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Dubai’s Emaar Sees Return to Profit

Dubai, United Arab Emirates : 11 February

Emaar Properties, builders of the Burj Khalifa and a company 30% owned by the ruling Makhtoub family, have returned to profit in the final months of 2009.

The company stated earnings of $196 million in the final quarter, which compares well if you take a look at the books for last year, which show a loss of $662 million for the same period.

Despite taking a hit alongside other property developers in the UAE as real estate prices plummeted last year, Emaar have managed to steady their ship by establishing revenues from hospitality holdings such as shopping malls and hotels.

Last year saw Emaar open the Dubai Mall, billed as one of the world’s biggest shopping malls, which managed to attract 37 million visitors in its first year. Alongside this the company also opened two luxury hotels and has projects under development in Saudi Arabia including a sea port and educational and business zones. The company’s shares closed today up 3.2%.

Sarah O’Connell, Gulf Jobs Market News

Paul Holdsworth, Staff Writer, Gulf Jobs Market News

11 February

Banks Healthy Quarterly Profits send Dubai Shares Soaring

Dubai stocks enjoyed a huge boost today, soaring to a three week high after the troubled sheikhdoms largest banks posted their fourth-quarter earnings. Emirates NBD and Dubai Islamic Bank climbed 4.7% and 5.2% respectively. The good news was also reflected in neighbour, Qatar, the shares of which gained the most in 2010.
Emirates NBD rose to [...]

11 February

First Meeting of the Gulf Central Bank to be Held in March

On 30th March this year the Saudi capital of Riyadh will host a meeting that will be attended by the central bank governors of Saudi Arabia, Kuwait, Bahrain and Qatar. The purpose of the meeting will be for the four nations to discuss ways of setting up a common central banking system and the eventual [...]

10 February

Islamic Banking Turns in a Profit in Kenya

The Chief Executive of Gulf African Bank, Najmool Hassan, has announced profits during the last quarter of 2009 after only eighteen months of operation.
Gulf African Bank, one of two Islamic banks in Kenya, has seen its loan portfolio grow to $64million since its launch branch opened with an initial capital sum of $25million. It is [...]

10 February

Gulf Finance House Clinches $300M Refinancing Deal

Gulf Finance House, Bahrain’s Islamic investment bank secured a deal today in London to refinance its $300 million syndicated facility, due today, Wednesday 10th February.
The bank has repaid $200 million, as expected and replaced the old facility with a new $100 million, six month murabaha.
Standard & Poor’s have thrice downgrded GFH’s rating in the last [...]