Qatar, Kuwait stock markets outperform in mixed region

Qatar’s stock market rose on Wednesday as local institutional investors chased shares left behind in the bourse’s latest rally. (REUTERS)
Updated 14 February 2018

Qatar, Kuwait stock markets outperform in mixed region

DUBAI: Qatar’s stock market rose on Wednesday as local institutional investors chased shares left behind in the bourse’s latest rally, while rises in second-tier speculative stocks boosted Kuwait.
The Qatari index climbed 0.8 percent as real estate firm Ezdan Holding, which had been trading near two-month lows, surged 3.9 percent. Gulf Warehousing added 1.4 percent.
Industries Qatar rose in early trade but closed flat after reporting annual net profit of 3.32 billion riyals ($912 million), up from 2.96 billion riyals in 2016, and lifting its proposed annual cash dividend back to 5 riyals per share from 4 riyals.
Exchange data showed local institutional investors were once again net buyers of Qatari stocks by a considerable margin.
Kuwait’s broad index surged 1.6 percent as speculative stocks such as Real Estate Asset Management Co. , which soared 20 percent, and Human Soft, which added 9.8 percent. The index of 15 blue chips posted a much smaller rise of only 0.3 percent.
Saudi Arabia’s index edged up 0.1 percent as telecommunications firm Mobily plunged 7.1 percent after the company reported its fourth-quarter net loss more than doubled from a year earlier to 181.7 million riyals ($48.45 million) on declining customer numbers. The loss was in line with analysts’ estimates.
In Dubai, the index fell 0.2 percent as GFH Financial slipped 2.2 percent after reporting annual net profit roughly halved and that its board cut the proposed annual cash dividend to 8.7 percent from 10 percent for 2016.
But builder Arabtec added 2.9 percent after swinging to an annual net profit of 123.1 million dirhams ($33.5 million) from a year-earlier loss of 3.41 billion dirhams, roughly in line with analysts’ expectations.
Courier firm Aramex rose 2.3 percent to 4.50 dirhams but came well off the day’s high after failing a test of technical resistance at its January peak of 4.55 dirhams.
It had jumped 7.3 percent on Tuesday after reporting a 25 percent rise in fourth-quarter net profit to 165 million dirhams ($45.0 million), beating SICO Bahrain’s estimate of 115 million dirhams.

UAE passenger jet makes long haul journey on locally produced biofuel

Updated 35 min 48 sec ago

UAE passenger jet makes long haul journey on locally produced biofuel

  • The biofuel was produced from plants grown in a local saltwater ecosystem in Abu Dhabi
  • It can be refined using existing infrastructure and used with current engines and airport fueling systems

DUBAI: Etihad Airways flew the first commercial flight powered by locally produced sustainable fuel Wednesday, Emirati airlines Etihad Airways reported on their website from an announcement by the Sustainable Bioenergy Research Consortium (SBRC).

The Boeing 787, flying from Abu Dhabi to Amsterdam, used biofuel produced from the oil of Salicornia plants, which are grown in the Seawater Energy and Agriculture System (SEAS), in Masdar City near the UAE capital - Abu Dhabi.

The SEAS project is the world’s first desert ecosystem made specially to produce fuel and food in saltwater.

While Etihad is not the first airline to use biofuel in its aircraft, it is the first time in the UAE for the source of the biofuel to be grown and produced in the country.

“Etihad’s flight proves SEAS is a game-changer that can substantially benefit air transport and the world,” said Vice President of strategy and market development for Boeing International Sean Schwinn.

“The research and technology being developed shows significant promise to transform coastal deserts into productive farmland supporting food security and cleaner skies.”

The biofuel can be produced using existing refinery facilities, it can be blended with regular jet fuel, and used with existing aircraft, engines and airport fueling delivery systems

Biofuels were introduced for commercial flight use in 2011.

Since then nearly 160,000 passengers have flown on flights powered by a blend of sustainable and traditional jet fuels.

The water used for the SEAS project is drawn from fish and shrimp farmeries that produce food for the UAE.

The system is expected to expand to cover 2 mln square meters over the course of the next few years.