DUBAI, 7 March 2006 — Dubai shares closed at 11-month lows for the second consecutive day as two UAE initial public offerings soaked up liquidity. The Dubai Financial Market index dropped 0.88 percent to 755.35 points, its lowest close since April 19, according to Reuters data. That was below the 11-month low of 762.32 points hit on Sunday. Abu Dhabi’s index rose 0.33 percent to 4,449.30 points, boosted by a 1.07 percent rise in the banking index.
Total in Talks on Saudi Refinery
RIYADH, 7 March 2006 — French oil giant Total said yesterday it was in talks with Saudi Arabia over a multibillion-dollar refinery in Jubail. The planned 400,000 barrels per day plant was one of several major French deals left on the table for further discussion following a three-day visit by French President Jacques Chirac.
Aseer Group Says ‘05 Net Profit Up 78%
RIYADH, 7 March 2006 — Saudi Arabia’s Aseer Trading, Tourism and Manufacturing Co reported yesterday a 78 percent rise in its 2005 net profit to SR248 million ($66.13 million), higher than a recent forecast by the firm. The company in January said it expected its net profit in 2005 to rise 67 percent to SR230 million. Aseer said turnover rose 15 percent to SR1.2 billion and shareholders equity rose 85 percent to SR1.97 billion.
Nomura to Apply for Banking License
LONDON, 7 March 2006 — Japanese broker Nomura wants to apply for a banking license in Saudi Arabia, hoping to take advantage of the country’s booming economy and the increasing potential for merger and acquisitions, a source familiar the matter said yesterday. The move is at an early stage.