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Banks Healthy Quarterly Profits send Dubai Shares Soaring

Dubai, United Arab Emirates : 11 February

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 AED 2.68 after posting an AED 178.8 million ($49 million) Q4 profit, compared to AED 15 million 12 months earlier.

U.A.E.’s biggest Islamic lender; Dubai Islamic Bank, grew to AED 2.44 with fourth-quarter profit increasing to AED 79.1 million from  AED 1.44 million compared to the same period last year, according to calculations by Bloomberg  based on full-year results.

A fund manager at Duet Mena Ltd, Rabih Sultani, predicted that the earnings signalled a return to a “healthier” outlook and that it was “an indication that the banking sector has reached a bottom.” Mr Sultani further clarified the context of the bottoming out of the banking sector was in terms of “provisioning and operating profit.”

Similarly, Emaar Properties PJSC, who built the world’s tallest skyscraper and who are also the U.A.E.’s biggest real-estate developer, added 3.2 % to AED 3.23, which was the most since Feb. 1. This was a based on a 4th quarter profits posting of AED 720 million ($196 million).

The buoyant figures boosted the DFM General Index by an additional 2.2%, which was the biggest increase since the 20th of January.

In other markets,  Sheikh Hamad Bin Jasim Bin Jaber Al- Thani , Qatar’s Prime Minister said the Qatari government’s budget for the 2010-11 fiscal year will be “much larger” than last year’s 94.5 billion riyals ($26 billion),in preparation for continued infrastructure projects. Consequently, the countries’ Securities Market Index grew 1.6 percent, the most since 14th December.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News

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 [...]

11 February

What’s the Buzz from Google Day Arabia?

Vincent Cerf, Vice President of Google, has announced today that Google’s Buzz is to be made available in Arabic.
Cerf was speaking at Google Day Arabia 2.0, an event which addressed the future potential of the internet in MENA countries. Senior executives and regional government officials, who were in attendance, heard Cerf state the need for [...]

10 February

The World’s First Arabic Speaking Robot Flies to Riyadh

If you were fortunate enough to be lounging in the first class departure lounge of Emirates airline in Dubai earlier this week you might have come across Ibn Sina, the world’s first Arabic speaking robot.
The robot, which first appeared in Dubai in November 2009, can interact with people through conversation (in classical Arabic) and is [...]

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 [...]

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