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Dar Al Arkan slips as developer kicks off sukuk roadshow
The Tadawul All-Share Index ended up 0.66% at 7,355.27 Tuesday. While market heavyweight Sabic gained 1.62% to hit SR94.25, Dar Alarkan Real Estate Development Company fell 0.56% to SR8.90, after hitting an 8-month high last Saturday.
Dar Alarkan started a roadshow to raise $500m through a greenback bond. The firms said yesterday it will laucnh the Islamic bond through several tranches within the next 12 months. The developer which plans to build 50,000 houses in the Kingdom until 2017 has appointed Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD, Masraf Al Rayan and Qatar's Qinvest to manage the first tranche issuance. Saudi Arabia, the biggest GCC country by population, has a housing gap of 5 million units.
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Kuwait Stock Exchange bucks global markets' retreat
The KSE Market Index advanced 1.43% to close at 8,242.31 points Tuesday. Kuwait Finance House or KFH added 1.26%, finishing at KD0.800. National Bank oF Kuwait or NBK, the country's biggest lender in relation to assets and market value, ended flat at KD0.980.
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Barwa Real Estate exonerated by Dubai Int. Arbitration Center
The QE 20 Index ended down 0.30% to 9,036.95 points Tuesday. Barwa Real Estate closed unchanged at QR25.80. Barwa said in a statement that the Dubai International Arbitration Centre April issued a new ruling for case no.968/2012 and it came out in favor of Barwa terminating the previous ruling. In 2012, a court ruling by Dubai International Arbitration Centre had been issued to obligate Barwa International Company and The Green City Company to pay $31m as a compensation for Dreamland Construction in Sudan. Both companies had appealed in Dubai Court against the issued ruling. Barwa added said that all matters above have no effect on the financial position of Barwa Real Estate, "as the company preferred to be cautious by having all needed allocations in place until the case is completely closed."
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Stuttering oil prices send Abu Dhabi market lower
The ADX General Index fell 0.40% to 3,509.64 points Tuesday. Oil price of U. S. crude and North Sea Brent fell both by 0.43%. Abu Dhabi harbours 7% of the world's known oil reserves. Aldar Properties gained 1.04% as the most liquid share, while United Arab Bank posted the biggest drop (off 3.50%).
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Dubai markets dips as traders await Bernanke comments
The DFM General Index lost 0.93% to close at 2,319.35 points. Investment firm GGICO lost the most (off 5.90% at Dhs0.575). Trading at markets in East and West was mostly muted on Tuesday as investors expect U. S. Fed chairman Ben Bernanke to comment on Wednesday on the world's biggest economy's monetary policy in the second half of this year. Shares of the UAE's oldest investment bank Shuaa Capital left all doubts about the rally behind and jumped 7.46 to reach Dhs0.72. Arabtec Construction slipped 0.42% to Dhs2.38. The firm said in a statement the strike of a "limited group" of building workers who did not show up at work since Saturday would be resolved based on to a close cooperation with the ministry of labour and the police. Drake and Scull International (DSI) gained 1% to close at Dhs1.02 after the Dubai-based regional real estate maintenance firm and power and water specialist said it had been awarded a a SR1.725bn contract by Lamar Investment and Real Estate Development Co. to complete the Lamar Towers project in Jeddah, Kingdom of Saudi Arabia. "The Lamar Towers project was initially launched in 2007, however has undergone some challenges and was halted in 2009. The project was restructured and refinanced in 2013," said DSI in a statement to the bourse.
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