Al Mal News
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Dar Al Arkan Real Estate Development Co. declined the most in more than four months after the board of the Saudi developer recommended not to distribute a dividend for last year.
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Dubai’s government redeemed 3.3 billion dirhams ($898 million) of bonds due in April and said it was committed to repay obligations on time as it faces what Moody’s Investors Service described as a “debt wall” in 2014.
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Drake & Scull International PJSC rose to the highest level in eight months amid speculation builder Arabtec Holding Co. may buy a stake in the company, a prospect denied this month by Arabtec’s chief executive officer.
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Qatar’s benchmark stock index fell the most in more than a year after Qatar Gas Transport Co.’s earnings missed estimates and as investors freed up funds for the share sale of Doha Global Investment. Egypt’s EGX 30 rose.
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EFG-Hermes Holding SAE advanced the most in nine months after a newspaper reported that procedures to allow QInvest LLC to take over Egypt’s biggest investment bank will be completed this week.
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Air Arabia PJSC climbed the most in three months on optimism the airline would post bigger earnings as the nation’s tourism industry continues to grow.
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Egypt plans energy-subsidy reforms in two phases, the first to be implemented before an International Monetary Fund delegation arrives at the end of the month for talks on a $4.8 billion loan, Al Mal reported, citing an unidentified person with knowledge of the matter.
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Egypt’s foreign-currency reserves may drop to $10.4 billion at the end of June, compared with $15.7 billion in February, Al Mal reported, citing the assistant defense minister for financial affairs.
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Egypt’s government is working on an economic program that aims to reduce the country’s budget deficit by one percentage point a year, Ahsraf el-Arabi, the minister for planning and international cooperation, told the financial daily al-Mal.
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The World Bank and the African Development Bank may sell bonds in Egyptian pounds, Al Mal reported, citing Egyptian Exchange Chairman Khaled Seyam .
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