Property props up Dubai stocks

In Dubai, the index climbed 1.2 percent, with Emaar Properties advancing 2.5 percent and DAMAC Properties rising 3.6 percent. (Shutterstock)
Updated 11 October 2018
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Property props up Dubai stocks

  • In Dubai, the index climbed 1.2 percent, with Emaar Properties advancing 2.5 percent to 5 dirhams and DAMAC Properties rising 3.6 percent
  • Arqaam Capital said that while there were no real signs of improvement in the Dubai property market in the third quarter, earnings might be nearing the trough of their cycle

DUBAI: Dubai’s stock market rose sharply on Wednesday, helped by real estate shares, while Qatar gained on the back of its banks, even as the rest of the Middle East was largely quiet.
In Dubai, the index climbed 1.2 percent, with Emaar Properties advancing 2.5 percent to 5 dirhams and DAMAC Properties rising 3.6 percent.
Arqaam Capital said in a report on Tuesday that while there were no real signs of improvement in the Dubai property market in the third quarter, earnings might be nearing the trough of their cycle. It recommended a “buy” rating for Emaar with a target price of 8.40 dirhams. Dubai Islamic Bank added 0.2 percent after its third-quarter profit rose 10.8 percent, in line with analysts’ estimates. Emirates NBD gained 2.5 percent.

 

The Saudi Arabian index fell 0.9 percent, weighed down by blue chips such as Al Rajhi Bank, which fell 1.9 percent, and SABIC, which dropped 1.3 percent.
But Bawan Co, which has been trading at record lows, climbed 3.5 percent after its unit signed an agreement to supply Saudi Electricity Co. with substations for SR269.8 million ($72 million). The company said the financial impact of the deal would appear in the first half of 2019.
Saudi Industrial Export jumped 10 percent after approving a capital increase through a rights offer. The rights issue will begin trading on Oct. 15.
Egypt’s blue-chip index, which has fallen 15 percent since the end of August, was up 0.2 percent as Commercial International Bank rebounded 1 percent.

FASTFACTS

Saudi Industrial Export jumped 10 percent after approving a capital increase through a rights offer. The rights issue will begin trading on Oct. 15


BP and SOCAR sign new Azeri oil deal

Updated 19 April 2019
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BP and SOCAR sign new Azeri oil deal

  • The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day
  • BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017

BAKU: Oil major BP and Azerbaijan’s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation’s three major oilfields, BP-Azerbaijan said in a statement.
The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said.
The project is one of the biggest upstream investment decisions to have been signed in Azerbaijan so far this year.
The ACG fields, which to date have produced around 3.5 billion barrels of oil, are estimated to have the potential to yield another 3 billion barrels.
BP’s main aim now would be to maximize the extraction of remaining reserves, Robert Morris, senior analyst at Wood Mackenzie, said in a statement.
“ACE is central to those plans, adding 100,000 barrels per day of production at peak in the mid-2020s,” he said.
BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017.
Separately, SOCAR and its partners at the BP-led ACG consortium plan to participate in a tender to acquire stakes being sold by two of its members, ExxonMobil and Chevron.
SOCAR President Rovnag Abdullayev made the announcement to reporters following a meeting of senior SOCAR figures on Friday.