fils.

Bank Al-Jazira (BJAZ AB): Saudi Arabia’s smallest lender by market value reduced provisions for bad loans by 75 percent in the fourth quarter. The shares retreated 1.4 percent to 17.85 riyals.

Mabanee Co. (MABANEE KK): The pre-cast building manufacturer said full-year profit rose to 18.7 million dinars ($66.9 million) from 15.3 million dinars in 2009. The shares gained 1.5 percent to 700 fils.

Saudi Cement Co. (SACCO AB): Global Investment House raised its price estimate on the manufacturer of building materials two percent to 50.1 riyals. The shares were unchanged at 51.25 riyals.

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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