Yazan Abdeen News
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Arabtec Holding Co. slumped the most in nearly a year on investor concern the Dubai builder’s capital increase plans may dilute the shares given the conversion price and as full-year profit missed estimates.
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Emaar Properties PJSC rose to the highest level since the beginning of Dubai’s real-estate crash more than four years ago amid bets profit at the developer of the world’s tallest tower will benefit from a property recovery.
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Dubai shares rose to the highest in four months, leading a Middle East rally, after the emirate’s government was said to be planning a $1 billion bond sale and as global markets advanced, boosting investor confidence.
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Egypt shares slumped the most since November, leading a drop in Arab markets, after global stocks tumbled on concern Europe’s debt crisis will spread beyond Greece and slow the global economic recovery. Crude oil fell to $75 a barrel. Orascom Telecom Holding SAE lost the most this year as Algeria reiterated intentions to buy Orascom’s unit in the country, objecting to a proposed sale to MTN Group Ltd. Air Arabia PJSC dropped the most since March as profit declined. Egypt’s EGX plunged 5.1 percent, the biggest slump since Nov. 30, to 6,756 at the close in Cairo. Dubai’s DFM General Index declined 1.2 percent and Qatar’s QE Index fell 4 percent. Saudi’s benchmark rose 2.4 percent, paring yesterday’s losses.
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The ouster of Hosni Mubarak from Egypt’s presidency today, after protests that started Jan. 25, prompted the following comments from analysts:
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Ras Al Khaimah Ceramics, the world’s biggest maker of ceramic tiles, is producing bidets, sinks and bathtubs at a maximum capacity in the United Arab Emirates even as Dubai’s construction boom falters, an official said.
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Dubai named Sheikh Ahmed bin Saeed Al Maktoum, head of Emirates airline and uncle of the state’s ruler, as chairman of Dubai World in a board revamp a year after the company said it would halt loan repayments, roiling markets.
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Dana Gas PJSC rose the most in almost a month as the fuel producer pursues a so-called standstill accord with holders of its overdue Islamic bonds and investors bet the company’s debt won’t be converted into equity.
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Saudi Arabia’s King Abdullah asked the stock market regulator to investigate trading violations even if they involve members of the royal family, Al Sharq reported on its website, citing a letter to the regulator.
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Egypt’s civil unrest has dragged down the country’s stock market, allowing the Moroccan bourse to send what had been the largest and fastest growing exchange in North Africa into second place.
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